IMF gives $1.4 billion loan to El Salvador

The approval allows for an immediate payment of approximately $113 million to the authorities, the statement said, adding that the agreement is expected to catalyze more than $3.5 billion in multilateral financial support over the program period.

The statement stressed that the Salvadoran authorities’ IMF-supported program aims to address macroeconomic imbalances and strengthen transparency in order to improve the country’s growth prospects and resilience.

Pointing out the risks arising from the Bitcoin project, the statement noted that the program also addressed issues such as making the acceptance of cryptocurrency voluntary and limiting the public sector's Bitcoin-related transactions.