El Salvador can draw about $138 million from the International Monetary Fund after the IMF Executive Board completed two reviews of the country’s 40-month financing program on October 1, 2026. The Board also waived some unmet performance criteria, including criteria concerning Bitcoin accumulation, based on corrective measures and renewed commitments. The waiver cleared a review hurdle; it did not end the program’s commitments on Bitcoin or crypto oversight.
Why did El Salvador receive about $138 million?
The IMF Executive Board’s completion of El Salvador’s second and third reviews under its Extended Fund Facility (EFF) enabled an immediate disbursement of SDR 101.96 million, approximately US$138 million. The EFF is a 40-month arrangement approved on February 26, 2025, with total access of SDR 1,033.92 million, approximately US$1.4 billion. The disbursement is financing under that arrangement, not a separate grant.
The latest amount follows an earlier review milestone. In June 2025, completion of the first review enabled an immediate disbursement of SDR 86.16 million, about US$118 million. These are separate disbursements; the dollar figures are approximate conversions of the IMF’s SDR amounts.
What Bitcoin conditions did the IMF waive?
The IMF said some performance criteria were not met, including criteria concerning Bitcoin accumulation, and that the Board granted waivers based on corrective measures and renewed commitments. Its October 1, 2026 announcement does not list every waived criterion, quantify how far any target was missed, or detail each corrective action. It therefore does not support a more precise account of the Bitcoin-related breaches.
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A waiver allows the review to be completed despite specified noncompliance; it should not be read as proof that the underlying policy goals have been abandoned. The IMF’s current program description says no further Bitcoin accumulation is envisaged beyond documented donations. That is the IMF’s description of the program, not an independent audit of every Bitcoin transaction.
What Bitcoin and crypto commitments remain?
The IMF says the program continues to aim to reduce state involvement in Bitcoin-related activities and strengthen crypto-asset regulation and oversight. Its stated priorities include:
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- Greater transparency and disclosure of public-sector crypto-asset holdings.
- Regulatory and governance frameworks for crypto-asset service providers.
- Possible amendments to the Digital Asset Issuance Law.
- Limiting any further Bitcoin accumulation to documented donations, as described by the IMF.
The original February 2025 arrangement also included making private-sector Bitcoin acceptance voluntary, requiring taxes to be paid only in U.S. dollars, strengthening transparency around the public crypto e-wallet, and gradually unwinding government participation in that wallet. The June 2025 first review called for public-sector Bitcoin holdings to remain unchanged while crypto oversight improved.
What has changed with the Chivo wallet?
The IMF reports that majority ownership and control of the government e-wallet Chivo have been transferred to a private operator. It also says residual public-sector exposure should be fully unwound. The transfer is reported progress, but it does not establish that all remaining public exposure has already ended.
How the IMF program has progressed
| Date and milestone | Amount and significance |
|---|---|
| February 26, 2025: EFF approved | 40-month arrangement with total access of SDR 1,033.92 million, approximately US$1.4 billion. |
| June 27, 2025: first review completed | Enabled an immediate disbursement of SDR 86.16 million, about US$118 million. |
| October 1, 2026: second and third reviews completed | Enabled an immediate disbursement of SDR 101.96 million, approximately US$138 million; the IMF also granted waivers for some unmet criteria. |
The IMF’s October 1 statement describes the review outcome and continuing program direction, but does not provide a full criterion-by-criterion compliance record. In particular, the earlier benchmarks reported for liquidating the Fidebitcoin trust fund, publishing audits and independently audited Chivo financial statements, and establishing a government crypto-asset management framework should not be treated as proof that each later deadline was met.
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