El Salvador's Bitcoin Stash Goes on a Diet: IMF Approves $138M After Saying "No More Coins" 🪙

The International Monetary Fund completed El Salvador's second and third reviews on October 2, 2026, authorizing an immediate disbursement of SDR 101.96 million, or approximately $138 million, to the Central American nation. The release followed a waiver for a missed Bitcoin accumulation performance criterion, while the El Salvador program document states that no further accumulation is envisaged beyond documented donations. The decision preserves IMF financing while reinforcing a shift away from direct state involvement in Bitcoin-related activity.

The Extended Fund Facility was originally approved on February 26, 2025, with a 40-month term and total access equivalent to about $1.4 billion. According to the IMF, the board granted waivers for criteria that were not met, citing corrective measures and renewed commitments from San Salvador. Among the missed targets was one specifically tied to Bitcoin ($BTC) accumulation, a condition that has shaped the program's scrutiny since inception.

The IMF reported that economic activity in El Salvador exceeded expectations, supported by sustained improvements in security and investor confidence. Fiscal performance was also said to have strengthened, providing a backdrop against which the board approved the latest tranche despite the Bitcoin-related breach. The disbursement marks the conclusion of the combined second and third reviews under the EFF arrangement.

El Salvador's relationship with Bitcoin has remained a defining feature of its economic policy since Bitcoin was adopted as legal tender in 2021. The IMF deal requires the government to limit public sector exposure to $BTC, scale back its involvement in the Chivo wallet, and make participation in Bitcoin-related transactions optional for private businesses. The latest program language confirms that accumulation beyond transparent donations is no longer contemplated as part of the agreement.

The approved disbursement brings the total amount released under the EFF to roughly $400 million, with remaining access subject to future reviews. The IMF's statement reiterated that corrective measures and renewed commitments underpinned the waiver decisions, signaling that continued compliance with the Bitcoin-related performance criteria will remain a focal point of upcoming program assessments.