El Salvador & IMF Reach State-Level Agreement Amid Bitcoin Concerns
The post El Salvador & IMF Reach State-Level Agreement Amid Bitcoin Concerns appeared on BitcoinEthereumNews.com.
In the latest development, IMF and El Salvador have reached a preliminary agreement with $1.4 billion extended loan program, but with conditions. IMF maintains its no more Bitcoin stance and made it clear condition to access extended fund facility of upto $3.5B. It has also asked El Salvodar govt. to discontinue chevo wallet access to public by July 1, 2025. Will Nayib Bukele give up his Bitcoin obsession? El Salvador Gets IMF Nod for $120M Payment, More under consideration In an official press release, the IMF agreed to pay El Salvador $120 million as part of a $1.4 billion extended loan program subject to approval. Reportedly, the financial agency reached a staff-level agreement with the Central American nation, following months of negotiations. Luis Cubeddu, Deputy Director of the Western Hemisphere Department, and Iván Luis Torres, Mission Chief for El Salvador, issued a statement that read, IMF staff have reached staff-level agreement with the Salvadoran authorities on the first review under the 40-month EFF arrangement. The agreement is subject to approval by the IMF’s Executive Board, and contingent on the implementation of the agreed prior actions. Notably, this agreement comes with conditions, including limiting further government involvement in Bitcoin and ceasing involvement in the Chivo wallet by the end of July. Additionally, the country is required to ensure the total amount of Bitcoin held across all government-owned wallets remains unchanged. The IMF stated, “On Bitcoin, efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged.” Source: IMF, No more Bitcoin for el Salvador Says IMF IMF Maintains No Bitcoin Policy In Return for $3.5B As reported by coingape, despite the financial agency’s restrictions on El Salvador’s BTC accumulation, the country has continued its purchase spree.…
Filed under: News - @ May 28, 2025 4:28 pm