El Salvador added 1,097 Bitcoin to its state reserves over the past week, according to a post from President Nayib Bukele, raising fresh questions about the Central American nation’s compliance with a $1.4bn loan programme from the International Monetary Fund (IMF).
El Salvador’s Bukele Tests IMF Patience With New Bitcoin Purchases
18 November 2025 - 16:00 CET
By Stu Clelland
Data from the country’s National Bitcoin Office show a purchase worth approximately $100mn on Monday, bringing the country’s holdings to 7,474 BTC. At current prices, the stash is valued at roughly $683mn.
The timing has drawn scrutiny. Under the terms of El Salvador’s IMF programme, the government agreed to freeze new Bitcoin purchases and significantly scale back its state-led crypto campaign while receiving loan disbursements.
Buying the dip
Bukele, first elected in 2019, has championed an ambitious Bitcoin strategy that included making the asset legal tender and directing state entities to accumulate reserves. The latest purchase came as bitcoin fell below $90,000 on Monday, reaching its lowest level since April. El Salvador has repeatedly bought during market weakness.
The IMF only approved the loan after months of stalled talks centered on concerns about fiscal and financial stability. As part of its concessions, the government agreed to limit its crypto exposure, phase out public involvement in the Chivo wallet and make Bitcoin usage voluntary rather than mandatory.
Testing the limits
Despite that commitment, El Salvador has continued to purchase at least one BTC per day since 2022. Monday’s larger transaction has raised questions over whether the IMF was notified in advance. The country received $238mn from the Fund in May and June following routine program reviews.
In its May statement announcing a $120mn disbursement, the IMF noted that “efforts will continue to ensure that the total amount of Bitcoin held across all government-owned wallets remains unchanged, consistent with program commitments.”
What breaks an IMF deal?
While the purchase contradicts the government’s pledges, it does not automatically trigger a freeze. The IMF typically suspends funding for misreporting, hidden liabilities or failure to meet fiscal targets, rather than for politically contentious decisions carried out in the open.
Recent examples include the IMF’s decision to halt a $1.8bn programme for Senegal in 2024 after discovering unreported debt, and its 2012 termination of a $240mn credit line to the Democratic Republic of Congo for failing to publish key mining contracts.
Whether Bukele’s latest move constitutes a breach of trust will depend on the IMF’s programme review. Salvadoran officials now face the task of convincing the lender that they remain committed to the fiscal and transparency requirements underpinning the deal.
