The International Monetary Fund approved the immediate disbursement of about $138 million to El Salvador under the country’s $1.4 billion financing program, despite some performance criteria being missed.
The IMF’s Executive Board completed the second and third reviews under El Salvador’s 40-month Extended Fund Facility (EFF) arrangement on Thursday, it said in a press release.
While certain performance criteria were not met, including on the Bitcoin accumulation front, the IMF granted waivers “based on strong corrective measures and renewed commitments.”
The agency noted that progress had been achieved in financial sector reforms, fiscal transparency, AML/CFT reforms and the transfer of majority ownership and control of the government Chivo Bitcoin wallet to a private operator.
“Efforts will continue to reduce the state’s involvement in Bitcoin-related activities, strengthen crypto‑asset regulation and governance, and…
