The International Monetary Fund has completed its second and third reviews of El Salvador’s economic program, approving an immediate disbursement of SDR 101.96 million, worth about $138 million. The funding followed the IMF’s decision to waive a missed performance target related to Bitcoin accumulation. Under the updated program, no additional Bitcoin accumulation is expected beyond documented donations.

The approval keeps IMF support in place while signaling a reduced role for the Salvadoran government in direct Bitcoin activity. The IMF board granted waivers for the unmet criteria, citing corrective measures and renewed commitments from the government.

The Extended Fund Facility was approved on February 26, 2025, with a 40-month term and total access of approximately $1.4 billion. The latest disbursement became available after the second and third reviews were completed. The IMF said El Salvador failed to meet several performance criteria, including the one covering Bitcoin accumulation, but the board approved waivers based on corrective actions and renewed commitments.

Economic activity has exceeded expectations, the IMF said, helped by continued improvements in security and stronger investor confidence. Fiscal consolidation has broadly remained in line with the program, while reserve and liquidity targets were comfortably met.

IMF data estimates real GDP growth at 3.9% in 2025 and projects 4.5% growth in 2026. Gross international reserves are estimated at $4.814 billion for 2025 and are expected to reach $5.346 billion in 2026, highlighting the program’s focus on rebuilding external financial buffers.

The latest review provides a clearer signal on El Salvador’s Bitcoin policy. Although the country missed the Bitcoin accumulation target, the IMF allowed the program to proceed. However, the agreement does not envision continued government-led Bitcoin purchases, stating instead that no further accumulation is expected beyond documented donations.

IMF Calls for Transparency as Bitcoin Moves Above $86,000

Dan Katz, the IMF’s First Deputy Managing Director and Chair, linked the Chivo transfer to the broader reduction in direct state involvement in Bitcoin. He also said outstanding exposure and remaining oversight gaps require further attention.

Bitcoin rose above $86,000 today, extending the recovery that began in late September. BTC has gained around 3% over the past 24 hours after trading mostly between $83,000 and $85,000 during the week.

The rally has put $87,000 back on the radar as the next nearby resistance level. Bitcoin remains well below its record high, however, as traders assess whether the latest rebound can extend beyond the recent range or result in another rejection.