According to Cointelegraph, the international monetary fund (IMF) is seeking to tighten restrictions on the purchase of bitcoin by El Salvador's public sector as part of a US $1.40 billion deferred financing arrangement with the country. On March 3, the IMF submitted new requirements for the fund's expanded arrangement to El Salvador, including a technical memorandum of understanding that clearly states the conditions under which "El Salvador's public sector shall not voluntarily accumulate bitcoin." The memo also calls for limits on public sector issuance of "any type of debt or tokenized instrument linked to or denominated in Bitcoin that constitutes a liability to the public sector". In a side statement on February 26, Méndez Bertolo, executive director of El Salvador, stressed that the IMF's Extended Fund Facility was designed to "improve governance, transparency and resilience, and boost confidence and the country's growth potential". "At the same time, the risks associated with bitcoin are being mitigated," said Mr. Bertolo. "Authorities have amended the bitcoin law to clarify the legal nature of bitcoin and remove the essential features of fiat currencies. Acceptance of bitcoin will be voluntary, taxes will be paid in dollars and the role of the public sector in bitcoin projects will be limited." The plan is expected to attract "substantial additional financial support" from the World Bank, the Inter-American Development Bank and other regional development banks.