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2016-04-11 | RESOLUCIONES DE DIRECTORIO N° 064/2016

Added 2026-07-27 · Updated 2026-08-14

Board Resolution No. 064/2016

The Board of Directors of the Central Bank of Bolivia approves a concessional extraordinary credit of Bs12,858,268,229.42 to Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) to finance the construction of Propylene and Polypropylene Plants. The loan carries a 1% interest rate, a 25-year term with a 6-year grace period on principal, and is secured by debit authorization from YPFB's accounts. The resolution authorizes the President of the Central Bank to sign the corresponding contract and sets the disbursement deadline for December 30, 2022.

Bolivia

Banco Central de Bolivia

Central Bank of Bolivia

Board of Directors

BOARD RESOLUTION NO. 064/2016

SUBJECT: MONETARY OPERATIONS MANAGEMENT – APPROVES CONCESSIONAL EXTRAORDINARY CREDIT TO YACIMIENTOS PETROLÍFEROS FISCALES BOLIVIANOS (YPFB) FOR Bs12,858,268,229.42

VIEWED:

The Political Constitution of the State promulgated on February 7, 2009.
Law No. 1670 of the Central Bank of Bolivia (BCB) of October 31, 1995.
Law No. 742 Modifying the General State Budget – Management 2015 (PGE-2015) of September 30, 2015.
Law No. 769 of the General State Budget – Management 2016 (PGE-2016) of December 17, 2015.
Ministerial Resolution (R.M.) of the Ministry of Economy and Public Finances (MEFP) No. 010 of January 5, 2016.
Ministerial Resolution (R.M.) of the Ministry of Hydrocarbons and Energy (MHE) No. 063-16 of April 7, 2016.
Board Resolution of the BCB No. 019/2016 of February 2, 2016, which approves the Regulations of the Central Bank of Bolivia for the Approval of Credits to National Strategic Public Enterprises within the framework of the General State Budget Laws.
Board Resolutions of YPFB No. 02/2015 and No. 23/2016 of January 20, 2015 and March 24, 2016.
The note from the MHE CITE: MHE-02838 DGAJ-00039, received on April 7, 2016.
The note from YPFB CITE: YPFB/PRS/GAFC-903/DGFC-0032/2016 received on April 7, 2016.
The notes from YPFB CITE: YPFB/PRS/GAFC-799/DGFC-0027/2016, YPFB/PRS/GAFC-800/DGFC-0028/2016 and YPFB/PRS/GAFC-801/DGFC-0029/2016, all dated March 30, 2016.
The note from the BCB CITE: BCB-GOM-SOSP-DCE-CE-2016-76 of April 8, 2016.
The note from YPFB CITE: YPFB/PRS/GAFC-0969 DGFC-039/2016 of April 11, 2016.
The Report from the Monetary Operations Management (GOM) CITE: BCB-GOM-SOSP-DCE-INF-2016-16 of April 7, 2016.
The report from the Legal Affairs Management (GAL) CITE: BCB-GAL-SANO-DLBCI-INF-2016-80 of April 7, 2016.

//2. B.R. No. 064/2016

CONSIDERING:

That the Political Constitution of the State (CPE), promulgated on February 7, 2009, in paragraph 6 of its Article 9, establishes that it is the aim and function of the State to promote and guarantee the responsible and planned use of natural resources, and to boost their industrialization, through development and strengthening of the productive base in its different dimensions and levels. Likewise, in paragraph I number 10 of Article 158 and Article 322, it is established that the Plurinational Legislative Assembly has the attribute to approve the contracting of public debt.
That Article 322 of the CPE provides that the Plurinational Legislative Assembly will authorize the contracting of public debt when the capacity to generate income to cover capital and interest is demonstrated, and the most advantageous conditions in rates, terms, amounts and other circumstances are technically justified. Public debt will not include obligations that have not been expressly authorized and guaranteed by the Plurinational Legislative Assembly.
That Law No. 742, in its Article 6, Paragraph I authorizes the BCB to grant an extraordinary credit of up to Bs13,880,328,000.- (Thirteen Thousand Eight Hundred Twenty-Eight Million Three Hundred Twenty-Eight Thousand 00/100 Bolivianos) in favor of YPFB, under concessional conditions, with the object of financing the public investment project "Construction of the Propylene and Polypropylene Plant". For this effect, the BCB is exempted from the application of Articles 22 and 23 of Law No. 1670 of October 31, 1995. Likewise, it provides that in accordance with what is established by Article 158, Paragraph I, Number 10 and Article 322 of the CPE, YPFB is authorized to contract the referred credit with the BCB, whose guarantee will be constituted by the debit authorization of any of the accounts that YPFB owns or acquires.
That in accordance with paragraph III of the aforementioned article, the Ministry of Hydrocarbons and Energy is responsible for the evaluation and monitoring of the execution of the resources of the credit to be granted by the BCB in favor of YPFB.
That in accordance with paragraph IV, YPFB is responsible for the use and destination of the resources to be disbursed by the BCB within the framework of Paragraph I of the mentioned article.
That in accordance with paragraph V of the same article, the MHE through R.M. must justify before the BCB that the use and destination of the resources of the credit to be acquired by YPFB are of national priority within the framework of the Economic and Social Development Plan, and that future flows will be used for the payment of the credit.
That Law No. 769, in its Second Final Provision, extends the validity of Article 12 of Law No. 614 which determines that any authorization established by Law of the PGE, for the BCB to grant extraordinary credits, will not require any other legal authorization for its fulfillment, understood that they remain in force until the complete execution of the credit.

