Board Resolution No. 137/2025

BOARD OF DIRECTORS

BOARD RESOLUTION NO. 137/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT - EXPANDING THE CONDITIONS OF THE NATIONAL EMERGENCY CREDIT TO THE GENERAL TREASURY OF THE NATION UNDER LAW NO. 1670 - MANAGEMENT 2025.

SEEING:

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 under Law No. 1670, approved by Board Resolution No. 110/2019 of August 27, 2019.

The Statute of the Central Bank of Bolivia approved by Board Resolution No. 095/2022 of October 6, 2022.

Board Resolution No. 109/2025 of September 2, 2025.

Note MEFP/VTCP/DGCP/UEPS/No. 519/2025 of October 28, 2025, from the Ministry of Economy and Public Finance (MEFP).

Report BCB-GOM-SOSP-DCE-INF-2025-74 of October 30, 2025, from the Monetary Operations Management (GOM).

Report BCB-APEC-SMF-INF-2025-67 of October 30, 2025, from the Economic Policy Advisory (APEC).

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Report BCB-GAL-SANO-DLBCI-INF-2025-375 of October 31, 2025, from the Legal Affairs Management (GAL).

CONSIDERING:

That Article 1 of Law No. 1670 establishes that the BCB is a state institution, of public law, autonomous in 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 authority of the country, with administrative, technical, and financial competence and specialized regulatory powers of general application, in the manner and within the scope established by 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 this is to address urgent needs derived from public calamities, internal or international unrest, declared by Supreme Decree.

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.

That Articles 44 and subsections a) and q) of Article 54 of Law No. 1670 establish that the Board of Directors is responsible for defining its policies, specialized regulations of general application, and internal rules; as well as for establishing administrative, operational, and financial strategies of the BCB, approving their respective short and medium-term programs. For the monitoring and oversight of their execution, it will have access to information, independent analysis and audit services, with attributes, among others, to issue regulations and adopt general decisions that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law and those necessary for the fulfillment of its functions.

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

That 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 under 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 in its Article 5 it states that, upon receipt of the credit request and the documentation established in Article 4, prior 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 request, future payment maturities of the TGN to the BCB, and the suitability of the public value offered to back the operation; and a report from the GAL regarding compliance with regulations and the submission of the required documentation.

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

That items 1), 10), and 49) of Article 10 of the BCB Statute establish that the Board of Directors of the Issuing Entity has the authority to approve general decisions and issue regulations that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, as well as to approve by two-thirds vote of the members present, credits to the Ministry of Economy and Public Finance, through the General Treasury

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of the Nation, to address urgent needs derived from public calamities, internal or international unrest, declared by Supreme Decree, and temporary liquidity needs, within the limits of the Monetary Program, in addition to other attributes necessary for the fulfillment of its functions.

That Paragraph II of Article 26 and items 4) and 13) of Article 34 of the BCB Statute determine that every draft Board Resolution must be motivated and justified by a technical report from the Management or Managements to whom the subject matter of the Resolution corresponds, and by a report from the GAL. These reports must be submitted to the Board of Directors by the General Management with its recommendation. Likewise, that among the attributes of the President of the BCB is the exercise of the legal representation of the BCB and the signing of contracts entered into by the BCB.

That Board Resolution No. 109/2025 approves the financial conditions for an Emergency Credit in favor of the TGN (represented by the MEFP) – Management 2025, within the framework of Supreme Decree No. 5447 of August 20, 2025, and authorized the Acting President of the BCB to sign the Credit Contract.

That the MEFP, through note MEFP/VTCP/DGCP/UEPS/No. 519/2025 of October 28, 2025, states that due to the need to have greater resources to address the effects of the National Emergency generating public calamities in the national territory, under DS 5447 and Article 22 subsection a) of Law No. 1670, given that the contractual relationship is in force, it requested that an Addendum to Contract SANO – DLBCI No. 48/2025 be signed, in which the addition of the amount Bs3,707,100,000.00 (Three Billion Seven Hundred Seven Million One Hundred Thousand 00/100 Bolivianos) is established in the credit conditions of Clauses FOURTH and SIXTH item 6.1, making a total credit of up to Bs7,707,100,000 (Seven Billion Seven Hundred Seven Million One Hundred Thousand 00/100 Bolivianos); item 6.6 and Clause FIFTEENTH in which the Negotiable Amortizable Treasury Bond (Series No.: TGNBCB-N7C-25) is incorporated, and item 6.7 in which the disbursement deadline is modified.

