IMF waives El Salvador's missed Bitcoin accumulation criteria, unlocks $138 million
In brief
- IMF completed the second and third reviews of El Salvador's $1.4 billion loan program on Oct. 1.
- Approval unlocked an immediate disbursement of SDR 101.96 million, about $138 million.
- IMF board waived missed Bitcoin accumulation criteria after corrective measures and renewed commitments.
- IMF said it envisages no further accumulation beyond documented donations.
- El Salvador's state holdings total about 7,794.37 BTC, roughly $666.1 million, according to CryptoSlate.
What the IMF decided
The money comes with conditions.
The board granted the waivers after the authorities took corrective measures and renewed their commitments, the IMF said, as reported by CryptoSlate. The Fund has previously treated Bitcoin bought with public money differently from coins received through documented donations, and that distinction holds here: it said no further accumulation is envisaged beyond documented donations.
It wasn't only about Bitcoin. The IMF said fiscal consolidation was advancing broadly in line with program objectives, and that reserve and liquidity targets had been comfortably met. The 40-month Extended Fund Facility (approved in February 2025) was designed to support fiscal adjustment, stronger reserves and financial-sector reforms.
The reserve and the wallets
El Salvador holds about 7,794.37 Bitcoin, valued at roughly $666.1 million, according to CryptoSlate. That dollar figure is a snapshot. It moves with the BTC price.
CryptoSlate's own reporting said additions to government-linked wallets appeared inconsistent with the IMF agreement. That's the outlet's assessment, not a finding the IMF announced. CryptoSlate also said any unexplained accumulation could force the government to seek waivers again before it can access more program financing.
With the IMF saying no further accumulation is envisaged beyond documented donations, there's little room to grow the reserve within the program.
Chivo and disclosure
The government has transferred majority ownership and control of the Chivo wallet to a private operator. The IMF said the remaining public-sector exposure should still be fully unwound.
It's also asking for more. The Fund wants El Salvador to improve disclosure of public-sector crypto holdings, strengthen regulation and governance of digital-asset providers, and amend the Digital Asset Issuance Law where necessary.
Frequently asked questions
Why did the IMF grant El Salvador waivers related to Bitcoin?
The IMF board granted waivers for missed performance criteria tied to Bitcoin accumulation after El Salvador's authorities took corrective measures and renewed their commitments, according to CryptoSlate. The decision came as the IMF completed the second and third reviews of the $1.4 billion loan program.
Can El Salvador keep adding Bitcoin to its reserve under the IMF deal?
The IMF said no further accumulation is envisaged beyond documented donations. The Fund has previously treated Bitcoin bought with public money differently from donated coins. CryptoSlate assessed that unexplained accumulation could force the government to seek waivers again before accessing more financing.
What else does the IMF want from El Salvador on crypto?
The IMF wants better disclosure of public-sector crypto holdings, stronger regulation and governance of digital-asset providers, and amendments to the Digital Asset Issuance Law where necessary. It also said remaining public-sector exposure to the Chivo wallet should be fully unwound after majority control moved to a private operator.