//3. B.R. No. 064/2016

That the R.M. of the MEFP No. 010 determines for the 2016 management, a value of at least 20%, as the degree of concessionality for Public Enterprises that access extraordinary internal credits of the BCB.
That the R.M. of the MHE No. 063-16, justifies before the BCB and resolves among other things: 1) Determine that in accordance with Law No. 742 of September 30, 2015, Modifying the PGE Management 2015, the public investment project "Construction of the Propylene and Polypropylene Plant", which will be executed by YPFB, will be financed with a credit of Bs12,858,268,229.42.- (Twelve Thousand Eight Hundred Fifty-Eight Million Two Hundred Sixty-Eight Thousand Two Hundred Twenty-Nine 42/100 Bolivianos), to be requested from the BCB, whose amount will be destined to the Project. 2) Approve the technical feasibility report of the execution of the Project, based on what was stated in the Technical Report MHE-DGIR-007/2016 of April 6, 2016, issued by the Vice Ministry of Industrialization, Commercialization, Transport and Storage of Hydrocarbons. 3) Approve the economic-financial evaluation of the project contained in the YPFB financial reports GGPLQ-GEPP-IN-0300/2016 of October 2, 2015; GNPIE-215DNIF-144/2015 of October 5, 2015 complemented and modified by the report VPNO-IN-220/2016 of April 6, 2016, based on what was stated and analyzed in the report DGAA No. 0112/2016 of April 6, 2016, issued by the General Directorate of Administrative Affairs of the MHE, since the Project justifies and ensures the payment capacity of the credit to be contracted with the BCB and establishes that the use and destination of the resources of the credit to be acquired by YPFB are of national priority within the framework of the "Patriotic Agenda for the Bicentennial 2025", and of the National Plan of Economic and Social Development 2016 – 2020; and that the future flows of the project mentioned in Paragraph I, will be used for the payment of the credit to be granted by the BCB. 4) It is provided that the MHE will authorize the disbursement requests of YPFB to the BCB based on an evaluation and monitoring report issued for each disbursement, the MHE through the VMICTAH will carry out the evaluation and monitoring of the physical and financial execution of the project, YPFB is obliged to provide all the information and documentation required by the MHE, through the VMICTAH, for the corresponding evaluation and monitoring.
That the Regulations of the Central Bank of Bolivia for the Approval of Credit to National Strategic Public Enterprises within the framework of the General State Budget, approved through Board Resolution of the BCB No. 019/2016, aims to regulate the granting of credits by the BCB in favor of the SPNE.
That through B.R. No. 02/2015, the Board of Directors of YPFB approves the Corporate Strategic Plan 2015 – 2019, which contains the Investment Plan of the Project.
That through B.R. No. 23/2016, the Board of Directors of YPFB approves the Disbursement Schedule, to make the request for the Extraordinary Credit to be granted by the BCB in favor of YPFB, within the framework of Law No. 742.
That through note CITE: MHE-02838 DGAJ-00039, the MHE sends the Ministerial Resolution No. 063-16 which aims to "Determine that in accordance with Law No. 742 of September 30, 2015, Modifying the General State Budget Management

//4. B.R. No. 064/2016

2015, the Public Investment Project "Construction of the Propylene and Polypropylene Plant" will be executed by YPFB, with the financing of a credit of Bs12,858,268,229.42 (Twelve Thousand Eight Hundred Fifty-Eight Million Two Hundred Sixty-Eight Thousand Two Hundred Twenty-Nine 42/100 Bolivianos), to be requested from the BCB.