That the GOM, through report BCB-GOM-SOSP-DCE-INF-2025-74, concludes that with reference to Article 5, item 5.1 of Board Resolution No. 110/2019 of the BCB which approves the Regulation for the Approval of Credits to the Public Sector in the Framework of

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Law No. 1670, the Monetary Operations Management (GOM) reviewed the outstanding debt balance of the MEFP as of the date of the request, the future payment maturities of the TGN to the BCB, and the public value offered to back the operation. Based on what was stated by the MEFP, the request for an addendum to Contract SANO – DLBCI No. 48/2025, referring to the increase in the amount of Bs4,000,000,000.00 (Four Billion 00/100 Bolivianos) to the amount of Bs7,707,100,000.00 (Seven Billion Seven Hundred Seven Million One Hundred Thousand 00/100 Bolivianos) arises from the need to have greater resources to address the effects of the National Emergency generating public calamities in the national territory, extending the disbursement deadline. The credit is documented by values represented in Negotiable Amortizable Treasury Bonds, which will be registered by the MEFP in the Securities Market Registry of the ASFI, recommending to the Board of Directors to maintain the interest rate at 9.15% and consider the Addendum requested by the MEFP.

That the APEC, through report BCB-APEC-SMF-INF-2025-67, concludes that the request for an addition of Bs3,707.1 Million to the exceptional credit approved in August 2025 to address the direct and indirect effects derived from the National Emergency situation declared by Supreme Decree No. 5447, carried out by the MEFP, is not within what is provided for in the current Monetary Program within the framework of the 2025 Financial Fiscal Program Review, due to its unpredictable nature, recommending its attention in accordance with current regulations.

That the GAL, through report BCB-GAL-SANO-DLBCI-INF-2025-375, concludes that the MEFP's request for an Addendum to Contract SANO – DLBCI No. 48/2025, through note MEFP/VTCP/DGCP/UEPS/No. 519/2025, based on the technical analysis expressed in reports BCB-GOM-SOSP-DCE-INF-2025-74 and BCB-APEC-SMF-INF-2025-67, is legally appropriate and falls within what is provided for in subsection a) of Article 22 of Law No. 1670. Likewise, it is established that the MEFP has complied with the submission of the documentation provided for in Article 4 of the Regulation for the Approval of Credits to the Public Sector under Law No. 1670, approved by Board Resolution No. 110/2019. Therefore, it recommends to the BCB Board of Directors to consider the approval of the expansion of the credit conditions, referring to the amount, guarantee, and disbursement deadline of the Emergency Credit in favor of the TGN – Management 2025 in an Addendum to Contract SANO-DLBCI No. 48/2025, within the framework of Supreme Decree No. 5447 of August 20,

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2025 and subsection a) of Article 22 of Law No. 1670, as well as authorizing the Acting President of the BCB to sign the Addendum.

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, and Supreme Decree No. 5447 of August 20, 2025, approve the expansion of the conditions of the credit referring to the amount, guarantee, and disbursement deadline of the Emergency Credit in favor of the TGN – Management 2025, approved by Board Resolution No. 109/2025 of September 2, 2025, represented by the MEFP, under the following terms and conditions:

Amount: Bs7,707,100,000 (Seven Billion Seven Hundred Seven Million One Hundred Thousand 00/100 Bolivianos).

Disbursement Deadline: November 30, 2025.

Guarantee: Negotiable Amortizable Treasury Bonds.

Article 3.- The Acting President of the BCB is authorized to sign the Addendum to Contract SANO – DLBCI No. 48/2025 with the Ministry of Economy and Public Finance, under the terms of this Resolution.

Article 4.- The Presidency and the General Management are tasked with the execution and compliance of this Resolution.

La Paz, October 31, 2025

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

"2025 BICENTENARIO DE BOLIVIA"