BOARD OF DIRECTORS

BOARD RESOLUTION NO. 024/2025

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 YEAR 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 via 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 BCB.
• Note MEFP/VTCP/DGCP/UEPS/N° 084/2025 of February 18, 2025, from the Ministry of Economy and Public Finance.
• Report BCB-GOM-SOSP-DCE-INF-2025-19 of February 24, 2025, issued by the Monetary Operations Management (GOM).
• Report BCB-APEC-SMF-INF-2025-10 of February 24, 2025, issued by the Economic Policy Advisory (APEC).

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Report BCB-GAL-SANO-DLBCI-INF-2025-61 of February 24, 2025, issued by 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 toward improving 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 rate policy in coordination with the BCB.
• 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.
• That Article 1 of Law No. 1670 of 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 its own legal personality and assets and with its legal domicile in the city of La Paz. It is the sole monetary and exchange rate authority of the country, with administrative, technical, and financial competence and specialized regulatory powers of general application.
• 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.

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• 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 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 regulations of general application, and internal rules; as well as establishing administrative, operational, and financial strategies, approving their respective short and medium-term programs.
• That subsections a), f), and j) of Article 54 of the aforementioned Law designate as attributes of the Board of Directors of the BCB to issue regulations and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and powers assigned to it by the Law, to approve the Annual Monetary Program and its modifications, as well as to set 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 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) a 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 the suitability of the public value offered to back the operation; ii) a report from the GAL regarding compliance with regulations and submission of the required documentation; iii)

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a report from the APEC considering the impact of said credit on the Monetary Program that forms part of the Execution Decision of the Fiscal-Financial Program that the highest authorities of the Central Bank of Bolivia and the Ministry of Economy and Public Finance sign annually.

• That Article 12 of the aforementioned Regulation establishes the financial conditions, where the Board of Directors will set the interest rates and term considering, as a reference, the prevailing public security yield rates 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 appropriate, will approve the credit by the favorable vote of two-thirds of its members present at a Board of Directors session and for this effect 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 numerales 1), 3), 4), and 10) of Article 10 of the BCB Statute establish that the Board of Directors of the Issuing Entity has the attributes to approve general decisions and issue regulations that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, to approve the Annual Monetary Program and its modifications, as well as to monitor its execution, as well as, to authorize the President or President of the BCB to sign the Fiscal-Financial Program and its modifications; in addition, to approve by two-thirds of the votes, of the members present, 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 numerales 13) and 14) 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 issued to the Board of Directors through the General Management with its recommendation. Likewise, among the attributes of the President of the BCB is that of signing the contracts celebrated by the BCB and signing the Fiscal-Financial Program prior to authorization by the Board of Directors.

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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 year.
• That the Ministry of Economy and Public Finance through note MEFP/VTCP/DGCP/UEPS/N° 084/2025, 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) principal 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 report BCB-GOM-SOSP-DCE-INF-2025-19 from the GOM concludes that the request made by the MEFP for a Liquidity Credit to the General Treasury of the Nation for the 2025 management year 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 via 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 report BCB-APEC-SMF-INF-2025-10 from the APEC concludes that considering the modification of the "Schedule of the BCB Liquidity Credit to the TGN 2025", the Liquidity Credit for Bs2,000 million requested by the MEFP is within what is provided for in the Monetary Program and the PFF2025 for the first quarter; therefore, it recommends to the Board of Directors of the BCB to approve the Liquidity Credit requested by the MEFP.

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That report BCB-GAL-SANO-DLBCI-INF-2025-61 from the GAL of the review of the antecedents and applicable regulations, as well as the analysis developed, concludes that the request for Credit to the Public Sector to attend to temporary liquidity needs, made by the Ministry of Economy and Public Finance, 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 technical report BCB-APEC-SMF-INF-2025-10 from the APEC and the technical report BCB-GOM-SOSP-DCE-INF-2025-19 from the GOM. Likewise, it is established that the MEFP has complied with the submission 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 via Board Resolution No. 110/2019 of August 27, 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 ad interim 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 Fiscal-Financial Program 2025, 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:	4.50% annual.
Payment Frequency:	Annual for principal and interest.
Guarantee:	Negotiable Treasury Bond – Amortizable.

(*) The term is calculated from the first disbursement

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Article 2.- Authorize the President ad interim of the BCB to sign the Contract with the Ministry of Economy and Public Finance under the terms of this Resolution.

Article 3.- The Presidency and the General Management are in charge of the execution and compliance of this Resolution.

La Paz, February 25, 2025

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