The International Monetary Fund has reached an agreement in principle allowing El Salvador to secure a disbursement of $140 million. This funding is part of a broader $1.4 billion comprehensive assistance program spread over 40 months, launched at the end of 2024. To secure this financial lifeline, Nayib Bukele's administration had to comply with strict requirements imposed by the Washington-based institution, marking a decisive turning point in the Central American nation's digital policy.
The most significant shift concerns the legal status of the cryptocurrency. Since January 2025, Bitcoin is no longer considered mandatory legal tender. The legislative reform ended the requirement for merchants to accept BTC payments and removed the option for citizens to settle their taxes with the asset. At the same time, the state stepped back from the direct management of the Chivo digital wallet, which has now transitioned toward a private structure, though the government retains a minority stake.
On the fiscal front, El Salvador has made a formal commitment to no longer use public funds to buy Bitcoin. Since June 2025, authorities claim that any increase in the national reserve comes exclusively from private donations. Despite these constraints, the accumulation strategy continues: the country holds a reserve of 7,764 BTC, valued at over $600 million. This transparency, provided by tracking flows on the blockchain, enables the government to maintain its position as a major sovereign holder while adhering to its new financial commitments.
The stakes of this agreement extend beyond technology, touching on the country's macroeconomic stability. While the IMF projects robust growth of 4.5% for 2026, driven by a more favorable business climate and enhanced domestic security, the austerity measures tied to the program are having a pronounced social impact. The layoff of roughly 15,000 civil servants highlights the Salvadoran government's struggle to reconcile its initial sovereign ambitions with the structural reforms demanded by international bodies to guarantee its solvency.