SAN SALVADOR, Oct. 5 (CandyPulse) — El Salvador has secured another tranche of funding from the International Monetary Fund (IMF), despite missing one of the bitcoin-related conditions attached to its loan. The IMF approved a disbursement of about $138 million after granting waivers.
Key takeaways
El Salvador has an Extended Fund Facility loan program with the IMF, which comes with conditions. One of them limits the government's bitcoin accumulation.
El Salvador didn't fully meet that condition. But the IMF granted waivers "based on strong corrective measures and renewed commitments," and released the funds.
The government has documented its recent bitcoin additions as private donations, saying no public resources were used directly. Going forward, it has committed to no further bitcoin accumulation beyond documented donations.
| Commitment | Detail |
|---|---|
| Bitcoin accumulation | None beyond documented donations |
| State involvement | Reduce the government's role in bitcoin activities |
| Regulation | Strengthen crypto rules and governance |
| Transparency | More disclosure of public-sector crypto holdings |
| Chivo wallet | Majority ownership and control transferred to a private operator |
El Salvador made history in 2021 as the first country to make bitcoin legal tender, and it has built a bitcoin reserve worth hundreds of millions of dollars. The IMF has repeatedly pushed it to scale back.
This decision shows the balance both sides are striking: El Salvador keeps its existing bitcoin, while agreeing to tight limits on adding more with public money. The IMF, in turn, keeps the loan program on track.
Watch for how El Salvador manages its bitcoin reserve under the new commitments, and whether future IMF reviews raise the issue again.
This article is for information only and is not financial advice.
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