El Salvador can receive about US$138 million from the International Monetary Fund after the IMF Executive Board completed two reviews of the country’s 40-month financing program on October 1, 2026. The Board also waived some unmet performance criteria, including criteria concerning Bitcoin accumulation; the waivers cleared the reviews but did not end the program’s commitments on Bitcoin or crypto oversight.
Why is the IMF providing El Salvador with about $138 million?
The disbursement follows completion of the second and third reviews under El Salvador’s Extended Fund Facility (EFF), the IMF said on October 1, 2026. The approval allows an immediate release of SDR 101.96 million, approximately US$138 million. The amount is part of a larger 40-month arrangement approved on February 26, 2025, with total access of SDR 1,033.92 million, approximately US$1.4 billion. IMF announcement, October 1, 2026
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The IMF’s June 2025 announcement said the first review allowed a separate immediate disbursement of SDR 86.16 million, about US$118 million. That earlier payment and the October 2026 disbursement are review-related releases under the same broader arrangement; the October amount is not the total value of the EFF. IMF announcement, June 27, 2025
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What Bitcoin criteria did the IMF waive?
The IMF said some performance criteria were not met, including criteria concerning Bitcoin accumulation. The Executive Board granted waivers based on corrective measures and renewed commitments, enabling it to complete the reviews. The October 1 announcement does not identify every waived criterion, quantify any shortfall, or detail corrective actions for each one. It therefore does not establish a waiver-by-waiver account of El Salvador’s Bitcoin activity.
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A waiver is not the same as cancelling the program’s policy commitments. The IMF’s stated program direction is to reduce state involvement in Bitcoin-related activities and strengthen crypto-asset regulation and oversight. It says no further Bitcoin accumulation is envisaged beyond documented donations. That is the IMF’s description of the program, not an independent audit of every Bitcoin transaction. IMF announcement, October 1, 2026
What Bitcoin and crypto commitments remain?
The IMF’s priorities include clearer public-sector disclosure of crypto holdings, stronger regulatory and governance frameworks for crypto-asset providers, and possible amendments to the Digital Asset Issuance Law. Those priorities sit alongside the program’s stated limit on further government Bitcoin accumulation.
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The original EFF announcement in February 2025 described additional measures: private-sector acceptance of Bitcoin would be voluntary, taxes would be payable only in U.S. dollars, and the government would strengthen transparency around its public crypto e-wallet while gradually unwinding its participation in the wallet. IMF announcement, February 26, 2025
What has changed with the Chivo wallet?
The IMF reports that majority ownership and control of the government e-wallet Chivo have been transferred to a private operator. It also says residual public-sector exposure should be fully unwound. The transfer is reported progress, but the IMF’s statement does not say that all remaining public exposure has already ended. IMF announcement, October 1, 2026
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How does the 2026 payment fit the program timeline?
| Milestone | Amount and significance |
|---|---|
| February 26, 2025: 40-month EFF approved | Total access of SDR 1,033.92 million, approximately US$1.4 billion. IMF |
| June 27, 2025: first review completed | Immediate disbursement of SDR 86.16 million, about US$118 million. IMF |
| October 1, 2026: second and third reviews completed | Immediate disbursement of SDR 101.96 million, approximately US$138 million; waivers granted for some unmet performance criteria. IMF |
These dollar figures are approximate conversions of the IMF’s SDR amounts. The second and third reviews were announced together; the release does not break the October disbursement into separate amounts for each review.
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