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IMF traces Bitcoin to donations
The International Monetary Fund said El Salvador’s Bitcoin reserve growth since its first program review came from private donations rather than government spending, in a staff-level agreement covering the combined second and third reviews of the country’s lending program.
“Documentation has been provided verifying that Bitcoin accumulation since the first review reflects private donations and that no public resources were used”
The IMF said “Documentation has been provided verifying that Bitcoin accumulation since the first review reflects private donations and that no public resources were used,” and it added that it does not expect further accumulation beyond what has already been documented.
The staff-level agreement, reached after the first review completed on June 27, 2025, would unlock around $140 million if the IMF Executive Board approves, as part of El Salvador’s 40-month Extended Fund Facility that began in February 2025 with total access of about $1.4 billion.
The IMF also said the finding reshapes how outside observers read El Salvador’s “much-debated relationship with crypto,” by separating the question of whether public money was used from the fact that Bitcoin’s value can still swing.
In parallel, the IMF said operational control of the Chivo e-wallet has shifted to a private operator, with the state keeping only a minor stake and custodial responsibilities.
No more accumulation beyond records
CoinGape framed the IMF update as a warning that “Future acquisitions of the government’s Bitcoin holdings are not expected beyond those that are verified by private donation,” tying the end of new buying to the conditions of the Extended Fund Facility.
The IMF’s position, as described in multiple outlets, is that it checked supplied documentation and found the additional holdings were linked to private donations, not purchases financed with government resources.
Mirage News reported that the program is delivering positive results and that “Public participation in the e-wallet Chivo has been substantially unwound,” with majority ownership and operational control transferred to a private operator while the government retained a minority stake.
The IMF also said it reached understandings to modernize the legal, regulatory, and supervisory framework for digital assets and to strengthen governance and risk-management arrangements for public-sector crypto-asset holdings.
As part of the same staff-level package, the IMF said it expects real GDP growth of 4.5% in 2026 and that the NFPS primary surplus is expected to strengthen from 2.9% of GDP this year to 3.7% in 2027.
IMF approval and policy stakes
The IMF said the combined second and third reviews are subject to approval by the IMF Executive Board and completion of agreed prior actions, with El Salvador set to receive around US$140 million (SDR 101.96 million) if those steps are completed.
“El Salvador would receive around US$140 million (SDR 101.96 million).”
Mirage News added that the IMF staff and Salvadoran authorities said continued implementation of the reform agenda remains essential to strengthen macroeconomic stability and resilience, reduce public debt, and support “stronger and more inclusive private-sector-led growth.”
The Cryptonomist reported that the IMF’s verification “effectively drawing a line under the debate over whether the government is quietly buying more Bitcoin behind the scenes,” while still leaving exposure to crypto market swings as a separate issue.
Finanzen.net described the compliance stakes as the IMF addressing questions raised after El Salvador reported a $100 million acquisition, and it said the IMF’s explanation is aimed at showing the accumulation did not reflect additional Bitcoin purchases financed with government resources.
Across the coverage, the Chivo governance change and the IMF’s expectation of no further accumulation beyond documented donations are presented as part of a broader effort to keep Bitcoin’s legal-tender status while distancing public finances from crypto risks.