BOARD OF DIRECTORS

BOARD RESOLUTION NO. 013/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVAL OF THE GRANTING OF AN EXCEPTIONAL LIQUIDITY CREDIT TO THE GENERAL TREASURY OF THE NATION UNDER LAW NO. 1670 - MANAGEMENT 2025.

VIEWED:

• The Political Constitution of the State of February 7, 2009.
• Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia and its modifications.
• The Regulation for the contracting of Liquidity Credits, approved by Ministerial Resolution No. 021 of January 25, 2023 issued by the Ministry of Economy and Public Finance.
• The Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670, approved through Board Resolution No. 110/2019 of August 27, 2019.
• The Statute of the BCB, approved by Board Resolution No. 095/2022 of October 6, 2022.
• The Execution Decision of the 2025 Fiscal-Financial Program signed on February 3, 2025 between the Ministry of Economy and Public Finance and the Central Bank of Bolivia.
• The note MEFP/VTCP/DGCP/UEPS/No. 062/2025 of February 3, 2025 from the Ministry of Economy and Public Finance.
• The report BCB-GOM-SOSP-DCE-INF-2025-13 of February 4, 2025, issued by the Monetary Operations Management (GOM).
• The report BCB-APEC-SMF-INF-2025-7 of February 4, 2025, issued by the Economic Policy Advisory (APEC).

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The report BCB-GAL-SANO-DLBCI-INF-2025-35 of February 4, 2025 from the Legal Affairs Management (GAL).

CONSIDERING:

• That Article 306 of the Political Constitution of the State establishes that the Bolivian economic model is plural and is oriented to improve the quality of life and the good living of all Bolivians.
• That Paragraph I of Article 326 of the Political Constitution of the State determines that the State through the Executive Branch will determine the objectives of the country's monetary and exchange policy in coordination with the BCB.
• That Article 327 of the Fundamental Law establishes that the BCB is a public law institution, with legal personality and its own assets, and 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.
• That Article 1 of Law No. 1670 establishes that the Central Bank of Bolivia is an institution of the State, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets and with legal domicile in the city of La Paz, being the sole monetary and exchange authority of the country, with administrative, technical and financial competence and specialized normative faculties of general application, in the manner and, with the scope established in the Law.
• That subsection b) of Article 22 of the aforementioned Law provides that the Central Bank of Bolivia may not grant credit to the public sector nor incur contingent liabilities in its favor and may exceptionally do so in favor of the National Treasury with the favorable vote of two-thirds of the members present at a meeting of its Board of Directors, to attend to temporary liquidity needs within the limits of the Monetary Program.
• That Article 23 of Law No. 1670 determines that the operations provided for in Article 22 will be documented in all cases through negotiable public debt securities

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issued by the National Treasury, which in the case provided for in subsection b), will have a maximum term of one year.

• That Article 44 of the aforementioned legal body states that the Board of Directors is responsible for defining its policies, specialized norms of general application and internal norms; as well as establishing administrative, operational and financial strategies, approving their respective short and medium-term programs.
• That subsections a) and j) of Article 54 of the aforementioned Law, indicate as attributions of the Board of Directors of the BCB to issue the norms and adopt the general decisions that were necessary for the Issuing Entity to fulfill the functions, competencies and faculties assigned to it by the Law, as well as to fix the interest rate of the credits granted by the BCB.
• That Article 7 of the Regulation for the contracting of Liquidity Credits approved by Ministerial Resolution No. 021/2023, regulates the negotiation and contracting of credits requested by said State Portfolio.
• That the Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670, has the object of regulating Articles 22 and 23 of Law No. 1670, which establish the requirements and procedures for the approval of credits to the Public Sector.
• That said Regulation in its Article 10, establishes the requirements for the consideration of the credit for temporary liquidity needs.
• That Article 11 of the aforementioned Regulation states that upon receipt of the credit request and the documentation established in Article 10, prior consideration by the Board of Directors, the President of the BCB will request: i) technical report from the GOM specifying the outstanding debt balance as of the date of the request, future payment maturities of the TGN to the BCB and suitability of the public value offered to back the operation; ii) report to the GAL regarding compliance with the regulations and presentation of the required documentation; iii) report to the APEC considering the impact of said credit on the monetary program that is part of the Execution Decision of the Fiscal-Financial Program that annually

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the highest authorities of the Central Bank of Bolivia and the Ministry of Economy and Public Finance sign.

