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El Salvador can receive about US$138 million from the IMF after the Fund’s Executive Board completed two reviews of the country’s loan program on October 1, 2026. The Board also waived some unmet performance criteria, including criteria concerning Bitcoin accumulation. The waivers allowed the reviews to proceed; they did not end the program’s commitments to limit state involvement in Bitcoin and strengthen crypto oversight.

Why did El Salvador receive about $138 million?

The disbursement follows completion of the second and third reviews under El Salvador’s 40-month Extended Fund Facility (EFF). The IMF said the reviews allow an immediate release of SDR 101.96 million, approximately US$138 million. The dollar figure is an approximate conversion; the IMF states the amount in Special Drawing Rights (SDRs). IMF announcement, October 1, 2026.

This is one disbursement within a larger arrangement, not a new US$138 million loan separate from the EFF. The IMF approved the 40-month program on February 26, 2025, with total access of SDR 1,033.92 million, approximately US$1.4 billion. IMF announcement, February 26, 2025.

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What did the IMF waive?

The IMF said some performance criteria were not met, including criteria related to Bitcoin accumulation. The Executive Board granted waivers based on corrective measures and renewed commitments, allowing the reviews to be completed and the disbursement to proceed. IMF announcement, October 1, 2026.

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The public announcement does not list every waived criterion, quantify how far each one was missed, or detail the corrective action tied to each waiver. It therefore does not establish a complete waiver-by-waiver account. The key distinction is that a waiver addresses a missed program condition for purposes of the review; it does not itself cancel the broader program or its continuing policy commitments.

What Bitcoin commitments remain?

The IMF’s stated program direction is to reduce the government’s role in Bitcoin-related activity and strengthen regulation and oversight of crypto assets. It says the program envisages no further Bitcoin accumulation beyond documented donations. That is the IMF’s description of the program, not an independent audit confirming every transaction.

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The Fund also identifies these continuing priorities:

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  • Greater transparency and disclosure of public-sector crypto-asset holdings.
  • Stronger regulatory and governance frameworks for crypto-asset service providers.
  • Possible amendments to the Digital Asset Issuance Law.

The original 2025 EFF announcement described related measures: private businesses would not be required to accept Bitcoin, 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.

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What is the status of 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 remaining public-sector exposure should be fully unwound. The transfer is reported progress, but it does not mean that all public exposure has already ended. IMF announcement, October 1, 2026.

How does this payment compare with earlier IMF milestones?

Milestone Amount and significance
EFF approved, February 26, 2025 Total program access: SDR 1,033.92 million, approximately US$1.4 billion, over 40 months. IMF.
First review, June 27, 2025 Immediate disbursement of SDR 86.16 million, approximately US$118 million. The IMF also called for public-sector Bitcoin holdings to remain unchanged as crypto oversight improved. IMF.
Second and third reviews, October 1, 2026 Immediate disbursement of SDR 101.96 million, approximately US$138 million. IMF.

The SDR figures are the stated amounts; the dollar equivalents are approximate conversions reported by the IMF. The June 2025 release describes the first-review payment, while the October 2026 release describes the later combined second and third reviews.

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What the announcement does not establish

The October 2026 announcement does not provide the individual Bitcoin-related criteria waived or their numerical deviations. It also does not independently verify all Bitcoin transactions or say that Chivo’s remaining public-sector exposure has already been eliminated. Those distinctions matter: the disbursement shows the Board completed the reviews and approved waivers, not that every condition was met or that the program’s Bitcoin-related oversight work is finished.

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IMF First Deputy Managing Director and Board Chair Dan Katz said, “Sustaining these gains will require decisive and timely program implementation.” IMF announcement, October 1, 2026.

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