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El Salvador keeps IMF funding despite Bitcoin accumulation waivers
The IMF completed the second and third reviews of El Salvador’s $1.4 billion program and approved an immediate $138 million disbursement.
El Salvador secured IMF access to $138 million after the fund completed the second and third reviews of the country’s $1.4 billion loan program on Oct. 1, enabling an immediate disbursement equivalent to SDR 101.96 million. CryptoSlate reports the IMF board also issued waivers tied to performance criteria linked to state Bitcoin accumulation after authorities took corrective measures.
The IMF granted waivers for missed Bitcoin accumulation criteria while El Salvador recommitted to limits on further state purchases. The program’s direction on Bitcoin remains unchanged, with the IMF stating that no further accumulation is envisaged beyond documented donations.
The IMF said the constraint is intended to prevent the government from resuming publicly funded Bitcoin purchases under the program. El Salvador currently holds about 7,794.37 Bitcoin, valued at roughly $666.1 million, and the size of that reserve has drawn scrutiny due to perceived inconsistencies between additions to government-linked wallets and the IMF agreement.
CryptoSlate notes the IMF previously differentiated between Bitcoin acquired with public money and coins received through documented donations, and that distinction underpins the current approach under the loan program.
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