The IMF El Salvador Bitcoin waiver is official. The International Monetary Fund has approved roughly $139 million for El Salvador even though the country missed a program target tied to Bitcoin accumulation. The money arrived with a clear message: no more public-sector Bitcoin buying beyond documented private donations.
The Fund's Executive Board completed the combined second and third reviews of El Salvador's 40-month, $1.4 billion Extended Fund Facility (EFF) on October 1, clearing the funds for immediate release.
What the IMF Approved
This disbursement follows a staff-level agreement reached in early September. At the time, IMF staff said El Salvador would receive about $140 million (SDR 101.96 million) once the Board signed off and agreed prior actions were completed. Reports after the Board's decision put the figure at about $139 million. The small difference comes from the SDR-to-dollar conversion.
For context, the program began in February 2025 with an initial disbursement of about $113 million. The first review in June 2025 released another $118 million, bringing the running total to about $231 million at that point. By Bitnxt's count, this latest tranche takes total disbursements to roughly $370 million.
The Bitcoin Waiver, in the IMF's Own Words
The IMF didn't hide the miss. In its statement, the Fund said:
"Certain performance criteria were not met, including on the Bitcoin accumulation front, for which waivers were granted based on strong corrective measures and renewed commitments."
It then drew a line under the issue:
"The state's involvement in Bitcoin-related activities is being unwound while related regulations are enhanced... No further Bitcoin accumulation is envisaged beyond the documented donations."
This builds on what IMF staff said in September. After reviewing documentation from the authorities, staff concluded that the growth in El Salvador's Bitcoin reserve came from private donations, and that no public resources were used to buy Bitcoin.
The waiver also doesn't remove Bitcoin conditions from the program. They stay in place for future reviews.
IMF El Salvador Bitcoin Waiver and the Chivo Wallet Sale
Chivo, the state-backed Bitcoin wallet launched alongside the 2021 Bitcoin law, has been one of the IMF's main concerns. In a 2025 country report, the Fund described Chivo as the "cornerstone" of the government's Bitcoin strategy. It also noted that most activity on the wallet was dollar-Bitcoin conversion rather than everyday payments.
Now the IMF says majority ownership and control of Chivo has been transferred to a private operator. It called this "a welcome step," but added that "the residual public-sector exposure should be fully unwound." Reports from September suggest the government kept a minority stake and some custodial responsibilities. That leftover piece is what the IMF wants cleared next.
The Bigger Economic Picture
Outside of Bitcoin, the IMF had good things to say. It said El Salvador's economy has beaten expectations, helped by better security and stronger investor confidence. Growth is projected at 4.5% in 2026 and 4% in 2027. The Fund also pointed to:
Fiscal consolidation broadly on track
Reserve and liquidity targets "comfortably met"
Progress on financial sector reforms, fiscal transparency and AML/CFT rules
Looking ahead, the program will focus on fiscal sustainability, rebuilding external buffers, governance and transparency, including asset declarations and anti-corruption work.
Bitnxt View: A Compromise Both Sides Can Sell
At Bitnxt, we see this as a deal where both sides keep their pride.
President Nayib Bukele can tell his base that El Salvador's Bitcoin reserve is still growing, now through donations, and that the country never gave up on BTC. The IMF can tell its board that public money is no longer going into a volatile asset, and that the state is exiting the crypto business one step at a time.
But let's be honest about what has changed. When El Salvador made Bitcoin legal tender in 2021, it was the boldest national crypto experiment in the world. In 2026, the state is stepping back from its own wallet, and new Bitcoin can only arrive as gifts. The Bitcoin story hasn't ended, but it has been heavily diluted to keep a $1.4 billion lifeline open.
There's a wider lesson for countries thinking about strategic Bitcoin reserves. Sovereign Bitcoin plans don't exist in a vacuum. Once a country depends on multilateral lenders, its crypto policy becomes part of the negotiation. El Salvador shows that the IMF will tolerate some Bitcoin exposure, but not open-ended state buying.
For Bitcoin itself, the impact is small. El Salvador's holdings are tiny next to ETF and corporate treasury flows, and BTC was trading around $86,000 as the news broke. If you're tracking where price may go from here, see our Bitcoin Price Prediction for October 2026.
What to Watch Next
Chivo's final unwind: whether the government sells or winds down its remaining stake before the next review.
On-chain reserve tracking: whether any new BTC can be matched to documented donations, as the IMF expects.
Next EFF review: Bitcoin conditions still apply, so another miss would test the IMF's patience.
Bitnxt will keep following El Salvador's Bitcoin policy as the program continues.
