The International Monetary Fund, or IMF, has approved El Salvador's access to a loan of $138 million after completing the second and third reviews of its $1.4 billion loan program on October 1. This resulted in the immediate approval of a disbursement of 101.96 million Special Drawing Rights, or SDR, equivalent to $138 million. The IMF's Executive Board also approved a waiver for a performance criterion that was not met, linked to Bitcoin accumulation, after staff took corrective measures and restored the program's commitments. The IMF stated that no further Bitcoin accumulation is anticipated beyond documented donations, maintaining restrictions that prevent the government from resuming Bitcoin purchases with public funds under the program. El Salvador currently holds approximately 7,794.37 BTC, valued at around $666.1 million, and the IMF has also called on El Salvador to improve disclosure of public-sector crypto holdings, strengthen regulation and governance for digital asset service providers, and amend its digital asset law, alongside a commitment to avoid further Bitcoin accumulation with government funds.
BitcoinIMF program bars El Salvador from further Bitcoin purchases with public funds and demands tighter crypto regulation and disclosure, removing a sovereign buyer.
