The International Monetary Fund has approved a $139 million disbursement for El Salvador while continuing to push the government to scale back its involvement in Bitcoin-related activities.
IMF backs economic progress but raises Bitcoin concerns
According to Bitcoin Magazine, the IMF said El Salvador’s economic activity had performed better than expected. The fund attributed that progress to sustained improvements in security and investor confidence, alongside continued efforts to address macroeconomic imbalances.
The approval of the latest funds came with a warning, however. The IMF said some performance criteria had not been met, including requirements connected with Bitcoin accumulation. It granted waivers on those criteria, citing corrective measures and renewed commitments from the Salvadoran authorities.
The fund said the state’s participation in Bitcoin-related activities is being unwound. It also said that no additional Bitcoin accumulation is expected beyond documented donations.
A policy that has remained controversial
El Salvador made Bitcoin legal tender in 2021, becoming the first country to do so. The decision was made while the country was negotiating development financing with the IMF and drew criticism from the fund and other major institutions.
The government also gave citizens Bitcoin and introduced a digital wallet intended to encourage wider use of the cryptocurrency in the dollarized economy. President Nayib Bukele said in 2022 that the country would purchase one Bitcoin each day, although the source of the funds and confirmation of some purchases were not clear.
The government’s claims about accumulation have also conflicted with statements from the IMF. In September, the fund said El Salvador was not buying Bitcoin, at least for a period, with public money. It said the country had instead received Bitcoin through private donations. El Salvador’s Bitcoin Office has repeatedly maintained that the country does purchase the cryptocurrency.
Bukele acknowledged in 2024 that Salvadorans were not using Bitcoin for purchases as extensively as expected, while continuing to promote the government’s accumulation of the asset.
Loan agreement sets the wider context
The latest disbursement follows a $1.4 billion loan agreement between El Salvador and the IMF reached at the end of December. As part of that arrangement, the fund requested that the country reduce elements of its Bitcoin strategy and limit the state’s role in related activity.
The IMF’s latest statement therefore combines financial support with continued pressure for policy changes. El Salvador is being recognized for improvements in economic conditions, but Bitcoin accumulation remains an area where the fund says commitments and performance requirements have not fully aligned.
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