El Salvador will receive an additional $138 million from the IMF despite a gap linked to its Bitcoin commitments. The institution validated the second and third reviews of its financing program and granted several exemptions to the country. However, the BTC file remains under surveillance. The IMF still wants to reduce direct state involvement in crypto.
In brief
- The IMF immediately releases around $138 million for El Salvador.
- Certain program criteria were not respected, particularly on Bitcoin.
- The IMF does not anticipate any further accumulation of BTC beyond already documented donations.
Bitcoin does not prevent the payment of $138 million
On October 1, the IMF Board of Directors validated the second and third reviews of the Salvadoran program. This decision releases 101.96 million SDRs, or approximately $138 million. The funding is part of a much broader deal. In February 2025, El Salvador obtained a 40-month program providing access to approximately $1.4 billion.
Bitcoin was already one of the sensitive conditions. The country had notably committed to limiting public accumulation of BTC and reducing state involvement in its crypto ecosystem. However, the IMF now recognizes that certain performance criteria were not respected, notably those concerning the accumulation of Bitcoin.
It’s not the first time. Last year, El Salvador had already been accused of circumventing certain IMF rules on Bitcoin. This time, Washington is not blocking funding. The IMF granted waivers after reviewing the authorities’ corrective actions and new commitments. $138 million will therefore be available immediately.
The new bitcoins would come from private donations
The matter remains complicated by an apparent contradiction. El Salvador’s official wallets continued to show more bitcoins as the country pledged to limit their accumulation with public resources.
In September, the IMF provided an explanation. The government allegedly gave him documents showing that the bitcoins added since the first review came from private donations. No public money would have been used to finance these new entries.
This distinction counts as part of the program. The IMF does not simply ask to look at how much BTC appears in wallets. Above all, it seeks to limit the direct financial exposure of the public sector.
El Salvador already had around 7,687 BTC in June despite pressure from the institution. This reserve had continued to increase over the months. The IMF now appears to accept the already documented bitcoin donation explanation. But the margin remains narrow. Its press release of October 1 specifies that no additional accumulation is planned beyond these donations.
The IMF wants to further reduce the State’s exposure
The payment of 138 million therefore does not mean that the disagreement around Bitcoin is disappearing. The IMF continues to ask El Salvador to reduce state involvement in BTC-related activities. The transfer of the majority of capital and operational control of the Chivo portfolio to a private operator is part of the progress welcomed by the institution. The remainder of public exhibition must still be removed.
The IMF calls for also more transparency on public sector crypto holdings as well as increased regulation and supervision of digital asset providers. The rest of the program is progressing better. Reserve and liquidity targets were exceeded. The IMF forecasts real growth in Salvadoran GDP of 4.5% in 2026, then 4% in 2027.
Bitcoin therefore remains a point of friction, but not a sufficient obstacle to suspend financing. El Salvador gets its $138 million. In exchange, the IMF maintains its line: less Bitcoin directly linked to the State, more transparency and no new accumulation beyond the already documented donations. Perhaps this is how the IMF ultimately hopes to curb the rush it fears.
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