IMF sends El Salvador $138 million after Bitcoin rule waivers

What happened

The International Monetary Fund approved an immediate disbursement of about $138 million to El Salvador. The money comes under the country's $1.4 billion financing program. The fund said some performance criteria were missed.

The IMF Executive Board completed the second and third reviews of El Salvador's 40-month Extended Fund Facility. The reports date the completion to October 1. The arrangement began in February 2025.

The IMF granted waivers for the missed criteria. It said the waivers rested on strong corrective measures and renewed commitments from the Salvadoran authorities.

The fund reported progress on financial sector reforms, fiscal transparency and AML/CFT reforms. It also noted the transfer of majority ownership and control of the government Chivo Bitcoin wallet to a private operator, while the government kept a minority stake and custodial duties.

The IMF said efforts will continue to reduce the state's involvement in Bitcoin-related activities and to strengthen crypto-asset regulation and governance. It added that no further Bitcoin accumulation is envisaged beyond the documented donations.

Why it matters

The waivers let the disbursement go ahead even though a Bitcoin-related condition was missed. That keeps the country's crypto policy tied to the terms of its IMF financing.

The IMF called for stronger governance and more transparency, naming public-sector reporting, beneficial ownership disclosures, asset declarations and anti-money laundering rules. It said these reforms were crucial for maintaining economic stability.

The IMF said the economy has performed better than expected, helped by improved security and stronger investor confidence, and that reserve and liquidity buffers have strengthened. Pension and civil service reforms are expected to move forward after earlier delays.

What the data shows

• The approved disbursement is about $138 million, or SDR 101.96 million.
• The Extended Fund Facility runs for 40 months, with total access of about $1.4 billion.
• El Salvador said in November 2025 that it had acquired 1,090 BTC worth $100 million.

Background

• El Salvador agreed to the IMF program in February 2025.
• The first review of the financing program took place in June 2025.
• After that review, the IMF said the country used no public resources to accumulate Bitcoin, and that Salvadoran authorities' documents showed the accumulation came from private donations.

What is still unclear

• The reports name Bitcoin accumulation as one missed criterion but do not identify the other program conditions that were not met.
• The IMF said the remaining public-sector exposure to Chivo should eventually be unwound, but the reports give no date for that.

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