Board Resolution No. 136/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 136/2026
SUBJECT: MONETARY OPERATIONS MANAGEMENT - MODIFY THE DISBURSEMENT DEADLINE ESTABLISHED IN BOARD RESOLUTION NO. 149/2021 - FARIP TRUST.

HAVING REVIEWED:

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

Law No. 1389 of August 24, 2021, of the Trust for Support of the Reactivation of Public Investment (FARIP).

Supreme Decree No. 4575 of August 25, 2021, which establishes the conditions for the constitution and administration of the FARIP Trust.

Board Resolution No. 149/2021 of December 28, 2021, which approves the granting of an Extraordinary Credit to the Ministry of Economy and Public Finance destined for the FARIP, modified through Board Resolutions No. 139/2023 of October 10, 2023 and No. 180/2025 of December 16, 2025.

SANO-DLBCI Contract No. 5/2022, signed on January 28, 2022 and its modifications.

The BCB Statute approved by Board Resolution No. 85/2026, of June 23, 2026.

Note MEFP/VTCP/DGCP/UEPS/NE No. 449/2026 of September 2, 2026, from the Ministry of Economy and Public Finance (MEFP).

Report BCB-GOM-SOSP-DOSP-INF-2026-18 of September 11, 2026, from the Monetary Operations Management (GOM).

Report BCB-GAL-SANO-DLBCMNF-2026-240 of September 11, 2026, from the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 in its articles 1 and 44 establishes that the BCB is a State institution, of public law, of an autarkic nature, of indefinite duration, with its own legal personality and assets, whose highest authority is its Board of Directors, responsible for defining its policies, specialized regulations of general application and internal norms; as well as establishing administrative, operational and financial strategies of the BCB, approving their respective short and medium-term programs.

That said Law, in letters a), j) and q) of its article 54, points out as attributions of the Board of Directors of the BCB, to issue norms and adopt general decisions that are necessary so that the Issuing Entity fulfills the functions, competencies and powers assigned to it by the Law, as well as the power to set and modify interest rates on credits granted by the BCB, taking into account market rates for similar operations and establishing their other terms and conditions; and those others indicated by said Law and those that are necessary for the fulfillment of its functions. In its articles 57 and 59 letter e) it establishes that the President is the first executive authority of the BCB and exercises the legal representation of the BCB, without prejudice to the powers of delegation according to the Law.

That Law No. 1389 in paragraph 1 of its additional first provision, authorizes the BCB to grant an extraordinary credit in favor of the MEFP through the General Treasury of the Nation, for an amount of up to Bs2,000,000,000.- (Two Billion 00/100 Bolivianos), in concessional conditions destined to finance the Trust for Support of the Reactivation of Public Investment (FARIP); excepting the BCB from the application of articles 22 and 23 of Law No. 1670 for this purpose.

That Supreme Decree No. 4575 establishes the conditions for the constitution and administration of the FARIP Trust authorized by article 2 of Law No. 1389, as well as the conditions for the granting of credits by the Trust.

That through Board Resolution No. 149/2021 and its modifications, the BCB approves the granting of an Extraordinary Credit to the Ministry of Economy and Public Finance through the General Treasury of the Nation, within the framework of what is established in paragraph 1 of the additional first provision of Law No. 1389, of the FARIP Trust, approving its respective financial conditions.

That through Contract SANO-DLBCI No. 5/2022 and its modifications, the BCB granted an extraordinary credit in favor of the MEFP through the TGN, destined to finance the Trust for Support of the Reactivation of Public Investment (FARIP) within the framework of Law No. 1389, for an amount of Bs2,000,000,000.- (Two Billion 00/100 Bolivianos).

That the BCB Statute in items 1) and 51) of its article 11 establishes that the Board of Directors has the attributions to approve general decisions and issue the norms that are necessary so that the BCB fulfills the functions, competencies and powers assigned to it by the Law, as well as other attributions that are necessary for the fulfillment of its functions. In its article 32 it provides that the President is the first executive authority of the institution and is responsible for directing and supervising the work conducive to the formulation of policies and specialized regulations of general application and definition of administrative, operational and financial strategies of the BCB, and in items 4) and 12) of article 33, it determines as attributions of the President of the BCB, to exercise the legal representation of the BCB without prejudice to the powers of delegation and to sign the contracts and agreements that the BCB celebrates, being able to delegate this power.

CONSIDERING:

That through note MEFP/VTCP/DGCP/UEPS/NE No. 449/2026, the MEFP in attention to the requirement made by the National Fund for Regional Development (FNDR) through note FNDR/DGE/GEF/DLCR/CAR/154/2026, transmitted to that State Portfolio with office MPDyMA/DGAA/UF/C-NE 00074/2026, requests the BCB to modify Contract SANO-DLBCI No. 5/2022, in order to establish December 31, 2028 as the new deadline to make disbursements. In this sense, it requests to consider the new updated disbursement schedule based on the programming of resource placements to beneficiaries and the new deadline to request disbursements, since it is necessary to guarantee the continuity and conclusion of public investment projects currently in execution.

That through report BCB-GOM-SOSP-DOSP-INF-2026-18, the GOM points out that considering that the financial conditions of the credits granted by the BCB are approved by the Board of Directors, it is concluded that the request to extend the disbursement deadline until December 31, 2028 of the extraordinary credit in favor of the Ministry of Economy and Public Finance destined for the FARIP within the framework of Contract SANO-DLBCI No. 5/2022 is technically viable since it does not imply change and/or impact on the financial structure of the credit.

That through report BCB-GAL-SANO-DLBCI-INF-2026-240, the GAL concludes that the request to extend the disbursement deadline until December 31, 2028 requested by the MEFP, is legally viable as it does not violate the current legal framework, corresponding to the Board of Directors of the BCB its approval and to authorize the President to sign the modifying contract with the MEFP in accordance with what is established in article 54 letters a), j) and q) and article 59 letter e) of Law No. 1670 and items 1) and 51) of article 11 and items 4) and 12) of article 33 of the BCB Statute.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

Article 1.- Partially modify article 1 of Board Resolution No. 149/2021 of December 28, 2021, modified by Board Resolution No. 180/2025, extending until December 31, 2028 the disbursement deadline of the Extraordinary Credit to the Ministry of Economy and Public Finance (MEFP) destined to finance the "Trust for Support of the Reactivation of Public Investment (FARIP)", within the framework of Law No. 1389 of August 24, 2021".

Article 2.- Authorize the Acting President of the BCB to sign the Modifying Contract to Contract SANO-DLBCI No. 5/2022 with the MEFP in the terms established in this Resolution.

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

La Paz. September 15, 2026
PRES. DAVID IVAN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.