The IMF approved an immediate disbursement of roughly $138 million (SDR 101.96 million) to El Salvador under the 40-month Extended Fund Facility after completing its combined second and third reviews and granting waivers for missed conditions, including one tied to Bitcoin accumulation. The board found some performance criteria unmet but accepted documentation from Salvadoran authorities that the Bitcoin additions in question represented private donations and did not involve direct use of public resources. The IMF made clear it does not expect further Bitcoin accumulation beyond documented donations under the current program.
The disbursement was announced alongside an upbeat macro assessment: El Salvador’s real GDP expanded an estimated 3.9% in 2025 and the IMF projects growth of 4.5% in 2026 and 4.0% in 2027. Q2 2026 activity showed 5.1% year‑on‑year growth and output of $10,060.6 million, with construction rising 11.2% in the quarter. The Fund attributed the momentum to strong investment, rising private consumption, large remittance flows, a revival in tourism, sizable capital inflows and improved security, which it said has supported investor confidence.
The IMF also noted reforms reducing direct state involvement in the Chivo wallet: majority ownership and operational control moved to a private operator, while the government retained a minority stake and custodial responsibilities. The Fund now expects the remaining state exposure to be fully unwound and calls for stricter disclosure and reporting of public crypto holdings, enhanced regulatory and supervisory rules for crypto service providers, and amendments to the Digital Asset Issuance Law as part of the program’s structural reforms.