The International Monetary Fund has approved a $120 million disbursement to El Salvador as part of its $1.4 billion extended fund facility arrangement. This follows the completion of the first review under the 40-month program established in December 2023.
As part of the agreement, El Salvador must maintain its current Bitcoin holdings and phase out government involvement with the Chivo wallet by July 31.
The IMF emphasized these conditions in its May 27 statement, noting the need to “keep government Bitcoin reserves unchanged.”
While the payment awaits final IMF board approval, President Nayib Bukele maintains his administration’s commitment to daily Bitcoin acquisitions, continuing the nation’s controversial crypto strategy despite IMF objections.
