The International Monetary Fund has completed its second and third reviews of El Salvador’s program, approving an immediate disbursement of SDR 101.96 million, or roughly $138 million. The funds were released after the IMF waived a missed performance criterion tied to Bitcoin accumulation. Under the program, El Salvador is not expected to accumulate additional Bitcoin beyond documented donations.
The approval keeps IMF financing on track while indicating a reduced role for the government in direct Bitcoin-related activity. The IMF board granted waivers for unmet targets after citing corrective actions and renewed commitments from Salvadoran authorities.
The Extended Fund Facility was approved on February 26, 2025, for a 40-month period, with total financing access of about $1.4 billion. The latest disbursement followed the completion of the second and third reviews. The IMF said El Salvador had missed several performance criteria, including one related to Bitcoin accumulation, but granted waivers based on corrective measures and renewed commitments.
The IMF said economic activity has been stronger than anticipated, supported by continued improvements in security and greater investor confidence. Fiscal consolidation has broadly remained consistent with the program, while reserve and liquidity targets were exceeded comfortably.
Real GDP growth is estimated at 3.9% for 2025 and is projected to reach 4.5% in 2026, according to the IMF’s selected indicators. Gross international reserves are estimated at $4.814 billion in 2025 and are forecast to increase to $5.346 billion in 2026, reflecting the program’s emphasis on strengthening external buffers.
For El Salvador’s Bitcoin strategy, the review suggests that government accumulation is no longer a central part of the IMF-backed program. While the missed criterion was waived, the IMF said no further Bitcoin accumulation is envisaged beyond documented donations.
IMF Stresses Transparency as Bitcoin Reclaims $86,000
Dan Katz, the IMF’s First Deputy Managing Director and Chair, connected the Chivo transfer with the broader reduction in direct government participation in Bitcoin. He said remaining exposure and oversight gaps still need to be addressed.
Bitcoin climbed above $86,000 today, extending its recovery from late September. BTC has gained roughly 3% over the past 24 hours after spending most of the week trading within an $83,000-$85,000 range.
The move has brought $87,000 into focus as the next nearby level. Bitcoin remains well below its all-time high, however, leaving traders watching whether the latest rebound can break beyond the recent range or face another rejection.
