BOARD OF DIRECTORS

BOARD RESOLUTION NO. 010/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVE THE GRANTING OF AN EXTRAORDINARY CREDIT IN FAVOR OF THE MINISTRY OF ECONOMY AND PUBLIC FINANCE WITHIN THE FRAMEWORK OF LAW NO. 1613 – MANAGEMENT YEAR 2025.

VISTOS (SEEING):

The Political Constitution of the State of February 7, 2009.
Law No. 1178, of July 20, 1990, on Government Administration and Control and its modifications.
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
Law No. 1613 of January 1, 2025, which approves the General State Budget for Management Year 2025.
Supreme Decree No. 4857 of January 6, 2023.
The Basic Norms of the Public Credit System approved by Supreme Resolution No. 218041 of July 29, 1997 (NB-SCP).
Ministerial Resolution No. 014 of January 16, 2025, issued by the Ministry of Economy and Public Finance (MEFP).
Board Resolution No. 095/2022 of October 6, 2022, which approves the Statute of the BCB.
Board Resolution No. 009/2025 of January 14, 2025, which approves the “Regulation for the Extraordinary Credit in favor of the Ministry of Economy and Public Finance (MEFP), within the framework of Law No. 1613 of January 1, 2025”.

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The note MEFP/VTCP/DGCP/UEPS/ No. 036/2025 dated January 17, 2025, from the Ministry of Economy and Public Finance (MEFP) requesting an extraordinary credit within the framework of the First Final Provision of Law No. 1613, published on January 1, 2025.
The report BCB-GOM-SOSP-DCE-INF-2025-6 of January 17, 2025, from the Monetary Operations Management (GOM).
The report BCB-APEC-SMF-INF-2025-4 of January 20, 2025, from the Economic Policy Advisory (APEC).
The report BCB-GAL-SANO-DLBCI-INF-2025-22 of January 20, 2025, from the Legal Affairs Management (GAL).

CONSIDERING:

That Article 158 of the Political Constitution of the State establishes that the Plurinational Legislative Assembly has among its attributions the approval of the contracting of loans that commit the general revenues of the State and to authorize universities to contract loans.
That Article 322 of the Political Constitution of the State establishes that the Plurinational Legislative Assembly will authorize the contracting of public debt when the capacity to generate income to cover the principal and interest is demonstrated and the most advantageous conditions in rates, terms, amounts, and other circumstances are technically justified.
That Article 327 of the Political Constitution of the State states that the BCB is a public law institution, with legal personality and its own assets. Within the framework of the State's economic policy, it is the function of the BCB to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.

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That Article 11 of Law No. 1178 establishes that any internal or external public debt with a term equal to or greater than one year shall be contracted by the highest authority of the State Treasury System, on behalf of the General Treasury of the Nation (TGN).
That Article 1 of Law No. 1670 on the BCB, modified by Article 67, section A3, numeral 1 of Law No. 1864 of June 15, 1998, on Popular Property and Credit, determines that the BCB is a State institution, of public law, of an autarkic nature, of indefinite duration, with legal personality and its own assets and with legal domicile in the city of La Paz. It is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized normative faculties of general application.
That Article 44 of Law No. 1670 provides that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized norms of general application, and internal rules; as well as for establishing administrative, operational, and financial strategies of the Issuing Entity, approving their respective short and medium-term programs.
That subsections a) and j) of Article 54 of Law No. 1670 indicate as attributions of the BCB Board of Directors to issue norms and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and faculties assigned by the Law and to fix and modify the interest rates on the credits granted by the BCB, taking into account market rates for similar operations and to establish their other terms and conditions.
That subsection e) of Article 59 of Law No. 1670 establishes that it is the attribution of the President of the BCB to exercise the legal representation of the BCB, without prejudice to its faculties of delegation according to the Law.
That the First and Second Final Provisions of Law No. 1613 authorize the BCB to grant an extraordinary credit on concessional conditions in favor of the MEFP, through the TGN, destined to finance the payment of its short-term obligations generated by December 31, 2024, within the framework of public debt administration and liability management operations.

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For this effect, the Issuing Entity is exempted from the obligation of Articles 22 and 23 of Law No. 1670 and authorizes the MEFP, through the TGN, to contract the aforementioned indebtedness with the BCB and to issue and grant Non-Negotiable Treasury Bonds to guarantee the credit. Likewise, it includes Article 47 in Law No. 2042 where the authorization for the MEFP within the administration of public debt to carry out liability management operations of the TGN is found.

