## Introduction
The International Monetary Fund (IMF) has requested El Salvador to refrain from purchasing more Bitcoin in exchange for potential access to an extended fund facility of up to $3.5 billion. This condition is part of a preliminary agreement reached between the IMF and El Salvador, which also includes discontinuing the public access of the Chivo wallet by July 1, 2025. This development raises questions about whether President Nayib Bukele will relinquish his Bitcoin-centric policies.
### IMF-El Salvador Agreement
In the latest update, the IMF and El Salvador negotiated a preliminary agreement entailing a $1.4 billion extended loan program. The IMF has maintained its stance against El Salvador purchasing more Bitcoin and has specified this as a condition for accessing the extended fund facility that could amount to $3.5 billion. The IMF’s requirement also includes the discontinuation of public access to the Chivo wallet by a specified date.
### El Salvador’s Payment Approval
Recently, the IMF released an official statement announcing that El Salvador is set to receive $120 million as part of the extended loan program, pending final approval. A staff-level agreement has been reached between the financial agency and the Central American nation after several months of negotiations. Luis Cubeddu, Deputy Director of the Western Hemisphere Department, and Iván Luis Torres, Mission Chief for El Salvador, issued a joint statement confirming this agreement.
### Conclusion
The IMF’s request for El Salvador to halt further Bitcoin purchases in exchange for potential access to a significant fund facility highlights the evolving dynamics between the two entities. The condition imposed, along with the approval of a partial payment under the extended loan program, underscores the importance of compliance with IMF regulations for El Salvador’s financial future. President Nayib Bukele’s response to these developments and his stance on Bitcoin policies will be closely watched in the coming days.
*Read more at [Coingape.com](https://coingape.com/imf-el-salvador-no-more-bitcoin-3-5-billion-eff/)*