The recent announcement of an agreement between El Salvador and the International Monetary Fund (IMF) ended months of negotiation between the two parties successfully. With the announced pact, El Salvador would receive $1.4 billion to reinvigorate its payment balance, while the IMF obtained word of the so-called “derisking” of the Salvadoran economy from bitcoin.

Read more: Quid Pro Quo: El Salvador Scores $1.4 Billion IMF Credit by Scaling Back Bitcoin Activities

A joint release hinted that Bukele’s administration would have to repeal bitcoin’s status as legal tender and stop its constant purchases of bitcoin as part of its strategic bitcoin reserve strategy. Nonetheless, this did not happen, and Bukele has recently accelerated bitcoin purchases instead, having purchased 29 BTC in the last seven days.

Read more: El Salvador Reinforces Bitcoin Allegiance: Purchases BTC in Defiance of IMF Agreement

This has confused many, leaving those following Bukele’s movements worried about the possible outcome of these actions and wondering if these could jeopardize the disbursement of the funds achieved with so much effort from the Salvadoran negotiating party.

Since the negotiations began, the IMF established clear requirements around bitcoin, with reports stating that it was the issue responsible for stalling the talks since April. It would seem strange for the IMF to budge and allow Bukele to continue with its bitcoin-focused policy after inking this deal.

Read more: Bitcoin Reportedly Hindering El Salvador’s Credit Opportunities With the IMF

The arrangement, as explained in the joint release, was greenlighted at a staff level, meaning that it is still pending the support of the institution’s executive board. The IMF statement explains that this decision is “subject to management approval and will be presented to the IMF’s Executive Board for discussion and decision.”

It remains to be seen if the acceleration of the Salvadoran administration’s bitcoin purchases can affect this arrangement in any way and if President Bukele will keep infringing the deal’s stipulations.

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