Yeliz Akmaca 
The International Monetary Fund (IMF) has completed the first phase of the $1.4 billion loan agreement with El Salvador. Under the agreement, the country is eligible to receive the first tranche of $120 million. However, this agreement requires El Salvador to limit Bitcoin purchases and reduce government intervention in cryptocurrency activities.
In a statement dated May 27, the IMF said:
“Efforts will continue to ensure that the total amount of Bitcoin held in government wallets remains unchanged.”
This stance directly contradicts President Nayib Bukele’s plans to increase Bitcoin holdings. Additionally, Luis Cubeddu, Deputy Director of the IMF’s Western Hemisphere Department, said:
“IMF staff reached a staff-level agreement with Salvadoran officials on the first review under the 40-month EFF arrangement. The agreement is subject to the approval of the IMF’s Executive Board and depends on the implementation of previously agreed actions.”
El Salvador Sticks to Its Bitcoin Strategy
Despite clear warnings from the IMF, El Salvador continues to purchase Bitcoin. The government bought an additional 30 BTC in the last 30 days. With these new acquisitions, the country’s reserve reached 6,190.18 BTC. The Bitcoin Office shared this information with the public via social media.
“This all stops in April.” “This all stops in June.” “This all stops in December.”
No, it’s not stopping.
If it didn’t stop when the world ostracized us and most “bitcoiners” abandoned us, it won’t stop now, and it won’t stop in the future.
Proof of work > proof of whining https://t.co/9pC0PoY3YQ
— Nayib Bukele (@nayibbukele) March 4, 2025
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Bukele responded to the IMF’s demands with sarcasm, stating that his country will not abandon its Bitcoin strategy. President Bukele views Bitcoin investments as a strategic national reserve policy. He has announced daily Bitcoin purchases and has no plans to back down despite IMF opposition. In October last year, the IMF officially recommended narrowing the scope of El Salvador’s Bitcoin Law enacted in 2021. The institution stated that this narrowing would reduce public exposure to digital assets and strengthen the country’s financial regulatory framework.
These recommendations followed multiple credit rating downgrades by Fitch Ratings and Moody’s in 2022. The IMF highlighted that this has weakened the country’s international borrowing capacity.
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