The International Monetary Fund (IMF) stated that El Salvador has submitted documentation clarifying that the increase in Bitcoin recorded since June 27, 2025, was not due to purchases with public funds, but rather from private donations. This statement appears in the IMF staff-level agreement announcement issued on September 3, concerning the second and third combined reviews of the country’s Extended Fund Facility (EFF).
Private donations have become a new source.
The IMF stated that materials provided by El Salvador show that the increase in Bitcoin credited to government-controlled wallets after the relevant time period came from private donations, not fiscal resources. The statement did not disclose the identity of the donors or the specific amount of Bitcoin involved.
This statement addresses previous external skepticism regarding El Salvador's "continuous purchases of Bitcoin." On-chain records can only show that assets have entered a specific address, but they cannot directly distinguish whether these assets originated from market purchases, aggregation between addresses, or external donations.
After approval, $140 million will be released.
IMF staff have reached an agreement with Salvadoran authorities on the merger review, but the arrangements still require approval by the IMF Executive Board, and El Salvador must complete agreed-upon prior actions.
If the above conditions are met, El Salvador will be eligible for approximately $140 million in funding, equivalent to 101.96 million SDRs. The IMF approved the country’s 40-month EFF in February 2025, with a total financing amount of approximately $1.4 billion.
Chivo transitions to private operation
The statement also noted that El Salvador has significantly reduced its direct involvement in the Chivo digital wallet, the official wallet launched by the country to support its Bitcoin policy, with majority ownership and operational control now transferred to an unnamed private operator.
The government still retains a minority stake and continues to assume responsibility for custodial client assets. Under the original EFF conditions, El Salvador has changed the requirement for private sector adoption of Bitcoin to a voluntary arrangement, while requiring taxes to continue being paid in U.S. dollars and limiting public sector participation in Bitcoin-related activities.
No longer expecting additional Bitcoin positions
The IMF stated that both parties have reached a shared understanding that no additional Bitcoin holdings will be acquired beyond the previously recorded private donations. Additionally, both parties agreed to advance adjustments to the legal, regulatory, and supervisory framework for digital assets, and to strengthen governance and risk control for cryptocurrency holdings by the public sector.