The International Monetary Fund approved an immediate disbursement of about $138 million to El Salvador on 1 October 2026, after granting waivers over missed conditions in its programme, including limits on Bitcoin accumulation.
The money comes under a 40-month programme worth roughly $1.4 billion, approved on 26 February 2025. The fund said the waivers rested on “strong corrective measures and renewed commitments”.
Bitcoin has been a central point of tension in the arrangement. The original programme set a continuing zero limit on voluntary Bitcoin purchases by the public sector. The IMF said: “No further Bitcoin accumulation is envisaged beyond the documented donations”.
IMF staff said on 3 September 2026 that documentation had verified that Bitcoin added since the first review reflected private donations. They said public resources had not been used to accumulate the cryptocurrency.
El Salvador said in November 2025 that it had acquired 1,090 BTC worth $100 million. The country made Bitcoin legal tender alongside the U.S. dollar in 2021.
The programme also requires the government to reduce its role in Chivo, the crypto wallet. The IMF said majority ownership and operational control had moved to a private operator, while the government kept a minority stake and custodial responsibilities.
Other terms require taxes to be paid only in U.S. dollars and leave private businesses free to decide whether to accept Bitcoin. The fund is also seeking fuller disclosure of public-sector crypto holdings, alongside stronger governance and risk-management frameworks.
Beyond the cryptocurrency conditions, the IMF said fiscal consolidation had progressed broadly in line with the programme’s objectives. It said reserve and liquidity targets had been comfortably met.
Comments (0)