The International Monetary Fund has approved a $139 million disbursement to El Salvador after granting a waiver related to the country’s breach of conditions limiting further Bitcoin accumulation, according to Reuters. The IMF Executive Board completed the second and third reviews of El Salvador’s $1.4 billion Extended Fund Facility arrangement, clearing the way for the immediate release of the funds. The Fund said El Salvador’s economy has performed better than expected, citing improved security conditions and stronger investor confidence. At the same time, the IMF said some program performance criteria were missed, including a metric related to Bitcoin holdings. The waiver was approved after El Salvador took what the IMF described as strong corrective actions and renewed its commitments. In September, IMF staff said documents provided by El Salvador showed that Bitcoin added after the first review came from private donations rather than public funds. The IMF also said the country had made progress on anti-money laundering measures, fiscal transparency, and the transfer of majority ownership and control of the state-run digital wallet Chivo to a private operator.
The International Monetary Fund approved a $139 million disbursement to El Salvador after granting a waiver tied to the government’s breach of conditions restricting further Bitcoin accumulation, according to Reuters.
The IMF Executive Board completed the second and third reviews of El Salvador’s $1.4 billion Extended Fund Facility, allowing the money to be released immediately.
The Fund said El Salvador’s economy has performed better than expected, citing improved security conditions and stronger investor confidence.
Still, the IMF said some program performance criteria were not met, including a metric related to Bitcoin holdings. It approved the waiver after El Salvador took strong corrective actions and renewed its commitments.
In September, IMF staff said documents submitted by El Salvador showed that Bitcoin added after the first review came from private donations rather than public funds.
The IMF also said El Salvador had made progress on anti-money laundering measures, fiscal transparency, and transferring majority ownership and control of the state-run digital wallet Chivo to a private operator.
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