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The International Monetary Fund’s (IMF) executive board approved a $1.4 billion loan with El Salvador on Wednesday that requires the bitcoin-centric state to scale back its involvement with the cryptocurrency.   The deal was initially struck last December and required the approval of the IMF board. Its goal is to strengthen El Salvador’s public finances, governance, and growth while addressing the risks of its “Bitcoin project.” The IMF’s Deputy Managing Director and Acting Chair, Nigel Clarke, said the program, “will confine government engagement in Bitcoin-related economic activities, as well as government transactions in and purchases of bitcoin.” "Globalism" has outmaneuvered Bukele and #Bitcoin.@IMFNews just granted El Salvador a $1.4B loan. In exchange, the Bukele administration agreed to reduce government involvement in #Bitcoin, including halting Bitcoin purchases. Defund @bitcoinofficesv https://t.co/5h26nsBqX6 pic.twitter.com/ux51GWsT5...

The former International Monetary Fund ( IMF ) Chief Economist Olivier Blanchard warns that the US could face a serious fiscal crisis as the debt deficit is reaching new highs each day. The deficit is ballooning as the US is borrowing trillions of dollars and is unable to control the $34 trillion debt. The spiraling debt is also a concern to BRICS and developing countries as they keep the US dollars in their Central Bank reserves. Also Read: BRICS Cryptocurrency Gets Rug Pulled The debt spill-off creates a ripple effect and takes a toll on BRICS and other developing nations’ economies. Therefore, keeping the US dollar as a reserve is equally risky as the US debt crisis remains uncontrollable. IMF economist Blanchard explained to Bloomberg that a US financial decline this time will benefit BRICS and other developing countries. Blanchard said that BRICS is moving away from the US dollar and a crisis in the homeland will benefit their local currencies and native econom...

The International Monetary Fund projects 2.2% GDP growth and manageable debt, but warns of liquidity risks. The Central African Re public (CAR) has received optimism from the International Monetary Fund (IMF) one year since it adopt ed Bitcoin (BTC). The IMF’s positive outlook reflects the country’s economic prospects and the impact of embracing the leading cryptocurrency. The IMF published a report expressing a more positive view of the country’s economic prospects for 2023. The report indicates a projected rebound in real gross domestic product (GDP) growth to 2.2%, attributed to factors such as the base effect and policy adjustments leading to enhanced fuel supply. The IMF also anticipates an average inflation rate of 6.3% for 2023. According to the IMF document, the projected public debt of the CAR is expected to remain sustainable. However, the report highlights the presence of significant liquidity risks, as indicated by relevant debt indicators. These risks arise from poten...