- El Salvador has not used public funds to buy Bitcoin since June 27, 2025.
- IMF expects no further Bitcoin purchases by El Salvador beyond documented donations.
- El Salvador could soon receive roughly $140 million in new IMF financing.
The International Monetary Fund (IMF) says El Salvador has not used public funds to buy Bitcoin since its first Extended Fund Facility review on June 27, 2025, with all Bitcoin acquired since then coming entirely from private donations.
Going forward, the IMF expects no further Bitcoin accumulation beyond those documented donations, effectively marking the end of El Salvador’s government-funded Bitcoin buying strategy.
Agreement Behind the Disclosure
IMF staff and Salvadoran authorities reached a staff-level agreement on the combined second and third reviews of the country’s 40-month Extended Fund Facility (EFF) arrangement. Subject to approval by the IMF Executive Board and completion of agreed prior actions, El Salvador would receive approximately $140 million (SDR 101.96 million) in additional financing.
IMF Mission Chief Mr. Torres said El Salvador’s economy “continues to perform strongly,” with real GDP growth exceeding expectations in 2025 and projected to reach 4.5% in 2026, supported by investment, private consumption, remittances, tourism, and capital inflows. The IMF also noted the program is contributing to a “significant decline in poverty,” tied to improved efficiency in public services.
How the IMF Reshaped Bitcoin Policy
The agreement builds on structural changes tied to the EFF program. According to the IMF’s statement:
- The government’s e-wallet ownership and operational control have been transferred to a private operator
- No public resources have been used for Bitcoin accumulation
- Public participation in the Chivo e-wallet has been “substantially unwound,” with efforts underway to improve transparency of Bitcoin holdings across various wallets
- Majority ownership and operational control of Chivo now sit with a private operator, while the government retains a minority stake and custodial responsibilities for customer assets
El Salvador also agreed to steps modernizing its legal, regulatory, and supervisory framework for digital assets, along with strengthening governance and risk-management arrangements for public-sector crypto holdings.
Broader Reform Commitments Tied to the Deal
The IMF agreement extends beyond Bitcoin policy. El Salvador committed to deepening fiscal consolidation, with its non-financial public sector primary surplus expected to strengthen from 2.9% of GDP this year to 3.7% in 2027, part of a broader Fiscal Responsibility Law goal of cutting public debt to 80% of GDP by 2030.
What This Means for El Salvador’s Bitcoin Status
El Salvador’s Bitcoin treasury currently holds 7,764 BTC, according to reporting on the agreement. With public accumulation now capped and future growth limited to private donations, the country’s status as an active sovereign Bitcoin buyer has effectively ended, even as its existing holdings remain intact.
A Blueprint for Other Countries?
The arrangement offers a possible template for how the IMF handles other nations experimenting with sovereign Bitcoin holdings. Countries dependent on IMF financing may face similar pressure to halt direct state-funded purchases, potentially turning instead to private donations or separate legal structures to grow crypto holdings without violating loan conditions.
Related: El Salvador Says It Is Buying Bitcoin Daily, But IMF Disagrees
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