The International Monetary Fund says El Salvador has provided documentation showing that Bitcoin added to its holdings since 27 June 2025 came from private donations, not public funds.
The disclosure was included in the IMF’s announcement of a preliminary staff-level agreement covering the combined second and third reviews of El Salvador’s 40-month Extended Fund Facility (EFF).
According to the Fund, no public resources were used for the documented accumulation. It also said El Salvador’s authorities had agreed that no further Bitcoin would be added beyond the donations already recorded.
The IMF did not identify the donors or state how much Bitcoin had been received privately.
The clarification addresses questions about apparent increases in wallets linked to El Salvador’s Strategic Bitcoin Reserve. Blockchain data can show Bitcoin entering a government-associated wallet, but does not by itself establish whether the assets were bought, transferred between state-controlled addresses or donated.
The IMF said Salvadoran officials had supplied documentation confirming that the Bitcoin accumulated after the first EFF review came from private donations. In July 2025, IMF documents said the total amount held across government-controlled wallets was unchanged, with some reported increases explained by consolidation between different state addresses.
Previous reports had also questioned claims that El Salvador was continuing to buy Bitcoin daily, despite commitments made as part of its agreement with the IMF. The latest information identifies private donations as the source of the accumulation recorded after 27 June.
El Salvador could receive another $140m
The staff-level agreement followed the combined second and third reviews of El Salvador’s IMF programme. It still requires approval from the IMF Executive Board, as well as the completion of agreed prior actions by the Salvadoran government.
If those conditions are met, El Salvador would receive approximately $140m, equivalent to SDR 101.96m. The IMF approved the EFF in February 2025, providing total access of about $1.4bn.
El Salvador has so far received SDR 172.32m through the programme. The latest agreement remains preliminary until the Executive Board approves the reviews and authorises the further payment.
The IMF said the country’s economic performance had been stronger than previously expected. It forecasts real GDP growth of 4.5% in 2026, supported by investment, consumer spending, remittances, tourism and capital inflows.
However, the forecast remains dependent on economic conditions. IMF staff said El Salvador should continue reducing its fiscal deficit, improve governance and bring public debt down towards 80% of GDP by 2030.
Chivo wallet majority transferred to private operator
The government has also reduced its role in Chivo, the electronic wallet launched alongside El Salvador’s Bitcoin policy.
Majority ownership and operational control of Chivo have been transferred to an unidentified private operator. The government retains a minority stake and responsibility for custody of customer assets.
The IMF said Salvadoran authorities were working to improve transparency over Bitcoin held in different wallets. The change follows extended discussions about reducing the state’s direct involvement in cryptocurrency services and formed part of the wider funding arrangement with the Fund.
Under the original EFF conditions, businesses in the private sector were allowed to choose whether to accept Bitcoin. Taxes had to be paid in U.S. dollars, while public-sector involvement in Bitcoin-related activities was restricted.
“Going forward, no further Bitcoin accumulation beyond the documented donations is expected,” IMF staff said.
The two sides also agreed to pursue changes to El Salvador’s legal, regulatory and supervisory framework for digital assets, including stronger governance and risk controls for crypto assets held by the public sector.
The IMF Executive Board must now consider the staff report. Until it approves the reviews and El Salvador completes the required actions, the additional $140m will not be released.
