El Salvador secured a $138 million disbursement from the International Monetary Fund after completing the second and third reviews of its $1.4 billion loan program on Oct. 1. The board granted waivers for previously unmet performance criteria related to Bitcoin accumulation, allowing financing to continue despite earlier shortfalls. The waivers maintain existing restrictions on state-funded Bitcoin purchases while preserving the program’s overall framework. The country currently holds approximately 7,794.37 Bitcoin valued at about $666.1 million. The IMF distinguished between Bitcoin acquired with public funds and coins received through documented donations, stating that reserve balances may increase without indicating renewed government purchases. The Extended Fund Facility, approved in February 2025, supports fiscal adjustment, reserve strengthening, and financial-sector reforms. The Fund noted progress in reducing the state’s direct role in cryptocurrency, including the transfer of majority ownership of the Chivo wallet to a private operator. However, the IMF emphasized the need for improved disclosure of public-sector crypto holdings, stronger regulation of digital-asset providers, and amendments to the Digital Asset Issuance Law. These measures accompany the continued restriction on additional government-funded Bitcoin accumulation. Future reviews will depend on transparent documentation of reserve changes and progress toward unwinding the Chivo wallet’s public-sector ties. Any unexplained growth in Bitcoin holdings could trigger further conditions for accessing program financing.