Board Resolution No. 109/2025: Approval of a National Emergency Credit to the General Treasury of the Nation

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BOARD OF DIRECTORS
BOARD RESOLUTION NO. 109/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVAL OF THE GRANTING OF A NATIONAL EMERGENCY 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. 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. 602 of November 14, 2014 on Risk Management.

Supreme Decree No. 5447 of August 20, 2025.

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 note MEFP/VTCP/DGCP/UEPS/Nº 439/2025 of August 27, 2025, from the Ministry of Economy and Public Finance (MEFP).

The report BCB-GOM-SOSP-DCE-INF-2025-64 of August 29, 2025, from the Monetary Operations Management (GOM).

The report BCB-APEC-SMF-INF-2025-47 of August 28, 2025, from the Economic Policy Advisory (APEC).

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BOARD OF DIRECTORS
//2. B.D. No. 109/2025

The report BCB-GAL-SANO-DLBCI-INF-2025-289 of September 1, 2025, from the Legal Affairs Management (GAL).

CONSIDERING:

That Article 327 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 11 of Law No. 1178 establishes that all 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 National Treasury.

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 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, 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 a) states that to attend to urgent needs derived from public calamities, internal or international unrest, declared by Supreme Decree; 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 shall be documented in all cases through negotiable public debt securities issued by the National Treasury.

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BOARD OF DIRECTORS
//3. B.D. No. 109/2025

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 rules; 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 Law No. 1670 indicate that the attributions of the Board of Directors of the BCB include issuing norms and adopting general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and faculties assigned to it by the Law, as well as setting the interest rate of the credits granted by the BCB.

That Article 39 of Law No. 602 establishes that a National Emergency shall be established by Supreme Decree prior to the recommendation of the National Council for the Reduction of Risks and Attention to Disasters and/or Emergencies (CONARADE).

That Article 1 of Supreme Decree No. 5447 establishes that with the aim of protecting the environment, human health, biodiversity, and the activities of the Bolivian population in the presence of forest fires and the imminent risk of their spread throughout the national territory, the norm aims to declare a National Emergency Situation, within the framework of Law No. 602 of November 14, 2014 on Risk Management.

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, aims to regulate Articles 22 and 23 of Law No. 1670, and establishes the requirements and procedures for the approval of credits to the Public Sector.

That said Regulation in its Article 4 establishes the requirements for the consideration of credit for the attention of National Emergency.

That Article 5 of the Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670 provides that upon receipt of the credit application and the documentation established in Article 4, prior to consideration by the Board of Directors, the President of the BCB will request: a technical report from the GOM specifying the outstanding debt balance as of the date of the application, future payment maturities of the TGN to the BCB, and the suitability of the offered public value to back the operation, and a report to the GAL regarding compliance with regulations and submission of the required documentation.

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BOARD OF DIRECTORS
//4. B.D. No. 109/2025

That Article 6 of the aforementioned Regulation establishes that the financial conditions of the credit shall be proposed by the MEFP, except for the interest rate, which shall be equal to the last and highest average yield rate of bills issued by the BCB in national currency, for monetary regulation purposes. In the absence of this type of reference, the financial conditions shall be established by the Board of Directors of the BCB.

That its Article 7 provides that the Board of Directors of the BCB will consider the reports presented by the areas, and if appropriate, approve the credit by a favorable vote of two-thirds of its members present at a Board of Directors session, for which effect it will issue an express Resolution.

That Article 8 of the mentioned Regulation establishes that the conditions of the credit approved by the Board of Directors of the BCB shall be recorded in the contract to be signed between the BCB and the MEFP.

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 norms that are 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, credits to the General Treasury of the Nation (TGN) to attend to urgent needs derived from public calamities, internal or international unrest declared by Supreme Decree.

That Articles 26 and 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 GAL. These reports must be issued to the Board of Directors through the General Management with its recommendation. Likewise, that among the attributions of the President of the BCB is that of signing the contracts celebrated by the BCB.

That the MEFP through note MEFP/VTCP/DGCP/UEPS/Nº 439/2025, within the framework of subsection a) of Article 22 of Law No. 1670, requests the granting of a credit for

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BOARD OF DIRECTORS
//5. B.D. No. 109/2025

to attend to National Emergency whose characteristics are: i) amount Bs4,000,000,000.00 (Four Billion 00/100 Bolivianos), ii) currency: Bolivianos; iii) term: 30 years; iv) Grace period for principal: 5 years; v) grace period for interest: 2 years; vi) backing value: Negotiable Treasury Bonds; vii) payment method: Annual. 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 and disbursement schedule.

That the GOM through report BCB-GOM-SOSP-DCE-INF-2025-64, concludes that under the auspices of Law No. 1670, the request made by the MEFP for an Emergency Credit to the General Treasury of the Nation (TGN) for the 2025 management year for an amount of Bs4,000,000,000.00 (Four Billion 00/100 Bolivianos), falls within what is established in the 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 Treasury Bonds – Amortizable, which will be registered by the MEFP in the registry of the Securities Market of the ASFI. Finally, it recommends to the Board of Directors of the BCB to approve the interest rate of the credit at 9.15% and consider the other financial conditions detailed in the technical report.

That the GAL through report BCB-GAL-SANO-DLBCI-INF-2025-289, concludes that the request of the MEFP for an Emergency credit to the TGN for the 2025 management, through note MEFP/VTCP/DGCP/UEPS/Nº 439/2025, in merit of the technical analysis expressed in reports BCB-GOM-SOSP-DCE-INF-2025-64 and BCB-APEC-SMF-INF-2025-47, is legally procedent and falls within what is provided in subsection a) of Article 22 of Law No. 1670. Likewise, it is established 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. In this sense, it corresponds that the request of the MEFP be put to the consideration of the Board of Directors of the BCB, for the approval of the credit to the public sector to attend to National Emergency, with a favorable vote of at least two-thirds of the members present, through express Resolution and once approved, the President a.i. of the BCB may be authorized to sign the respective contract.

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BOARD OF DIRECTORS
//6. B.D. No. 109/2025

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Within the framework of what is established in subsection a) of Article 22 and Article 23 of Law No. 1670 of October 31, 1995, approve the granting of an Emergency Credit in favor of the TGN – Management Year 2025, represented by the MEFP, under the following terms and conditions:

Amount:	Bs4,000,000,000.00 (Four Billion 00/100 Bolivianos).
Currency:	Bolivianos.
Term (*):	30 years.
Grace period for principal:	5 years.
Interest rate:	9.15% annual.
Payment Frequency:	Annual for principal and interest.
Disbursement Deadline:	October 31, 2025.
Guarantee:	Negotiable Treasury Bonds – Amortizable.

(*) 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, September 2, 2025

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

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