The International Monetary Fund (IMF) says private donations, rather than public resources, have driven El Salvador’s Bitcoin (BTC) reserve growth since the first review.

The finding came alongside a staff-level agreement on El Salvador’s combined second and third program reviews. Approval by the Executive Board would release around $140 million.

IMF Expects No Further Bitcoin Accumulation Beyond Documented Donations

El Salvador entered the 40-month Extended Fund Facility (EFF) in February 2025. The arrangement carries total access of roughly $1.4 billion, equal to 360% of the country’s quota at the fund.

Bitcoin has shadowed the program ever since. Earlier this year, falling prices cut the value of El Salvador’s Bitcoin holdings. The country’s credit default swaps climbed to a five-month high.

At the first review, completed on June 27, 2025, the Fund said public-sector Bitcoin holdings had not moved since the program began. Coins appearing in the Strategic Bitcoin Reserve Fund had been gathered from other state-held addresses.

The IMF said that it has now verified the source of coins added since the first review.

“Documentation has been provided verifying that Bitcoin accumulation since the first review reflects private donations and that no public resources were used,” the statement read.

No further accumulation beyond the documented donations is expected going forward. 

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New Rules for Digital Assets and a Handover at Chivo

Meanwhile, both sides also settled on plans to modernize the legal, regulatory, and supervisory framework for digital assets. They agreed to tighten oversight and risk controls on the crypto that the public sector holds.

Public involvement in the Chivo e-wallet has been substantially unwound. A private operator took majority ownership and day-to-day control. 

The state retained a small stake and continues to safeguard customer assets. Staff added that Work is also underway to improve the transparency of Bitcoin held across its various wallets.

Mr. Torres, Mission Chief for El Salvador, projected real gross domestic product (GDP) growth of 4.5% in 2026, helped by investment, consumption, remittances, and tourism. The non-financial public sector primary surplus should widen from 2.9% of GDP this year to 3.7% in 2027.

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Source: BeInCrypto