IMF Agreement Restricts El Salvador’s Future Bitcoin Accumulation

The International Monetary Fund has wrapped up its second and third reviews of El Salvador’s program, clearing an immediate disbursement of SDR 101.96 million, equivalent to around $138 million. The payment followed a waiver for the country’s failure to meet a Bitcoin accumulation performance target. The program states that El Salvador does not plan to accumulate additional Bitcoin beyond documented donations.

The decision allows IMF financing to continue while reflecting a move toward less direct government participation in Bitcoin-related activities. The IMF board approved waivers for the unmet targets after pointing to corrective measures and renewed commitments from Salvadoran authorities.

The Extended Fund Facility was approved on February 26, 2025, for 40 months and provides total access of about $1.4 billion. The latest funding became available after the board concluded the second and third reviews. According to the IMF, El Salvador missed several performance criteria, including the Bitcoin accumulation requirement, but received waivers based on corrective actions and renewed commitments.

The IMF said economic growth has been stronger than anticipated, supported by continued gains in security and improved investor confidence. Fiscal consolidation has generally stayed aligned with the program, while reserve and liquidity targets were achieved with room to spare.

The IMF estimates that El Salvador’s real GDP expanded 3.9% in 2025 and forecasts 4.5% growth in 2026. Gross international reserves are estimated at $4.814 billion for 2025 and projected to rise to $5.346 billion in 2026, underscoring efforts to rebuild the country’s external buffers.

For El Salvador’s Bitcoin policy, the review points to a narrower role for state accumulation. While the IMF waived the missed Bitcoin criterion, it said the program does not envisage additional accumulation beyond documented donations.

IMF Seeks Greater Transparency as Bitcoin Reclaims $86,000

Dan Katz, the IMF’s First Deputy Managing Director and Chair, linked the Chivo transfer to the broader reduction in direct government involvement in Bitcoin. He also noted that remaining exposure and oversight gaps still require attention.

Bitcoin climbed back above $86,000 today, extending the recovery that began late last month. BTC is up approximately 3% over the past 24 hours after spending much of the week trading between $83,000 and $85,000.

The rebound has returned $87,000 to focus as the next nearby resistance area. Bitcoin remains below its all-time high, leaving traders watching whether the recovery can push beyond the recent range or encounter another rejection.