El Salvador receives $138 million from IMF after Bitcoin waivers granted
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The International Monetary Fund (IMF) approved an immediate disbursement of approximately $138 million to El Salvador under its $1.4 billion financing program, despite the country missing some performance criteria related to Bitcoin accumulation. The IMF granted waivers due to El Salvador's strong corrective measures and commitments, including progress in financial reforms and transferring majority control of the Chivo Bitcoin wallet to a private operator.
Why it matters
The IMF’s approval and waiver highlight ongoing negotiations about Bitcoin-related activities within El Salvador’s economic program, indicating the international lender’s willingness to accommodate the country’s unique crypto policies under certain conditions. The IMF emphasized efforts to reduce state involvement in Bitcoin and enhance crypto regulation and transparency, emphasizing the importance of these reforms in the broader financial oversight context.
Key context
El Salvador’s performance criteria under the Extended Fund Facility include measures related to Bitcoin accumulation, which the country partially failed to meet. The IMF clarified that Bitcoin accumulation after the first review came from private donations and not public funds, addressing concerns about compliance with the IMF program. The transfer of majority control of the Chivo wallet from the government to a private entity forms part of the corrective measures taken.
Key numbers and entities
The IMF disbursed about $138 million as part of a $1.4 billion financing program. El Salvador acquired 1,090 BTC worth $100 million by November 2025. The key entities mentioned are the International Monetary Fund (IMF), El Salvador government, and the Chivo Bitcoin wallet operator.
What remains unclear
The exact performance criteria missed apart from Bitcoin accumulation are not specified, nor are the detailed corrective measures taken by El Salvador. It is also unclear how the transfer of majority ownership of the Chivo wallet affects day-to-day management or the future involvement of the government beyond holding a minority stake.