IMF Verifies El Salvador Bitcoin Growth Came from Private Donations

Private donations, not public funds, have fueled the growth of El Salvador's Bitcoin (BTC) reserves since the initial review, according to the IMF.

The disclosure accompanied a staff-level agreement on the country's combined second and third program reviews. If the Executive Board approves, about $140 million would be released.

Bitcoin Accumulation Seen Only From Donations Going Forward, IMF Says

In February 2025, El Salvador joined the 40-month Extended Fund Facility (EFF). The program provides total access of roughly $1.4 billion, which is 360% of the country's quota at the fund.

The cryptocurrency has been a factor in the program. Earlier this year, the value of El Salvador's Bitcoin holdings dropped due to declining prices. The nation's credit default swaps reached a five-month high.

During the first review, which ended on June 27, 2025, the IMF stated that public-sector Bitcoin holdings were unchanged from the start of the program. The coins in the Strategic Bitcoin Reserve Fund were collected from other government-held wallets.

The IMF has now confirmed the origin of coins added after 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.

Going forward, no further accumulation is expected beyond the documented donations.

🇸🇻EL SALVADOR JUST BOUGHT MORE BITCOIN. One BTC per day, every day! — The Bitcoin Office (@bitcoinofficesv) August 28, 2026

Digital Asset Rules Overhaul and Chivo Handover

In addition, the two parties agreed to update the legal, regulatory, and supervisory structure for digital assets. They also decided to strengthen oversight and risk controls on public-sector crypto holdings.

The government's role in the Chivo e-wallet has been largely reduced. A private operator now holds majority ownership and manages daily operations.

The state kept a small share and still protects customer assets. IMF staff noted that work is ongoing to increase transparency of Bitcoin held across different wallets.

El Salvador's Mission Chief, Mr. Torres, forecast real GDP growth of 4.5% in 2026, supported by investment, consumption, remittances, and tourism. The non-financial public sector primary surplus is expected to increase from 2.9% of GDP in 2026 to 3.7% in 2027.