IMF Disburses $138M to El Salvador, Grants Bitcoin Waivers

The International Monetary Fund approved an immediate disbursement of approximately $138 million to El Salvador under its $1.4 billion Extended Fund Facility (EFF), the agency confirmed on Thursday. The payment follows the completion of the program's second and third reviews, despite El Salvador missing several performance criteria—most notably on Bitcoin accumulation. The IMF granted waivers citing "strong corrective measures and renewed commitments" by Salvadoran authorities.

According to the IMF, El Salvador has made measurable progress in financial sector reforms, fiscal transparency, and anti-money laundering and counter-terrorism financing (AML/CFT) compliance. The country also completed the transfer of majority ownership and operational control of the state-run Chivo Bitcoin wallet to a private operator, retaining only a minority stake. The IMF stated that no further Bitcoin accumulation is envisaged beyond documented donations, and that future efforts will focus on reducing state involvement in Bitcoin-related activities and strengthening crypto-asset regulation and governance.

The disbursement comes after a Cointelegraph report on September 4 revealed that El Salvador used no public resources to accumulate Bitcoin following the first review of the IMF program in June 2025. Documents supplied by Salvadoran authorities confirmed that post-review holdings came entirely from private donations, not government-funded purchases. The clarification addressed the November 2025 announcement that El Salvador had acquired 1,090 BTC worth roughly $100 million, which had raised compliance questions about its $1.4 billion IMF arrangement.

The IMF's continued financial support signals a pragmatic approach to balancing El Salvador's pioneering Bitcoin legal tender policy—adopted in 2021 under President Nayib Bukele—with the lender's requirements for fiscal discipline and transparency. As the EFF arrangement runs its 40-month course, the country faces ongoing scrutiny over its crypto-asset holdings and the operational independence of the Chivo wallet under private management.