The International Monetary Fund has approved the immediate disbursement of approximately $138 million to El Salvador, even though the country missed some performance requirements under its $1.4 billion IMF financing program.
The IMF Executive Board completed the second and third reviews of El Salvador's 40-month Extended Fund Facility arrangement on October 1. The latest payment brings total disbursements under the program to approximately $364 million.
Some quantitative performance criteria were not met, including requirements connected with Bitcoin accumulation. However, the IMF granted waivers after considering what it described as strong corrective measures and renewed commitments from Salvadoran authorities.
The Fund said implementation of the broader economic program remains generally on track, while highlighting progress in fiscal management, financial-sector reforms and anti-money laundering measures.
IMF Says No Further Bitcoin Accumulation Is Planned
Bitcoin remains an important part of the agreement between El Salvador and the IMF.
The lender said the government is expected to continue reducing public-sector involvement in Bitcoin-related activities, strengthening regulation and governance for crypto assets and improving transparency around government crypto holdings.
The statement indicates that El Salvador is not expected to use additional public resources to purchase Bitcoin while operating under the IMF program.
This does not mean the country's publicly reported Bitcoin balance cannot increase. According to the IMF, Bitcoin received through documented private donations can still increase the government's holdings without violating the commitment against additional purchases with public funds.
The distinction became important after El Salvador's reported Bitcoin reserves continued growing despite its agreement with the IMF.
IMF Says Recent Bitcoin Came From Donations
In September, the IMF said it had reviewed information supplied by Salvadoran authorities concerning changes in the country's Bitcoin holdings following the first program review in June 2025.
According to the Fund, the documentation showed that no public resources had been used for additional Bitcoin accumulation during that period. Instead, the increase reflected private donations transferred to the government.
The IMF therefore concluded that the additional holdings did not represent government-financed Bitcoin purchases.
The clarification followed renewed questions about El Salvador's compliance after authorities announced in November 2025 that the country had received 1,090 BTC, then valued at approximately $100 million.
At the time, the increase attracted attention because the IMF agreement was already pushing the government toward reducing its financial exposure to Bitcoin.
Chivo Wallet Moves to Private Control
El Salvador has also continued restructuring the government's role in its Bitcoin infrastructure.
The IMF confirmed that majority ownership and operational control of the Chivo wallet have been transferred to a private operator, another commitment made under the financing agreement.
The government retains a minority interest and certain custodial responsibilities, but the transfer substantially reduces direct state involvement in operating the Bitcoin wallet.
Chivo was introduced in 2021 as part of El Salvador's landmark decision to make Bitcoin legal tender. It provided residents with a government-backed wallet for holding and transferring Bitcoin and U.S. dollars.
The country's legal approach has since changed significantly.
As part of negotiations with the IMF, El Salvador amended its Bitcoin legislation in early 2025, making private-sector acceptance of Bitcoin voluntary and limiting the government's direct participation in the cryptocurrency ecosystem.
Bitcoin Remains Central to IMF Agreement
The latest payment forms part of the $1.4 billion EFF arrangement approved in February 2025, which itself sits within a larger financing package involving international institutions.
The IMF's latest review said El Salvador has made progress in areas including fiscal transparency, financial-sector reforms and AML/CFT controls, while economic growth has remained resilient.
Bitcoin policy, however, continues to be closely monitored.
Future commitments include improving transparency around public-sector crypto holdings, strengthening regulation and governance and continuing to limit the state's direct role in Bitcoin-related activities.
The latest decision demonstrates that missing Bitcoin-related performance criteria did not prevent El Salvador from receiving its next IMF payment. The Fund granted the necessary waivers after reviewing corrective actions and the government's renewed commitments.
For now, El Salvador can continue holding Bitcoin already under government control and receiving documented donations, but the IMF says additional accumulation using public resources is not envisaged under the program.
