BOARD OF DIRECTORS

BOARD RESOLUTION NO. 099/2025

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 (CPE) of February 7, 2009.

Law No. 1670 of October 31, 1995 of the Central Bank of Bolivia (BCB) and its modifications.

The Regulation for the Contracting of Liquidity Credits approved by Ministerial Resolution No. 021 of January 25, 2023.

The Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670 approved by 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 (MEFP) and the BCB and its revision of July 29, 2025.

The note MEFP/VTCP/DGCP/UEPS/No.406/2025 of July 30, 2025 from the MEFP.

The report BCB-APEC-SMF-INF-2025-46 of July 30, 2025 from the Economic Policy Advisory (APEC).

The report BCB-GOM-SOSP-DCE-INF-2025-60 of July 30, 2025 from the Monetary Operations Management (GOM).

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The report BCB-GAL-SANO-DLBCI-INF-2025-260 of July 30, 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 towards 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 in its Article 327 it establishes 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 establishes that the BCB 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 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, in the manner and, with the scope established in the Law.

That Article 22 of the aforementioned Law provides that the BCB may not grant credit to the Public Sector nor incur contingent liabilities in its favor. Exceptionally, it may 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, in which subsection b) states that 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 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 states as attributions of the Board of Directors of the BCB to issue regulations and adopt general decisions that may be necessary for the Issuing Entity to fulfill the functions, competencies and powers assigned to it by the Law, approve the Annual Monetary Program and its modifications, as well as set the interest rate of the credits granted by the BCB.

That Article 57 of Law No. 1670 states that the President is the first executive authority of the Institution. Therefore, he is responsible for directing and supervising the work conducive to the formulation of policies and specialized regulations of general application and the definition of administrative, operational and financial strategies of the BCB.

That subsection e) of Article 59 of Law No. 1670 provides as one of the attributions of the President of the BCB to exercise the legal representation of the BCB, without prejudice to its powers of delegation according to said Law.

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 the MEFP.

That the Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670, approved by Board Resolution No. 110/2019, 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.

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That said Regulation in its Article 10 establishes the requirements for the consideration of the credit for temporary liquidity needs.

That the aforementioned Regulation in its Article 11 states that upon receipt of the credit request and the documentation established in Article 10, prior to consideration by the Board of Directors, the President of the BCB will request: i) technical report from the GOM specifying the balance of pending debt as of the date of the request, future payment deadlines 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 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 is annually subscribed by the highest authorities of the Central Bank of Bolivia and the Ministry of Economy and Public Finance.

That the aforementioned Regulation, in its Article 12 establishes the financial conditions, providing that, the Board of Directors will set the interest rates and 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 MEFP.

That Article 13 of the Regulation provides that the Board of Directors of the BCB will consider the Reports presented by the areas, and if appropriate, 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 MEFP and the BCB.

That the Statute of the BCB in numerals 1) and 10) of its Article 10 establish that the Board of Directors of the Issuing Entity has the attributions to approve general decisions and issue the regulations that may be necessary for the BCB to fulfill the functions, competencies and powers assigned to it by the Law, as well as approve by two-thirds of the votes, of the members

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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 the numerals 13) and 14) of Article 34 of the Statute of the BCB 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 attributions of the President of the BCB is that of signing the contracts that the BCB enters into and signing the Fiscal-Financial Program prior to authorization by the Board of Directors.

That the Execution Decision of the 2025 Fiscal-Financial Program and its revision, establishes the amount for Liquidity Credits in favor of the TGN for the 2025 management year.

That the MEFP through note MEFP/VTCP/DGCP/UEPS/No.406/2025, 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 Bs7,000,000,000.00 (Seven 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 APEC in its report BCB-APEC-SMF-INF-2025-46, concludes that, the request of the MEFP made through note MEFP/VTCP/DGCP/UEPS/No.406/2025 of July 30, 2025 is within the modification of the Monetary Program, the revision of the Fiscal-Financial Program and its respective Schedule of the Liquidity Credit of the BCB to the TGN, therefore, it recommends to the Board of Directors of the BCB its approval.

That the GOM through the report BCB-GOM-SOSP-DCE-INF-2025-60 concludes that, under the protection of Law No. 1670 of October 31, 1990, 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 Bs7,000,000,000.00 (Seven Thousand Million 00/100 Bolivianos), is framed within the

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Regulation for the approval of Credits to the Public Sector, approved by Board Resolution No. 110/2019, likewise, the credit operation will be documented by values represented in Negotiable-Amortizable Treasury Bonds, which will be registered by the MEFP in the Securities Market Registry of the ASFI. The payment of the Liquidity Credit is scheduled for the month of July 2026, according to the Cash Flow of the TGN presented by the MEFP; therefore, it recommends to the Board of Directors to approve the financial conditions of the credit detailed in the cited technical report.

That the GAL through report BCB-GAL-SANO-DLBCI-INF-2025-260, concludes that from the review of the antecedents and applicable regulations, as well as the analysis developed, it is concluded that the credit request 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 in what is provided in subsection b) of Article 22 of Law No. 1670, considering what is stated in the technical report BCB-APEC-SMF-INF-2025-46 of the APEC and the technical report BCB-GOM-SOSP-DCE-INF-2025-60 of the GOM. Likewise, it establishes that the MEFP 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 by Board Resolution No. 110/2019 of August 27, 2019. In this sense, it corresponds that the request of the Ministry of Economy and Public Finance be submitted to the consideration of the Board of Directors of the BCB for the application of numeral 12.1 of Article 12 of the Regulation for the approval of Credits to the Public Sector within the framework of Law No. 1670, for the approval of the Liquidity Credit with the favorable vote of at least two-thirds of the members present, by express Resolution and once approved, it can authorize the Acting President of the BCB to sign 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 Revision of 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 MEFP, under the following terms and conditions:

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Amount:	Bs7,000,000,000.00 (Seven Thousand Million 00/100 Bolivianos)
Currency:	Bolivianos.
Term (*):	1 year.
Interest rate:	9.75% annual.
Payment Frequency:	Annual for capital and interest.
Guarantee:	Negotiable – Amortizable Treasury Bonds.

(*) The term is calculated from the first disbursement

Article 2.- Authorize the Acting President of the BCB to sign the contract with the MEFP 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, July 31, 2025

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