TREE NEWS update: The IMF completed its second and third reviews of El Salvador’s 40-month Extended Fund Facility and approved an immediate disbursement of about $138 million under the $1.4 billion program. Despite missed performance criteria, the Fund granted waivers based on corrective actions and renewed commitments. El Salvador will continue reducing state involvement in bitcoin-related activities, strengthen crypto regulation and transparency of public-sector crypto holdings, and not accumulate more bitcoin beyond recorded donations. Majority equity and operational control of the government’s Chivo bitcoin wallet have been transferred to a private operator.
IMF Approves $138M Disbursement to El Salvador, Requires Reduced Bitcoin Activity
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AI take
The waiver matters more than the disbursement: the IMF is effectively accepting that El Salvador's bitcoin experiment can be tolerated if it is contained rather than reversed. That reframes the Chivo handover and the pledge not to accumulate further bitcoin as the price of continued program access, not as a policy conversion. For other sovereigns weighing crypto reserves, the precedent is conditionality attached to fiscal support. The open question is whether the transparency commitments on public-sector holdings are verifiable enough to satisfy future reviews.
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