$138MThe International Monetary Fund (IMF) completed the second and third reviews of El Salvador’s 40-month Extended Fund Facility (EFF) on October 1, 2026, unlocking an immediate disbursement of SDR 101.96 million, equivalent to approximately $138 million.
Key figures
Immediate IMF disbursement: SDR 101.96M (~$138M)
Total EFF program size: SDR 1.03392B (~$1.4B)
Program duration: 40 months
Initial approval date: February 26, 2025
Projected 2026 real GDP growth: 4.5%, supported by investment, private consumption, remittances, tourism, and capital inflows.
Initial IMF package: Expected to help catalyze more than $3.5B in combined multilateral financing over the program period.
Why the IMF approved it
The IMF cited stronger economic activity, progress on fiscal consolidation, and improved external reserve and liquidity buffers. It also highlighted reforms in:
Financial-sector resilience
Fiscal transparency
AML/CFT compliance
Governance and public-sector accountability
Transfer of majority ownership and operational control of the government e-wallet Chivo to a private operator
Bitcoin and crypto implications
The IMF said certain program criteria were not met, including conditions related to Bitcoin accumulation. However, waivers were granted after El Salvador presented corrective measures and renewed commitments.
The country is continuing efforts to:
Reduce the government’s involvement in Bitcoin-related activities
Strengthen crypto-asset regulation and oversight
Improve transparency around public-sector crypto holdings
Limit potential fiscal and financial risks connected to state crypto exposure
Market context
This is primarily a sovereign-liquidity and policy-confidence development, rather than a direct Bitcoin demand catalyst. The $138M release can ease El Salvador’s near-term external-financing pressure, while the IMF’s conditions reinforce a more cautious, transparent framework for public-sector Bitcoin activity.
Takeaway: El Salvador retains access to IMF support, but future funding remains closely linked to fiscal reforms, stronger reserves, governance improvements, and continued limits on state-led Bitcoin exposure. Historical and policy developments do not guarantee future market performance. Source: IMF, October 1, 2026.
