IMF Clears $138M Disbursement for El Salvador, Grants Waiver on Bitcoin Accumulation شرط

The International Monetary Fund has approved a disbursement of SDR 101.96 million (about $138 million) for El Salvador after issuing a waiver tied to a program condition on Bitcoin accumulation. The IMF Executive Board concluded the second and third reviews of El Salvador's Extended Fund Facility on October 1. The Fund said economic performance has outpaced expectations, supported by improved security conditions and stronger investor confidence. Progress has also been reported on narrowing fiscal imbalances, with reserve and liquidity buffers strengthening and the fiscal consolidation plan broadly remaining on track. The IMF noted that some program conditions were not met, including a requirement related to the government's Bitcoin accumulation. Waivers were granted on the basis of "corrective measures and renewed commitments" from the authorities. Under the updated commitments, El Salvador is not expected to accumulate additional Bitcoin beyond documented donations. The Fund added that the government is moving to reduce its role in BTC-related activities, including steps to improve transparency around public-sector crypto holdings and to strengthen the rules governing cryptoasset companies. "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. No further Bitcoin accumulation is envisaged beyond the documented donations." Separately, the IMF said the government's Chivo digital wallet is shifting toward private control. Majority ownership and control have been transferred to a private operator, while the remaining public-sector exposure is expected to be unwound over time. El Salvador agreed to a 40-month IMF program in February 2025, which provides total access of about $1.4 billion. The new disbursement is part of that broader arrangement. The IMF said further reforms are still needed to bolster public finances, rebuild external reserves and improve financial-sector resilience. It expects pension and civil service reforms to advance after earlier delays. The Fund also called for stronger governance and greater transparency, citing priorities such as public-sector reporting, beneficial ownership disclosures, asset declarations and anti-money laundering rules, which it described as important for maintaining economic stability.