El Salvador Agrees to Stop Adding More Bitcoin Under IMF Deal

The International Monetary Fund completed its second and third reviews of El Salvador’s program last night, approving an immediate disbursement of SDR 101.96 million, equivalent to roughly $138 million. The funding was released after the IMF granted a waiver for a missed Bitcoin accumulation target. Under the program, no additional Bitcoin accumulation is planned beyond documented donations.

The decision keeps IMF financing in place while signaling a broader move away from direct government involvement in Bitcoin-related activities. The IMF board approved waivers for unmet criteria, pointing to corrective actions and renewed commitments from El Salvador.

The Extended Fund Facility (EFF) was approved on February 26, 2025, for a 40-month period, with total access of approximately $1.4 billion. The latest funds became available after the board completed its second and third reviews. The IMF said El Salvador had failed to meet some performance criteria, including one tied to Bitcoin accumulation, but granted waivers based on corrective measures and renewed commitments.

According to the IMF, economic activity performed better than expected, helped by continued improvements in security conditions and investor confidence. Fiscal consolidation generally remained on track with the program, while reserve and liquidity targets were comfortably achieved.

The IMF’s selected indicators estimate real GDP growth at 3.9% in 2025 and forecast growth of 4.5% in 2026. Gross international reserves are estimated at $4.814 billion for 2025 and projected to reach $5.346 billion in 2026, highlighting the program’s focus on strengthening external financial buffers.

Together, these developments provide the immediate policy backdrop for El Salvador’s Bitcoin strategy. The country can continue under the IMF program despite missing the accumulation criterion, but the agreement does not identify continued government-led Bitcoin purchases as a program objective. Instead, the IMF specifically states that no further accumulation is envisaged beyond documented donations.

IMF Seeks Transparency as Bitcoin Climbs Above $86,000

Dan Katz, the IMF’s First Deputy Managing Director and Chair, connected the Chivo transfer to the broader reduction in direct state participation. He also said that outstanding exposure and gaps in oversight still need to be addressed.

Bitcoin climbed back above $86,000 today, extending the recovery that began late in September. BTC has risen about 3% over the past 24 hours after spending much of the week trading between roughly $83,000 and $85,000.

The latest move has brought the $87,000 level back into focus as a nearby resistance point. Bitcoin remains well below its all-time high, however, leaving traders focused on whether the rebound can develop into a sustained advance or face another rejection within the recent trading range.

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