IMF Executive Board passes resolution:
Waives El Salvador’s breach for exceeding its BTC holdings cap, while releasing about $138 million in loans.
The logic behind this is worth unpacking:
In December 2024, El Salvador and the IMF signed a $1.4 billion loan agreement. One of the conditions was to limit further BTC purchases by the public sector.
Then El Salvador breached the agreement—the government’s BTC holdings exceeded the agreed cap.
Then the IMF… waived the breach and continued disbursing funds.
This isn’t the first time. The IMF has formally waived El Salvador’s BTC-related breaches several times already—this is a recurring pattern, not a one-off exception.
The conditions of the waiver:
El Salvador can keep its existing holdings of about 7,764 BTC, but cannot acquire more using public funds, except through donations. It must also strengthen transparency around BTC holdings and oversight of government involvement.
Context: El Salvador’s economic performance is actually not bad—GDP is projected to grow 4.5% in 2026, up from 3.9% in 2025, and tourism has grown about 30% since BTC was made legal tender. It’s hard for the IMF to use “economic failure” as a reason to withhold funds.
This has a broader implication:
The IMF has shown other countries a template: hold sovereign BTC, accept tighter limits on accumulation, and IMF financing can continue.
This isn’t the IMF endorsing BTC, but it is the IMF finding a framework in which BTC and sovereign financing can coexist.
7,764 BTC, at about $86,500 each today, is worth around $671 million.
The IMF says no more buying; Bukele says no problem.
$BTC
#imf豁免萨尔瓦多比特币持仓超限
Waives El Salvador’s breach for exceeding its BTC holdings cap, while releasing about $138 million in loans.
The logic behind this is worth unpacking:
In December 2024, El Salvador and the IMF signed a $1.4 billion loan agreement. One of the conditions was to limit further BTC purchases by the public sector.
Then El Salvador breached the agreement—the government’s BTC holdings exceeded the agreed cap.
Then the IMF… waived the breach and continued disbursing funds.
This isn’t the first time. The IMF has formally waived El Salvador’s BTC-related breaches several times already—this is a recurring pattern, not a one-off exception.
The conditions of the waiver:
El Salvador can keep its existing holdings of about 7,764 BTC, but cannot acquire more using public funds, except through donations. It must also strengthen transparency around BTC holdings and oversight of government involvement.
Context: El Salvador’s economic performance is actually not bad—GDP is projected to grow 4.5% in 2026, up from 3.9% in 2025, and tourism has grown about 30% since BTC was made legal tender. It’s hard for the IMF to use “economic failure” as a reason to withhold funds.
This has a broader implication:
The IMF has shown other countries a template: hold sovereign BTC, accept tighter limits on accumulation, and IMF financing can continue.
This isn’t the IMF endorsing BTC, but it is the IMF finding a framework in which BTC and sovereign financing can coexist.
7,764 BTC, at about $86,500 each today, is worth around $671 million.
The IMF says no more buying; Bukele says no problem.
$BTC
#imf豁免萨尔瓦多比特币持仓超限