The International Monetary Fund has approved an immediate payment of about $138 million to El Salvador under a 40-month $1.4 billion EFF program, granting waivers for a number of unmet criteria, including Bitcoin accumulation.

IMF Expects Reduced State Involvement and Stronger Crypto Asset Rules

The Fund stated that efforts will continue to reduce state participation in Bitcoin-related activities, as well as to strengthen regulation and governance in the crypto asset sector and enhance transparency regarding public sector crypto holdings.

Control of Chivo Wallet Transferred to Private Operator

According to the IMF, progress has been made in financial sector reforms, fiscal transparency, and AML/CFT. A majority stake and operational control of the state-owned Bitcoin wallet Chivo have been transferred to a private operator; the state has retained a minority stake and custodial functions.

BTC Holdings Increased Through Donations; No New Purchases Planned

Documents provided by the authorities confirmed that the increase in Bitcoin holdings came from private donations and did not reflect additional purchases using state resources. The Fund also noted that further accumulation of Bitcoin is not planned beyond the documented donations. These clarifications address the growth in reserves following the first program review, when in November 2025 the country announced the acquisition of 1,090 BTC for $100 million, raising questions about compliance with the $1.4 billion program parameters.