IMF RELEASES ABOUT $138 MILLION TO EL SALVADOR — WAIVES MISSED TARGETS “INCLUDING ON THE BITCOIN ACCUMULATION FRONT” — NO MORE BITCOIN “BEYOND THE DOCUMENTED DONATIONS” — IMF SAYS THE STATE’S CHIVO EXPOSURE STILL HAS TO BE UNWOUND

The IMF board finished El Salvador's second and third loan reviews on October 1, 2026, and released SDR 101.96 million, about $138 million. Then came the line that matters: "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."

So the bitcoin buying broke the terms of the loan, and the Fund forgave it in exchange for promises. The promise is in writing: "No further Bitcoin accumulation is envisaged beyond the documented donations." Bitcoin.com puts the reserve at 7,792 BTC.

The Fund also wants the rest of Chivo gone. First Deputy Managing Director Dan Katz: "The transfer of majority ownership and control of Chivo to a private operator is a welcome step, and the residual public-sector exposure should be fully unwound." On September 29, El Salvador's Bitcoin Office said all state involvement had officially ended. Two days later, the lender says some is still there.

The whole arrangement is about $1.4 billion. That buys a lot of say over what a country is allowed to save in. El Salvador may now receive bitcoin as a gift. It may not buy it. At the time of this writing, bitcoin was $86,563.