Despite IMF Loan Conditions, El Salvador Appears to Be Doubling Down on Bitcoin Ambitions

El Salvador appears to be doubling down on its Bitcoin ambitions, even as conditions tied to a recent $1.4 billion loan from the International Monetary Fund (IMF) urged the country to scale back crypto involvement.

El Salvador’s Bitcoin Office has confirmed the quiet purchase of one more BTC, adding to its Strategic Bitcoin Reserve, as per reports. This move comes just months after the IMF finalized a deal with President Nayib Bukele’s administration, raising eyebrows over whether the country is technically complying on paper but continues to accumulate Bitcoin behind the scenes.

El Salvador’s Bitcoin Policy: Still Active Despite Global Pressure

Speaking at Web Summit in Rio, El Salvador’s Economy Minister Maria Luisa Hayem clarified the government’s stance, which came under heavy criticism for succumbing to IMF pressure.

“There’s a commitment of President Bukele to keep accumulating assets,” she stated.

The comment directly addressed ongoing speculation about whether El Salvador had hit pause on Bitcoin buys after its controversial embrace of the asset as legal tender in 2021. However, Minister Hayem asserted that both the government and private sector remain focused on Bitcoin, framing it as a strategic asset.

“We are still focused on the macroeconomic stability of the country and on how to continue on this path of economic growth,” she added.

What the IMF Deal Actually Requires

The IMF’s agreement with El Salvador was designed to stabilize its fiscal health and minimize risk from Bitcoin exposure. Key provisions included:

Reducing the government’s role in the economy to boost private sector investment.

Using any potential windfall from rising cryptocurrency prices to top up the country’s social programs.

Maintaining a strong external buffer to mitigate any macroeconomic shocks.

These terms were crafted to reassure global bond markets and demonstrate that Bukele’s administration was willing to comply with conventional financial norms.

A Dual Strategy: Surface Compliance, Strategic Accumulation?

Despite the IMF restrictions, the Bitcoin Office has regularly posted social media updates confirming ongoing BTC purchases. To critics, this signals deliberate defiance; to supporters, it’s proof of policy consistency under Bukele.

The latest actions suggest that El Salvador may be deftly navigating a dual strategy; outwardly adhering to its IMF commitments while silently advancing its own crypto agenda.