The International Monetary Fund has released about $138 million to El Salvador, after waiving a breach of the limits it set on the country’s Bitcoin buying.
The IMF’s executive board approved the payment on Thursday, completing the second and third reviews of El Salvador’s $1.4 billion, 40-month loan programme in one go.
What was waived
El Salvador’s Bitcoin holdings grew beyond the limits agreed with the IMF after the programme’s first review. That left performance criteria unmet, including the commitment on Bitcoin accumulation.
The IMF granted waivers, citing “strong corrective measures and renewed commitments.” It accepted that the additional Bitcoin came from private donations rather than public funds, and said: “No further Bitcoin accumulation is envisaged beyond the documented donations.”
The country’s purchases had been public. In November 2025, El Salvador bought 1,090 BTC, worth about $100 million at the time.
What El Salvador gave up
The corrective measures reach beyond buying. Majority ownership and operational control of Chivo, the government Bitcoin wallet, has passed to a private operator. The government keeps a minority stake and custodial responsibilities.
The IMF said it wants continued progress in reducing the government’s role in Bitcoin activity, and in strengthening regulation and governance of crypto assets.
Why this is not a green light
The waiver can read as the IMF softening on Bitcoin. It does not. The breach is recorded, the cap on accumulation stays, and the IMF’s expectation of no further buying is written into the review.
The money itself goes to El Salvador’s treasury, not into Bitcoin. The loan stays on track because El Salvador has accepted the IMF’s limits, not because the IMF has relaxed them.
