Board Resolution No. 137/2026

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 137/2026
SUBJECT: ECONOMIC POLICY ADVISORY - APPROVE THE SIGNING OF THE LETTER OF INTENT FOR THE FINANCING OF THE EXTENDED FUND FACILITY OF THE INTERNATIONAL MONETARY FUND AND APPROVE THE SIGNING OF THE MEMORANDUM OF UNDERSTANDING WITH THE MINISTRY OF ECONOMY AND PUBLIC FINANCES

HAVING SEEN:
The Political Constitution of the State of February 7, 2009.
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
Law No. 1765 of September 18, 2026.
The Basic Norms of the Public Credit System (NB-SCP) approved by Supreme Resolution No. 218041 of July 29, 1997.
The Statute of the BCB approved by Board Resolution No. 85/2026 of June 23, 2026.
The report BCB-APEC-SPMEE-INF-2026-51 of September 21, 2026, issued by the Economic Policy Advisory (APEC).
The report BCB-GAL-SANO-DLBCI-INF-2026-251 of September 21, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING:
That the Political Constitution of the State (CPE) in its article 322 provides that the Plurinational Legislative Assembly will authorize the contracting of public debt when the capacity to generate income to cover the principal and interest is demonstrated, and the most advantageous conditions in terms of 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 in its article 327, the CPE determines that the BCB has the function of maintaining the stability of the internal purchasing power of the currency to contribute to economic and social development. In its article 328, it states that the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, has among its attributes to determine and execute monetary policy and execute exchange rate policy.

That Law No. 1670 in its article 1 determines that the BCB is a State institution, 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. In its article 29, subsections b) and h), it establishes that the BCB will act as Financial Agent of the Government in the functions of acting in everything related to the service of external public debt, for which the National Treasury must previously provide the BCB with the necessary funds and carry out other activities and operations that could be requested by the Government, provided that they are compatible with the object and nature of the BCB.

That articles 44 and 54 subsections a) and q) of Law No. 1670 provide that the highest authority of the BCB is its Board of Directors, responsible for defining its policies, specialized normative regulations of general application and internal norms; as well as establishing administrative, operational and financial strategies of the Issuing Entity, approving their respective short and medium-term programs, and has among its attributes to issue the rules and adopt the general decisions necessary for the Issuing Entity to fulfill the functions, competencies and powers assigned by Law; as well as those others indicated by this Law and those that are necessary for the fulfillment of its functions. In subsection e) of its article 59, it provides that the President has the attribute to exercise the legal representation of the BCB, without prejudice to its powers of delegation according to the Law.

That Law No. 1765 approves the loan with the International Monetary Fund (IMF) through an Extended Fund Facility (EFF) for an amount of SDR 1,369,000,000.00 (One Billion Three Hundred Sixty-Nine Million 00/100 Special Drawing Rights), intended to support the country's comprehensive economic reform program, authorizing the Ministry of Economy and Public Finances (MEFP) through the General Treasury of the Nation (TGN) to assume the repayment of financial obligations, as well as the service of the debt and associated costs. The Single Additional Provision of Law No. 1765 establishes that the national government will execute the loan with the IMF giving full compliance and application to paragraph IV of article 320 of the CPE.

That article 6 subsections d) and e) of the NB-SCP provide that the current MEFP, in its capacity as the Regulatory Body of the Public Credit System, exercises its competence in aspects such as contracting external public debt, by mandate of the Plurinational State of Bolivia and agreeing with the BCB the terms and conditions that will govern its action as Financial Agent of the Government.

That the Statute of the BCB, in numerals 4) and 12) of its article 33 establishes that the President has the attributes to exercise the legal representation of the BCB without prejudice to its powers of delegation and to sign the contracts and agreements that the Bank enters into, being able to expressly delegate this power.

CONSIDERING:
That through the report BCB-APEC-SPMEE-INF-2026-51, the APEC concludes and recommends to the Board of Directors of the BCB the approval of the Letter of Intent for the Financing of the Extended Fund Facility of the IMF and its attachments (Technical Memorandum of Understanding and Memorandum on Economic and Financial Policies) and the Memorandum of Understanding between the BCB and the MEFP, authorizing the President of the BCB to sign said documents.

That through the report BCB-GAL-SANO-DLBCI-INF-2026-251, the GAL concludes that from the analysis carried out and in view of the background sent by the APEC, the approval and signing of the Letter of Intent for the Financing of the Extended Fund Facility of the IMF which attaches the Technical Memorandum of Understanding and the Memorandum on Economic and Financial Policies, as well as the approval and signing of the Memorandum of Understanding between the BCB and the MEFP in which the terms and conditions under which the BCB will act as Financial Agent of the Government will be agreed, is legally viable as it does not violate the current legal framework, so it corresponds to the Board of Directors of the BCB its approval in accordance with what is established in article 54 subsections a) and q) of Law No. 1670, authorizing the President of the BCB to sign these documents within the framework of article 59 subsection e) of Law No. 1670.

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

Article 1.- In compliance with Law No. 1765, approve the Letter of Intent for the Financing of the Extended Fund Facility of the International Monetary Fund and its attachments (Technical Memorandum of Understanding and Memorandum on Economic and Financial Policies).

Article 2.- Approve the Memorandum of Understanding between the BCB and the Ministry of Economy and Public Finance.

Article 3.- Authorize the President of the Central Bank of Bolivia to sign the documents approved by this Resolution.

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

La Paz, September 21, 2026

SIGNED: DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martín Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.