El Salvador Receives $138M IMF Tranche Amid Bitcoin Policy Adjustments

The International Monetary Fund has approved the immediate release of roughly $138 million to El Salvador under its $1.4 billion financing program, following the completion of the IMF’s second and third reviews of the country’s 40-month Extended Fund Facility (EFF). The IMF said the disbursement can proceed even though some performance targets were missed, including those tied to Bitcoin accumulation.

In a press release issued after the Executive Board completed the reviews on Thursday, the IMF confirmed that it granted waivers for unmet criteria on the basis of what it described as “strong corrective measures and renewed commitments.” The decision underscores how closely the IMF is monitoring El Salvador’s crypto-related policy—while also signaling that the lender remains willing to move forward when it believes safeguards and reforms are strengthening.

Key takeaways

• The IMF approved an immediate disbursement of about $138 million despite not meeting some program performance criteria, including Bitcoin accumulation-related targets.
• The Executive Board issued waivers after concluding that El Salvador has put “strong corrective measures” in place and renewed commitments under the EFF arrangement.
• Progress cited by the IMF includes financial sector reforms, steps to improve fiscal transparency, and AML/CFT reforms.
• The IMF says majority ownership and operational control of the government Chivo Bitcoin wallet has been transferred to a private operator, with the state retaining a minority stake and custodial responsibilities.
• No further Bitcoin accumulation is envisaged beyond documented donations, according to the IMF.