IMF requests El Salvador to maintain Bitcoin Holdings; additional financing also decided.

## Request to maintain Bitcoin Holdings unchanged

The International Monetary Fund (IMF) announced on March 27 that it had reached a staff-level agreement in the first round of a $1.4 billion loan program with El Salvador. The country is expected to receive an additional loan of about $120 million.

The IMF stated in a declaration that it ensures the El Salvador government will maintain its total holdings of the virtual currency Bitcoin (BTC) at the current level. While it has shown a policy of restricting new purchases regarding the Bitcoin policy promoted by the Bukele administration, it allows for the maintenance of existing holdings.

The review confirmed that the main fiscal targets and foreign reserve targets were achieved comfortably. Structural reforms in governance, transparency, and financial resilience are also progressing smoothly. On the other hand, conditions were set to complete the withdrawal from the government-affiliated Chibo wallet by the end of July.

El Salvador implemented the world's first Bitcoin legal tender in 2021 and currently holds approximately 6,190 BTC. The agreement with the IMF changed the acceptance of Bitcoin and cryptocurrency payments by private companies from mandatory to optional, but the government's own holding policy will continue.

It is expected that the loan will be executed following the formal approval by the IMF Board, and efforts towards economic stabilization and the establishment of a foundation for sustainable growth in the country are being recognized.

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