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El salvador seeks imf deal amid Bitcoin law changes

Imf loan deal reaches $1.3 billion: El Salvador is set to finalize a $1.3 billion loan agreement with the IMF, expected to be completed in weeks. This comes as the country grapples with conditions to modify its Bitcoin legislation. Businesses must have the option, rather than obligation, to accept Bitcoin.

Bigger funding hinges on imf ratification: Approval of the IMF deal might unlock an extra $2 billion from the World Bank and Inter-American Development Bank. These funds hinge on successful ratification by the IMF board, aiming to boost El Salvador’s economic standing after challenges since adopting Bitcoin as legal tender.

Deficit reduction and reserve increase planned: El Salvador commits to reducing its budget deficit to 3.5% of its GDP over three years, involving budget cuts and tax hikes. The government also plans to raise national reserves from 11 billion USD to 15 billion USD, amid continued Bitcoin accumulation despite public preference for the US dollar.

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