IMF softens stance as El Salvador’s Bitcoin bet coincides with economic rebound

IMF hails El Salvador’s stronger growth and fiscal discipline even as the country keeps accumulating Bitcoin and restructures its crypto policies.
Summary

• IMF now projects El Salvador’s 2025 real GDP growth near 4%, citing stronger fundamentals and security gains.
• Government relaxed mandatory Bitcoin acceptance and is moving to sell the state-run Chivo wallet to limit public crypto exposure.
• Despite policy tweaks for a $1.4b IMF package, El Salvador continues to add Bitcoin to national reserves under a managed risk framework.

The International Monetary Fund has acknowledged El Salvador’s improving economic outlook and stronger fiscal discipline, marking a shift in tone despite the country’s continued Bitcoin accumulation, according to recent IMF statements.

The IMF now projects El Salvador’s real GDP growth for 2025 at approximately 4%, exceeding earlier forecasts, the organization reported. The revised outlook reflects stronger economic fundamentals driven by robust remittance inflows, rising investment levels, and improvements in domestic security conditions.

The Fund’s historically critical stance on El Salvador’s Bitcoin adoption has softened in recent months. Rather than opposing the digital asset strategy outright, the IMF now emphasizes progress in discussions around transparency, protection of public finances, and risk mitigation related to Bitcoin policies, according to the organization’s statements.

The change in approach comes as El Salvador pursues a $1.4 billion IMF loan package agreed in March 2025. As part of negotiations, the country has made several policy adjustments. Bitcoin acceptance by private businesses is no longer mandatory, addressing one of the IMF’s primary objections. The government is also in advanced discussions to sell the state-run Chivo wallet, reducing direct public-sector exposure to cryptocurrency operations.

Can macro winds and a BTC rally co-exist?

Despite these concessions, El Salvador has continued purchasing Bitcoin. In November 2025, the government added to its holdings, bringing total reserves to several thousand coins, according to government data.

The IMF cited economic momentum supported by multiple factors contributing to a more stable macroeconomic environment. The stronger performance has shifted negotiations toward longer-term fiscal sustainability and reform progress, moving away from immediate risk warnings that previously dominated discussions between the two parties.

The current framework allows El Salvador’s Bitcoin exposure to coexist with fiscal reform measures, transparency requirements, and international financial cooperation, according to analysts familiar with the negotiations.