El Salvador has accessed $138 million from the International Monetary Fund following the completion of the second and third reviews of the country's $1.4 billion loan program on October 1. The IMF board granted waivers for unmet performance criteria tied to Bitcoin accumulation after authorities took corrective measures and renewed commitments to program constraints.
The country currently holds approximately 7,794.37 Bitcoin valued at roughly $666.1 million. The IMF's waiver preserves financing access while maintaining restrictions on further state-funded Bitcoin purchases, limiting how the reserve can grow under the program's terms.
Restrictions on Accumulation
The waiver distinguishes between Bitcoin acquired with public money and coins received through documented donations. Under the extended fund facility approved in February 2025, no further accumulation is envisaged beyond documented donations, preventing the government from resuming publicly funded purchases.
The restrictions leave the government with less room to expand its Bitcoin holdings while remaining within the IMF program, even as changes in BTC prices affect the value of existing reserves.
Remaining Obligations
Several Bitcoin-related commitments remain unresolved. The IMF has called on El Salvador to improve disclosure of public-sector crypto holdings, strengthen regulation and governance for digital-asset providers, and amend its Digital Asset Issuance Law where necessary.
The fund also cited progress in reducing the state's direct role in cryptocurrency. The government has transferred majority ownership and control of the government-backed Chivo wallet to a private operator, though the IMF said remaining public-sector exposure should be fully unwound.
Future reviews will hinge partly on whether El Salvador can document changes to its Bitcoin balance while completing the Chivo transition and transparency reforms. Unexplained accumulation could require the government to seek additional waivers before accessing further program financing.