That subsection o) of Article 44 of Supreme Decree No. 4857 establishes as one of the attributions of the MEFP to administer external and internal public debt.
That Article 6 of the NB-SCP establishes as competence of the MEFP to formulate the national public indebtedness strategy, including the conditions for renegotiation and future administration of internal and external public debt.
That Articles 5 and 6 of the BCB Statute establish the normative and technical competence of the Issuing Entity and that the norms issued by it will be approved by Resolution of its Board of Directors.
That the Second Provision of Ministerial Resolution No. 014 of the MEFP establishes for the extraordinary credit a degree of concessionality of at least thirty (30) percent.
That numerals 1 and 3 of Article 5 of the BCB Statute establish that the Issuing Entity has normative and technical faculties.
That numeral 1) of Article 10 of the BCB Statute determines that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue the norms that are necessary for the BCB to fulfill the functions, competencies, and faculties assigned to it by the Law.
That Article 24 of the BCB Statute refers that Resolutions and decisions of the Board of Directors are adopted by simple majority of votes of the members present in a meeting, except in cases where Law No. 1670 or the Statute require qualified majorities.

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That Article 26 of the BCB Statute stipulates that the Board of Directors pronounces itself on matters within its competence through Resolutions. It may also do so through decisions that will be expressly recorded in the Minutes. Likewise, every draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to which the matter subject to the Resolution corresponds and by a report from the GAL. These reports must be sent to the Board of Directors by the General Management with its recommendation.
That numeral 13 of Article 34 of the BCB Statute establishes as an attribution of the President of the BCB to sign contracts celebrated by the Issuing Entity.
That GOM through report BCB-GOM-SOSP-DCE-INF-2025-6 concludes that the request made by the MEFP for an Extraordinary Credit for management 2025, falls within what is established in the Regulation for the Extraordinary Credit in favor of the MEFP, within the framework of Law No. 1613, approved by Board Resolution No. 009/2025. The credit operation will be documented by values represented in Non-Negotiable Treasury Bonds, which will be registered by the MEFP in the Register of the Securities Market of the Supervisory Authority of the Financial System; recommending to the Board of Directors the approval of the financial conditions described in the technical report.
That APEC through report BCB-APEC-SMF-INF-2025-4 concludes that the Base Monetary Program 2025 approved by the BCB Board of Directors in point 10 of Minutes No. 076/2024 considers among its assumptions an extraordinary credit in favor of the MEFP, through the TGN, destined to finance the payment of its short-term obligations generated by December 31, 2024. In this sense, to the extent that the extraordinary credit operations affect the BCB's CIN to the SPNF and the quasi-fiscal, the BCB's CIN to the Public Sector would not suffer changes, implying that the liquidity of the financial system or monetary issuance are not affected, therefore recommending to the Board of Directors to approve the extraordinary credit requested by the MEFP.
That GAL through report BCB-GAL-SANO-DLBCI-INF-2025-22 concludes that the extraordinary credit request presented by the MEFP through note MEFP/VTCP/DGCP/UEPS/ No. 036/2025 and the financial conditions proposed by GOM are legally viable, recommending to the BCB Board of Directors its approval.

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THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Within the framework of what is established in the First Final Provision of Law No. 1613 of the General State Budget – GBE 2025, published on January 1, 2025, approve the granting of an Extraordinary Credit in favor of the Ministry of Economy and Public Finance (MEFP), under the following terms and conditions:

Field	Value
Amount:	Bs69,515,749,027.78
Currency:	Bolivianos.
Term (*):	40 years.
Interest rate:	3.15% annual.
Payment Frequency:	Semi-annual to principal and interest.
Grace Period for Principal	5 years.
Type of Installment:	Variable.
Disbursement Deadline:	November 29, 2025.
Guarantee:	Non-Negotiable Treasury Bonds.

(*) The term is calculated from the first disbursement

Article 2.- Approve the disbursement schedule of the Extraordinary Credit according to the following detail:

Disbursement	Date	Amount (In Bs)
1	27/01/2025	3,104,062,500.00
2	01/03/2025	3,096,250,000.00
3	31/03/2025	3,088,875,000.00
4	26/06/2025	4,080,316,666.67
5	29/06/2025	16,810,788,194.44
6	10/07/2025	4,074,172,222.22
7	21/08/2025	2,636,230,277.78
8	06/09/2025	7,079,666,666.67
9	29/09/2025	11,489,533,333.34
10	27/10/2025	11,548,166,666.66
11	29/11/2025	2,507,687,500.00
Total		69,515,749,027.78

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Article 3.- Authorize the Acting President of the BCB to sign the contract with the Ministry of Economy and Public Finance under the terms of this Resolution.

Article 4.- The Presidency and the General Management are in charge of the execution and compliance of this Resolution.

La Paz, January 21, 2025

SIGNED. ROGER EDWIN ROJAS ULO, Gumerindo Héctor Pino Guzmán, Miguel Angel Marañón Urquidi, Víctor Gonzalo Calisaya Gomez.

"2025 BICENTENARIO DE BOLIVIA"

Board Resolution No. 010/2025