That through note CITE: YPFB/PRS/GAFC-903/DGFC-0032/2016, YPFB requests from the BCB the granting of a concessional extraordinary credit for Bs12,858,268,229.42 (Twelve Thousand Eight Hundred Fifty-Eight Million Two Hundred Sixty-Eight Thousand Two Hundred Twenty-Nine 42/100 Bolivianos), to finance the Project: "Propylene and Polypropylene Plants", for this effect, it attaches the documentation established in the Regulations for the Approval of Credit to National Strategic Public Enterprises within the framework of the General State Budget.
That through notes CITE: YPFB/PRS/GAFC-799/DGFC-0027/2016, YPFB/PRS/GAFC-800/DGFC-0028/2016 and YPFB/PRS/GAFC-801/DGFC-0029/2016, YPFB puts in knowledge of the MHE, Ministry of Development Planning and MEFP, respectively, a copy of the Board Resolution of YPFB No. 23/2016 of March 24, 2016.
That through note CITE: BCB-GOM-SOSP-DCE-CE-2016-76, the BCB communicates to YPFB the conditions approved by the Board and requests its acceptance.
That through note CITE: YPFB/PRS/GAFC-0969 DGFC-039/2016, YPFB communicates the acceptance of the conditions of the concessional credit approved by the Board of the BCB.
That the Monetary Operations Management recommends in its report CITE: BCB-GOM-SOSP-DCE-INF-2016-16, consider the interest rate scenarios proposed for the approval of the financial conditions of the credit requested by YPFB and in case the request is considered favorably, YPFB must open the corresponding disbursement and payment accounts at the BCB through the MEFP.
That the Legal Affairs Management concludes in its report CITE: BCB-GAL-SANO-DLBCI-INF-2016-80, that the request made by YPFB is framed within what is provided for by the current regulations, for this effect it has complied with the presentation of the documents required in article 2 of the Regulations of the BCB for the Approval of Credits to National Strategic Public Enterprises in the Framework of the General State Budget and recommends putting before the Board the credit approval request presented by YPFB.
That Article 8 of the Regulations of the Central Bank of Bolivia for the Approval of Credit to National Strategic Public Enterprises within the Framework of the General State Budget Laws, establishes that upon receipt of the SPNE's conformity on the financial considerations, the Board of the BCB through Resolution will approve the granting of the credit, with the favorable vote of two thirds of its members present at the respective meeting. Likewise, it will authorize the President of the BCB to sign the respective contract.

//5. B.R. No. 064/2016

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Approve within the framework of what is provided in Law No. 742 Modifying the General State Budget – Management 2015 (PGE – 2015), Law No. 769 of the General State Budget – Management 2016 (PGE – 2016), of the antecedents and provisions described above, the granting of a concessional extraordinary credit in favor of YPFB, to finance the Project "Construction of the Propylene and Polypropylene Plants", under the following terms and conditions:

Concept	Value/Condition
Currency:	Bolivianos.
Total Credit Amount:	Bs12,858,268,229.42 (Twelve Thousand Eight Hundred Fifty-Eight Million Two Hundred Sixty-Eight Thousand Two Hundred Twenty-Nine 42/100 Bolivianos).
Term:	25 years from the first disbursement.
Grace Period on Principal:	6 years.
Interest Rate:	1% (one percent).
Disbursement Deadline:	December 30, 2022.
Payment Plan:	Semi-annual.
Guarantees:	Debit authorization of any of the accounts that YPFB owns or acquires.

Article 2.- Authorize the President of the BCB to sign the contract with Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) 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, April 11, 2016

Marcelo Zabalaga Estrada
INTERIM PRESIDENT

Central Bank of Bolivia
Board of Directors

//6. B.R. No. 064/2016

Sergio Velarde Vera
INTERIM DIRECTOR

Ronald Polo Rivero
INTERIM DIRECTOR

Abraham Pérez Alandia
INTERIM DIRECTOR

Reynaldo Yujra Segales
INTERIM DIRECTOR

Álvaro Rodríguez Rojas
INTERIM DIRECTOR