IMF Approves $138M Disbursement to El Salvador Despite Missed Bitcoin Criteria

The International Monetary Fund approved the immediate disbursement of about $138 million to El Salvador under the country’s $1.4 billion financing program, despite some performance criteria being missed.

The IMF’s Executive Board completed the second and third reviews under El Salvador’s 40-month Extended Fund Facility (EFF) arrangement on Thursday, it said in a press release.

While certain performance criteria were not met, including on the Bitcoin accumulation front, the IMF granted waivers “based on strong corrective measures and renewed commitments.”

The agency noted that progress had been achieved in financial sector reforms, fiscal transparency, AML/CFT reforms and the transfer of majority ownership and control of the government Chivo Bitcoin wallet to a private operator.

“Efforts will continue to reduce the state’s involvement in Bitcoin-related activities, strengthen crypto‑asset regulation and governance, and enhance transparency regarding public-sector crypto‑asset holdings,” the IMF said, adding: “No further Bitcoin accumulation is envisaged beyond the documented donations.”

Cointelegraph reported on Sept. 4 that El Salvador used no public resources to accumulate Bitcoin after the first review of its IMF financing program in June 2025, according to the lender.

The IMF said documents supplied by Salvadoran authorities verified that the accumulation came from private donations. According to the lender, the increase in El Salvador’s holdings therefore did not reflect additional Bitcoin purchases financed with government resources.

The IMF also said majority ownership and operational control of the Chivo wallet had been transferred to a private operator, while the government retained a minority stake and custodial responsibilities.

The explanation addressed how El Salvador’s holdings grew after the first review, when the country said in November 2025 that it had acquired 1,090 BTC worth $100 million, renewing questions about compliance with its $1.4 billion IMF program.