The International Monetary Fund approved the immediate disbursement of approximately $138 million to El Salvador under the country's $1.4 billion financing program on Thursday, despite certain performance criteria remaining unmet.
The IMF's Executive Board completed the second and third reviews under El Salvador's 40-month Extended Fund Facility arrangement, granting waivers on missed targets based on strong corrective measures and renewed commitments.
Reform Progress and Bitcoin Operations
The IMF noted progress in several areas, including financial sector reforms, fiscal transparency, anti-money laundering and combating the financing of terrorism reforms, and the transfer of majority ownership and operational control of the government Chivo Bitcoin wallet to a private operator.
The Fund stated that no further Bitcoin accumulation is envisaged beyond documented donations, and efforts will continue to reduce state involvement in Bitcoin-related activities while strengthening crypto-asset regulation and governance.
Recent Bitcoin Holdings
El Salvador's Bitcoin holdings increased after the first IMF review, with the country reporting in November 2025 that it had acquired 1,090 BTC valued at approximately $100 million. The IMF confirmed that documents supplied by Salvadoran authorities verified this accumulation came from private donations rather than government resources, meaning the increase did not reflect additional Bitcoin purchases financed with public funds.
The government also retained a minority stake in the Chivo wallet and maintains custodial responsibilities following the transfer of majority control to private operators.
