IMF向萨尔瓦多拨款1.38亿美元，尽管其未达……

The International Monetary Fund approves an emergency allocation of US$138 million to El Salvador

After the International Monetary Fund (IMF) granted exemptions to compensate for failure to meet some performance standards, it has approved an immediate allocation of US$138 million to El Salvador under the framework of a US$1.4 billion financing plan. These non-compliance items include provisions related to Bitcoin accumulation.

On October 1, the IMF Executive Board completed the second and third reviews of El Salvador's 40-month extended fund facility arrangements. Lenders said the waiver decision was reasonable given the corrective measures taken by the government and renewed commitments, allowing the financing process to continue despite instances where goals were not achieved. Bitcoin remains one of the most watched parts of the agreement. The IMF pointed out that no further Bitcoin accumulation is expected beyond recorded private donations; meanwhile, El Salvador is reducing the government's role in the "Chivo" wallet and is committed to increasing transparency of public sector cryptocurrency holdings.

Why does the IMF still approve funds when Bitcoin indicators are not up to standard?

The IMF's decision distinguishes a breach of project goals from a complete collapse of financing arrangements. Although certain performance standards have not been met, lenders said El Salvador has strengthened reserves and liquidity buffers and made progress on financial sector reform, fiscal transparency, and anti-money laundering and counter-terrorism financing controls. Bitcoin issues are handled through exemptions rather than suspending projects. The IMF's position is that the subsequent increase in Bitcoin holdings reported by the country was not funded by public resources.

Previously reported that the IMF attributed the accumulation of Bitcoin since June 2025 to recorded private donations. This distinction is crucial because the project's restrictions are mainly aimed at reducing additional financial exposure to Bitcoin.

Investor Revelation

This exemption shows that the IMF currently believes that Bitcoin violations are manageable within the framework of the broader plan and are not sufficient reasons to stop financing. A more important test for sovereign creditors will be whether El Salvador can implement corrective measures linked to review.

Why does El Salvador's Bitcoin holdings continue to rise?

As the country's publicly reported Bitcoin holdings continue to rise while fulfilling IMF commitments, the source of new Bitcoin has become increasingly important. The tensions were particularly evident in November 2025, when the government said the transaction to purchase about 1,090 bitcoins was worth about $100 million. The significant increase has raised questions about how the activity conforms to the IMF agreement. Subsequent IMF assessments changed the interpretation of such increases. Documents provided by Salvadoran authorities show that the accumulation since the first project review reflects private donations rather than additional bitcoins purchased using government resources. This clarification also addresses previous government uncertainties about daily accumulated statements. Previous records indicate that while reported wallet balances are still changing, IMF documents show public Bitcoin purchases have stopped.

Investor Revelation

The difference between donating Bitcoin and publicly funded purchases is central to assessing compliance. Donations can increase reported positions without incurring the same direct financial costs, but still leave questions about custody, valuation, disclosure, and ultimately government control.

Changes in Chivo Wallet and Government Cryptocurrency Exposure

IMF还确认，在萨尔瓦多初期比特币推广期间创建的Chivo钱包，其多数所有权和运营控制权已转让给私营运营商。政府保留了少数股权和托管责任，尽管IMF希望完全解除剩余的公共部门敞口。这一过程标志着国家在建设比特币支付基础设施方面的原始角色的重大撤退。此前的分析曾探讨过IMF协议如何推动政府减少在Chivo中的参与并限制公共部门的比特币活动。IMF还在寻求加强对加密货币服务提供商的监管和监督，改善公共部门加密货币持仓的管理，并修订该国的《数字资产发行法》。

投资者启示

1.38亿美元资金的释放减少了近期的融资不确定性，但比特币仍然是持续的方案条件，而非已解决的问题。未来的审查将测试捐赠是否停止增加公共持仓、Chivo剩余的政府敞口是否被清除，以及加密货币资产在主权利率表上是否变得更加透明。

萨尔瓦多下一次IMF审查的关键因素是什么？

比特币仅是经济计划的一个组成部分。IMF继续敦促实现财政整合、更高的初级盈余、更强的政府流动性缓冲，并推迟养老金和公务员制度改革。对于投资萨尔瓦多主权风险的投资者而言，能否继续获得IMF资金支持将取决于在这些领域的执行情况以及对修订后的比特币承诺的遵守情况。最新的豁免使计划保持正轨，但也更加强调政府的承诺：除已记录的捐赠外，不再发生进一步的比特币积累。