IMF clears $138 million for El Salvador as Bitcoin conditions remain

The IMF Executive Board completed its second and third reviews of El Salvador's financing program on October 1, allowing an immediate disbursement of approximately $138 million. The decision advances the country's loan arrangement while retaining restrictions on public-sector Bitcoin involvement.

The official announcement puts the payment at SDR 101.96 million under the Extended Fund Facility. The 40-month arrangement was approved in February 2025 with total access of about $1.4 billion. The Board granted waivers for unmet performance criteria on the basis of corrective measures and renewed commitments.

The IMF says majority ownership and control of the Chivo wallet have moved to a private operator, with remaining public-sector exposure still to be unwound. It also says no further Bitcoin accumulation is envisaged beyond documented donations. Its priorities include clearer disclosure of public crypto holdings and stronger regulation and governance of crypto-asset activities.

Those conditions distinguish completion of a financing review from approval of unrestricted state Bitcoin purchases. The release allows a disbursement; it does not establish, by itself, when money reached a government bank account.

The chronology also matters. A September 3 staff-level agreement had already outlined the combined reviews, but remained conditional on Board approval and agreed prior actions. That earlier statement estimated the same SDR amount at around $140 million. The October decision gives an approximate dollar figure of $138 million, so the dollar difference should not be treated as a changed SDR allocation.

For readers following El Salvador's Bitcoin strategy, the next useful evidence is documentation of the government's remaining Chivo exposure, public holdings and the source of any additions. Wallet balances alone cannot explain whether an increase represents donations, transfers between custodians or a publicly funded purchase. The Board decision is a financing milestone, with crypto-policy commitments still part of the program.