El Salvador’s Bitcoin Ballet: Dancing with the IMF!

The IMF folks found that El Salvador’s performance was as strong as a bull in a china shop, with the authorities successfully implementing their grand economic reform plan. Luis Cubeddu, the Deputy Director of the Western Hemisphere Department, and Ivan Torres, the Mission Chief for El Salvador, proclaimed:

Most program targets set for the first review were comfortably met, and implementation of the structural benchmarks is progressing well.

Assuming the executive board gives a nod of approval, El Salvador is set to pocket an additional $120 million—just what the doctor ordered to help stabilize that economy of theirs. 💵

The IMF couldn’t help but shower El Salvador with compliments, noting that “despite a more challenging external backdrop, El Salvador’s economy continues to expand, supported by improved confidence and still robust remittances.” Talk about a silver lining! 🌥️

Now, while El Salvador’s bitcoin buying spree might have seemed like a wild ride, the IMF found no rule-breaking in this review. Stopping those purchases was one of the IMF’s demands to seal the deal, but it looks like they’re still in the game. 🎢

The fund made it clear that they’ll keep a close eye on the total amount of bitcoin held in all government wallets, ensuring it stays as is. They also emphasized the need to finally untangle the state’s involvement in the Chivo wallet, El Salvador’s official bitcoin stash. 🧐

El Salvador has shown remarkable tenacity in its quest to keep adding bitcoin to its treasure chest, having snatched up dozens of BTC since the IMF deal. While theories abound, the mystery of President Nayib Bukele’s strategy to keep stacking bitcoin while playing nice with the IMF remains unsolved. 🕵️‍♂️