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The International Monetary Fund (IMF) has praised El Salvador for its continued economic growth. The IMF has been working closely with President Nayib Bukele in facilitating the Extended Fund Facility (EFF) program, which was approved earlier this year for $1.4 billion.
IMF Praises El Salvador for its Economic Growth
According to the IMF, El Salvador’s economy has been expanding at a faster pace than expected. The international bank stated that record remittances, improved investors’ confidence, and buoyant investments will help the country achieve a 4% real GDP growth in 2025.
Is the Country’s Bitcoin Plan Over?
According to the EFF program, El Salvador agreed with the IMF to stop its Bitcoin accumulation plan. Additionally, El Salvador agreed to sell its Chivo wallet infrastructure and allow the private sector to operate freely with BTC as a legal tender.
“Negotiations for the sale of the government e-wallet Chivo are well advanced, and discussions with regard to the Bitcoin project continue, centered on enhancing transparency, safeguarding public resources, and mitigating risks,” the IMF report noted.
However, on-chain data analysis from Arkham shows that El Salvador has continued with its daily Bitcoin accumulation. Despite the IMF’s restrictive efforts on El Salvador’s Bitcoin plan, Arkham shows that the country has been accumulating on a daily basis to about 7,508 BTCs at press time.
Market Impact
The continued unwavering support for Bitcoin by El Salvador has bolstered its macro bullish outlook. El Salvador’s President Bukele has remained close to U.S. President Donald Trump, which has also widened the country’s Bitcoin adoption plan.
As such, the Bitcoin price is well-positioned to follow the gold and silver outlook. With Bitcoin having a fixed supply amid rising global demand, El Salvador is well positioned to repay its public debt with Bitcoin gains in the near future.
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