IMF Approves $138 Million Disbursement to El Salvador, Calls for Reduction in Bitcoin Activities

The International Monetary Fund (IMF) has completed the second and third reviews of El Salvador's 40-month Extended Fund Facility arrangement, approving the immediate disbursement of approximately $138 million under a $1.4 billion financing plan. Despite some performance criteria not being met, the IMF granted waivers based on corrective measures and renewed commitments. The IMF stated that El Salvador will continue to reduce its national involvement in Bitcoin-related activities, strengthen the regulation of crypto assets, governance, and transparency of public sector holdings in crypto assets, and will not increase its Bitcoin holdings beyond already recorded donations. The government has transferred majority ownership and operational control of the Chivo Bitcoin wallet to private operators.

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