IMF approves $138M for El Salvador, waives breach of BTC accumulation cap

The International Monetary Fund has completed its second and third reviews of El Salvador’s loan program and approved about $138 million in funding, Reuters reported. Although El Salvador did not meet the IMF’s condition limiting Bitcoin accumulation, the IMF granted an exception based on corrective measures by the authorities and renewed commitments. The IMF said El Salvador had made progress on fiscal reforms and that the economy was performing better than expected, amid improved public security and recovering investor confidence. It also cited a renewed commitment from Salvadoran authorities that they do not plan any additional Bitcoin accumulation beyond documented donations.