El Salvador’s government isn’t slowing down its Bitcoin purchases, even after agreeing to cut back on them as part of a loan deal with the International Monetary Fund (IMF).
Bitcoin Remains a “Key Project”
Economy Minister Maria Luisa Hayem says the country is committed to accumulating Bitcoin as a reserve asset. She stated that Bitcoin remains an “important project” and that both the government and private sector are continuing to acquire it.
IMF’s Response
This continued buying has raised eyebrows, given El Salvador’s agreement with the IMF. However, the IMF’s Western Hemisphere Department director, Rodrigo Valdes, clarified that El Salvador is still meeting the terms of its loan agreement. He emphasized that the country’s program with the IMF focuses on broader structural reforms, not just Bitcoin. While acknowledging recent Bitcoin purchases, he confirmed El Salvador is adhering to the agreed-upon performance criteria regarding fiscal sector Bitcoin accumulation. The IMF’s focus remains on wider economic and governance reforms.