• That Article 12 of the aforementioned Regulation, establishes the financial conditions, where the Board of Directors will fix the interest rates and the term considering, as a reference, the prevailing public security yields in the market in either of the two currencies, in relation to the credit request of the Ministry of Economy and Public Finance.
• That Article 13 of the aforementioned Regulation, provides that the Board of Directors of the BCB will consider the reports presented by the areas, and if applicable, approve the credit through the favorable vote of two-thirds of its members present at a Board of Directors session and that for this effect it will issue an express Resolution.
• That Article 14 of the aforementioned Regulation, establishes that the Board of Directors Resolution will approve the granting of the credit and the Public Credit Contract between the Ministry of Economy and Public Finance and the Central Bank of Bolivia.
• That subsections 1) and 10) of Article 10 of the BCB Statute, establish that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue the norms that were necessary for the BCB to fulfill the functions, competencies and faculties assigned to it by the Law, as well as to approve by two-thirds of the votes, of the members present, the credits to the General Treasury of the Nation to attend to temporary liquidity needs, within the limits of the Monetary Program.
• That Articles 26 and subsection 13) of Article 34 of the BCB Statute, determine that every draft Board of Directors Resolution must be motivated and justified by a technical report from the Management or Managements to which the subject matter of the Resolution corresponds and by a report from the Legal Affairs Management. These reports must be sent to the Board of Directors through the General Management with its recommendation. Likewise, among the attributions of the President of the BCB is that of signing the contracts that the BCB enters into.

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That the Execution Decision of the 2025 Fiscal-Financial Program establishes the amount for liquidity credits in favor of the TGN for the 2025 management.

That the Ministry of Economy and Public Finance through note MEFP/VTCP/DGCP/UEPS/No. 062/2025, within the framework of subsection b) of Article 22 of Law No. 1670, requests the granting of a Liquidity Credit with the following characteristics: i) amount and currency Bs2,000,000,000.00 (Two Thousand Million 00/100 Bolivianos), ii) term: 1 year, iii) capital payment: at maturity, iv) interest payment: at maturity, v) backing value: Negotiable Treasury Bonds. To this effect, in compliance with what is established in the "Regulation for the approval of Credits to the Public Sector within the Framework of Law No. 1670", it sends the payment plan, disbursement schedule and monthly cash flow of the TGN projected, including reimbursements to the BCB.

That the report BCB-GOM-SOSP-DCE-INF-2025-13 from the GOM, concludes that the request of the Ministry of Economy and Public Finance for a Liquidity Credit to the General Treasury of the Nation for the 2025 management for an amount of Bs2,000,000,000.00 (Two Thousand Million 00/100 Bolivianos), is framed within what is established in the Regulation for the Approval of Credits to the Public Sector, approved through Board Resolution No. 110/2019 and recommends that the Board of Directors of the BCB approve the financial conditions of the credit detailed in the aforementioned technical report.

That the report BCB-APEC-SMF-INF-2025-7 from the APEC, concludes that the Monetary Program and PFF2025 approved in point 1 of Act No. 07/2025 dated 31.01.25, the "Execution Decision of the 2025 Fiscal-Financial Program" and the "Schedule of the BCB Liquidity Credit to the TGN 2025" contemplate a Liquidity Credit of up to Bs2,000 million in the month of February of the current year, so the request of the MEFP made through note MEFP/VTCP/DGCP/UESP/No.062/2025 is within what is foreseen; therefore, it recommends to the Board of Directors of the BCB to approve the Liquidity Credit requested by the MEFP.

That the report BCB-GAL-SANO-DLBCI-INF-2025-35 from the GAL, concludes that the credit request to the Public Sector to attend to temporary liquidity needs, made by the Ministry of Economy and Public Finance through note

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MEFP/VTCP/DGCP/UEPS/No. 062/2025 of February 3, 2025, is legally procedent and is framed within what is provided for in subsection b) of Article 22 of Law No. 1670, considering what is stated in the reports BCB-GOM-SOSP-DCE-INF-2025-13 from the GOM and BCB-APEC-SMF-INF-2025-7 from the APEC. Likewise, it is established that the Ministry of Economy and Public Finance has complied with the presentation of the documentation provided for in the Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670 approved through Board Resolution No. 110/2019 recommending its consideration by the Board of Directors of the BCB, for its approval with the favorable vote of at least two-thirds of the members present and authorization to the President of the BCB for the signing of the respective contract.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.-

Within the framework of what is established in subsection b) of Article 22 and Article 23 of Law No. 1670 and in accordance with the Monetary Program and the Execution Decision of the 2025 Fiscal-Financial Program, approve the granting of a Liquidity Credit in favor of the TGN – Management 2025, represented by the Ministry of Economy and Public Finance, under the following terms and conditions:

Concept	Detail
Amount:	Bs2,000,000,000.00 (Two Thousand Million 00/100 Bolivianos).
Currency:	Bolivianos.
Term (*):	1 year.
Interest rate:	4.30% annual.
Payment Frequency:	Annual for capital and interest.
Guarantee:	Negotiable Treasury Bond – Amortizable.

(*) The term is calculated from the first disbursement

Article 2.-

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.

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Article 3.-

The Presidency and the General Management are in charge of compliance with this Resolution.

La Paz, February 4, 2025

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