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Investing.com -- El Salvador’s government, led by President Nayib Bukele, has announced its intention to continue purchasing Bitcoin, despite recently finalizing a deal with the International Monetary Fund (IMF). This deal was initially presumed to put a halt to the country’s accumulation of the digital currency.
In a recent post on X, President Bukele made it clear that his government’s commitment to Bitcoin is unwavering, stating, "No, it’s not stopping." He added, "If it didn’t stop when the world ostracized us and most ’bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future."
The IMF’s recent country report on El Salvador highlighted the nation’s recovery from the pandemic, supported by strong remittances and a resurgence in tourism. The report also noted a significant improvement in the country’s security situation. Inflation has decreased, and external imbalances have recently narrowed, in line with a gradual improvement in public finances and favorable trade terms.
The report also pointed out that sovereign spreads in El Salvador have significantly reduced, aided by recent debt buyback operations, which have helped to alleviate near-term external financing needs. However, the report also warned of significant macroeconomic imbalances, primarily due to high fiscal deficits and debt, low external and financial buffers, and the country’s dollarization context.
Despite these challenges, the Bukele administration has expressed its intent to focus its second mandate on addressing these macroeconomic and structural issues, aiming to boost economic growth under an IMF-supported program. The administration’s continued commitment to Bitcoin forms part of this broader economic strategy.
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