IMF Approves $138 Million Disbursement to El Salvador Amid Bitcoin Criteria Waivers
- The International Monetary Fund (IMF) disbursed approximately $138 million to El Salvador as part of a $1.4 billion financing program.
- This approval follows the completion of the second and third reviews under the country’s Extended Fund Facility (EFF) arrangement.
- Despite missing performance criteria related to Bitcoin accumulation, waivers were granted based on corrective measures taken by El Salvador.
- The IMF noted progress in financial sector reforms and fiscal transparency, including transferring majority control of the Chivo Bitcoin wallet to a private operator.
- No further Bitcoin accumulation is expected from public funds beyond documented donations.
The IMF’s support highlights ongoing efforts in El Salvador to enhance financial governance while addressing concerns over its Bitcoin strategy, particularly after acquiring significant holdings without using public resources.
El Salvador’s recent receipt of $138 million underscores its commitment to reforming financial practices while managing its cryptocurrency assets responsibly.(Source)
