Board Resolution No. 180/2025

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 180/2025

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

HAVING SEEN:

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. 104/2021 of September 22, 2021, which approves the Specific Regulation for the Extraordinary Credit to the Ministry of Economy and Public Finance (MEFP) destined for the Trust for Support of the Reactivation of Public Investment (FARIP), within the framework of Law No. 1389 of August 24, 2021.

Board Resolution No. 149/2021 of December 28, 2021, which approves the granting of an Extraordinary Credit to the MEFP destined for the FARIP, modified by Board Resolution No. 139/2023 of October 10, 2023.

Board Resolution No. 095/2022 of October 6, 2022, which approves the Statute of the BCB.

Note MEFP/VTCP/DGCP/UEPS/No. 530/2025 of November 21, 2025, from the MEFP.

Report BCB-GOM-SOSP-DCE-INF-2025-83 of December 12, 2025, from the Monetary Operations Management (GOM).

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Report BCB-GAL-SANO-DLBCI-INF-2025-413 of December 15, 2025, from the Legal Affairs Management (GAL).

CONSIDERING:

That Law No. 1670 provides in the second paragraph of article 4 that the relationship of the BCB with the Government will be carried out through the Minister who holds the Treasury Portfolio, currently the Ministry of Economy and Public Finance (MEFP).

That the aforementioned Law, in letters a), j) and q) of its article 54, states that the Board of Directors of the BCB has the authority to issue norms and adopt general decisions that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by this Law. As well as the authority 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 indicated by the Law and those necessary for the fulfillment of its functions.

That Law No. 1389 in paragraph I of its first additional 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), on concessional terms, 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 the Specific Regulation for the Extraordinary Credit to the Ministry of Economy and Public Finance destined for the Trust for Support of the Reactivation of Public Investment (FARIP), within the framework of Law No. 1389 of August 24, 2021, in its article 4 states that upon receiving the request and documentation established in its article 2, prior to Board consideration, the President of the BCB will request the following reports: a)

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Technical report on financial conditions issued by the Monetary Operations Management; b) Legal report regarding compliance with regulations and submission of required documentation for the granting of the credit issued by the Legal Affairs Management and c) Other reports that may be required.

That the aforementioned Regulation, in its article 5, provides that the Board of Directors of the BCB will determine and approve the financial conditions of the credit, considering the degree of concessionality established by the MEFP through Ministerial Resolution following the procedure set forth in the Appendix of the Regulation. In its article 6 it determines that the Board will consider the technical, legal, and other reports, and if appropriate, approve the credit with the favorable vote of at least two-thirds of the total of its present members, issuing the corresponding Resolution. Likewise, it will instruct the preparation and subsequent signing of the loan contract by the President of the BCB, prior to review and approval by the Board.

That through Board Resolution No. 149/2021, 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 I of the first additional provision of Law No. 1389, of the FARIP Trust, approving its respective financial conditions. Resolution modified by Board Resolution No. 139/2023 of October 10, 2023.

That the MEFP through Note MEFP/VTCP/DGCP/UEPS/No. 530/2025, states that in response to the request made by the Ministry of Development Planning and Environment, through notes MPD/DGAA-NE 015/2025 and MPD/DGAA/UF/C-NE 0134/2025, in its capacity as settlor of the FARIP, it requests the second modification of Credit Contract SANO-DLBCI No. 5/2022, in order to establish December 31, 2026 as the new deadline to effect disbursements. Regarding this, it should be noted that the National Fund for Regional Development, upon constituting itself as trustee of the FARIP, has signed 187 loan contracts with the Autonomous Territorial Entities benefiting from the trust, whose main purpose was the execution of public investment projects, committing a value equivalent to 84.3% of the total amount of the trust, so that the dismissal of this request would directly affect the continuity of new

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public investment projects, oriented to boost the economic reactivation of subnational governments within the framework of national economic policy. In this sense, it requests that the new disbursement schedule attached be considered, which was updated based on the programming of resource placements to beneficiaries and the new deadline to request disbursements, as it is necessary to guarantee the continuity and conclusion of public investment projects, as well as to facilitate those that are in the process of prioritization.

That the Statute of the BCB in items 1) and 49) of its article 10 establishes that the Board has the authority to approve general decisions and issue norms that are necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by the Law, as well as other authorities that are necessary for the fulfillment of its functions. In items 4) and 13) of its article 34, it determines that among the authorities of the President of the BCB is that of exercising the legal representation of the BCB and signing the contracts that the BCB enters into.

CONSIDERING:

That through report BCB-GOM-SOSP-DCE-INF-2025-83, the GOM concludes that there is no technical impediment to proceed with the request to extend the disbursement deadline until December 31, 2026 of the extraordinary credit in favor of the MEFP destined for the FARIP, granted within the framework of Contract SANO-DLBCI No. 5/2022 and the Regulation approved by Board Resolution No. 104/2021.

That through report BCB-GAL-SANO-DLBCI-INF-2025-413, the GAL concludes that regarding compliance with payments by the MEFP, said entity is within the deadline and validity of the credit established for this effect. Likewise, that the request of the MEFP for the extension of the disbursement deadline and its new disbursement schedule corresponds to be considered by the Board in order to issue the Board Resolution that approves the modification of the disbursement deadline and, consequently, authorizes the President of the Board of the BCB to sign the Modifying Contract to Contract SANO-DLBCI No. 5/2022 modified by Modifying Contract SANO - DLBCI No. 20/2023, as provided in letter a), j) and q) of article

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54 of Law No. 1670, item 1) of article 10 and item 13) of article 34 of the Statute of the BCB.

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. 139/2023 of October 10, 2023, extending 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” until December 31, 2026.

Article 2.- Ratify the other terms and conditions established in Board Resolution No. 149/2021 of December 28, 2021, that are not contrary to what is determined in this Resolution.

Article 3.- Authorize the Acting President of the BCB to sign the respective Modifying Contract with the Ministry of Economy and Public Finance, under the terms established in this Resolution.

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

La Paz, December 16, 2025

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SIGNED DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Álvaro Alfonso Romero Villavicencio