worldcoinindex.com
The International Monetary Fund (IMF) has confirmed a staff-level agreement with El Salvador as part of its $1.4 billion Extended Fund Facility (EFF), reaffirming its condition that the Salvadoran government maintain its current bitcoin reserves and refrain from expanding them — a condition that directly challenges President Nayib Bukele’s pro-bitcoin stance.
This agreement stems from a broader financial package reached in December, which could bring up to $3.5 billion in support from the IMF, World Bank, and other institutions. A central feature of the deal is El Salvador’s commitment to scale back official involvement in bitcoin-related activities. In response, the Salvadoran Congress passed legal amendments to align the nation’s Bitcoin Law with the IMF’s conditions, notably making bitcoin acceptance optional for private enterprises.
The IMF’s Executive Board formally endorsed the deal in February, unlocking a $120 million disbursement following board-level review. At the time, the IMF stressed that while bitcoin-related risks have not yet crystallized, the government’s crypto exposure should remain contained.
But President Bukele remains undeterred. Even after securing IMF funding, he declared in March on X, “No, it’s not stopping,” emphasizing his intention to keep accumulating BTC regardless of international pressure.
In a curious twist, Bukele reposted the IMF's recent announcement without commenting on its renewed push to freeze further bitcoin acquisitions. Despite the IMF’s stance, El Salvador's Bitcoin Office revealed shortly afterward that the country had purchased an additional 8 BTC, increasing its national stash to 6,190.18 BTC. This move came days after Bukele boasted of more than $357 million in unrealized gains from the country's bitcoin holdings.
The divergence between the IMF’s conservative position and Bukele’s crypto-forward policy leaves El Salvador navigating a tense balancing act: securing crucial international funding while doubling down on its Bitcoin-first identity.
Neither Bukele nor the IMF has publicly clarified how this growing disconnect will affect future cooperation.