Board Resolution No. 182/2025

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 182/2025

SUBJECT: MONETARY OPERATIONS MANAGEMENT – MODIFY THE DISBURSEMENT SCHEDULE AND THE SERIES OF TGN BONOS FOR THE EXCEPTIONAL LIQUIDITY CREDIT TO THE GENERAL TREASURY OF THE NATION GRANTED THROUGH CONTRACT SANO-DLBCI NO. 50/2025.

HAVING SEEN:

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

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.

Board Resolution No. 172/2025 of November 26, 2025, which approves the granting of an Exceptional Liquidity Credit in favor of the General Treasury of the Nation (TGN) – Management 2025.

Contract SANO-DLBCI No. 50/2025 of November 26, 2025, signed between the Ministry of Economy and Public Finance (MEFP) and the BCB.

Notes MEFP/VTCP/DGCP/UEPS/No. 573/2025 and MEFP/VTCP/DGCP/UEPS/No. 578/2025 of December 15 and 17, 2025, from the MEFP.

Report BCB-GOM-SOSP-DCE-INF-2025-84 of December 16, 2025, from the Monetary Operations Management (GOM).

Report BCB-GAL-SANO-DLBCI-INF-2025-417 of December 17, 2025, from the Legal Affairs Management (GAL).

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CONSIDERING:

That Law No. 1670, in subsection b) of its article 22, provides that the BCB may not grant credit to the Public Sector nor incur contingent liabilities in its favor, and exceptionally 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, to attend to temporary liquidity needs within the limits of the monetary program. In its article 23, it determines that the operations provided for in article 22 will be documented in all cases through negotiable public debt titles issued by the National Treasury, which in the case provided for in subsection b), will have a maximum term of one year.

That article 44 of the aforementioned Law states that the Board of Directors is responsible for defining its policies, specialized general application regulations, and internal norms; as well as for establishing administrative, operational, and financial strategies, approving their respective short and medium-term programs. In subsections a) and j) of its article 54, it indicates as attributions of the BCB Board of Directors, to issue norms and adopt general decisions that are necessary for the Issuing Entity to fulfill the functions, competencies, and powers assigned to it by the Law, as well as to set the interest rate of the credits granted by the BCB.

That articles 57 and subsection e) of article 59 of Law No. 1670 indicate that the President is the first executive authority of the Institution and has the attribution to exercise the legal representation of the BCB, without prejudice to its powers of delegation according to said Law.

That the Regulation for the Approval of Credits to the Public Sector within the framework of Law No. 1670, in its article 13, provides that the BCB Board of Directors will consider the reports presented by the areas, and if appropriate, will approve the credit through the favorable vote of two-thirds of its members present at a Board of Directors session and for this effect will issue an express Resolution. Likewise, in its article 14, it establishes that through a Board of Directors Resolution, the granting of the Credit will be approved and the subscription of the Public Credit Contract between the MEFP and the BCB will be authorized.

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That the BCB Statute in numeral 10) of its article 10 establishes that the Board of Directors of the Issuing Entity has the attribution to approve by two-thirds of the votes of the members present, credits to the General Treasury of the Nation to attend to temporary liquidity needs, within the limits of the Monetary Program.

That through Board Resolution No. 172/2025, the BCB Board of Directors determines to approve the granting of an Exceptional Liquidity Credit in favor of the TGN – Management 2025, within the framework of what is established in subsection b) of article 22 and article 23 of Law No. 1670, in accordance with the Monetary Program and the reviews of the Decision of Execution of the Fiscal Monetary Program 2025.

That through Contract SANO-DLBCI No. 50/2025, the BCB grants an exceptional liquidity credit in favor of the TGN, for an amount of up to Bs 16,000,000,000.00 (Sixteen Billion 00/100 Bolivianos) to attend to temporary liquidity needs within the limits of the Monetary Program.

That the MEFP through notes MEFP/VTCP/DGCP/UEPS/No. 573/2025 and MEFP/VTCP/DGCP/UEPS/No. 578/2025, requests the BCB to incorporate in the Loan Contract the possibility of modifying the number of disbursements of the outstanding balance of the credit, including the guarantees in Negotiable and Amortizable Treasury Bonds that correspond, attaching in Annex the new disbursement schedule and the list of series numbers, as well as the legalized copy of Presidential Decree No. 5486 of November 9, 2025, and a photocopy of the identity card of the Minister of that State Portfolio.

CONSIDERING:

That through report BCB-GOM-SOSP-DCE-INF-2025-84, the GOM concludes that the modification of the disbursement schedule requested by the MEFP does not alter the financial structure of the credit considering that the remaining resources will be disbursed in the same month originally planned, with no technical impediment identified to proceed with the modification of the Disbursement Schedule corresponding to Contract SANO-

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DLBCI No. 50/2025, without prejudice to the subscription of the respective modifying contract, in accordance with current regulations and procedures.

That through report BCB-GAL-SANO-DLBCI-INF-2025-417, the GAL concludes that the request for modification of the disbursement schedule of the Credit Contract SANO-DLBCI No. 50/2025, made by the MEFP through notes MEFP/VTCP/DGCP/UEPS/No. 573/2025 and MEFP/VTCP/DGCP/UEPS/No. 578/2025, is legally appropriate and falls within what is provided for in subsection b) of article 22 and subsections j) and q) of article 54 of Law No. 1670, considering what is stated in the technical report BCB-GOM-SOSP-DCE-INF-2025-84 of the GOM. Likewise, it establishes 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. In this sense, it corresponds that the MEFP's request be submitted to the consideration of the BCB Board of Directors, for the application of article 13 of said Regulation, for the approval of the modification of the disbursement schedule, as well as the new list of series numbers of the Treasury Bonds granted as collateral for the credit of Contract SANO- DLBCI No. 50/2025, through an express Resolution and once approved, authorize the President ad interim of the BCB to sign the respective Modifying Contract, as current regulations provide.

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

Article 1.- Within the framework of what is established in subsection b) of article 22, article 23, and subsection j) of article 54 of Law No. 1670, approve the modification of the disbursement schedule, as well as the list of series numbers of the Treasury Bonds granted as collateral for the credit, authorized in Board Resolution No. 172/2025 of November 26, 2025, in favor of the Ministry of Economy and Public Finance, in accordance with the following detail:

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New Disbursement Schedule
6th. Liquidity Credit – 2025

DISBURSEMENT NO.	Date	Amount	New Series Number List
1	November - 2025	Bs4,000,000,000.00	TGNBCB25-1SANO50
2	December - 2025	Bs3,000,000,000.00	TGNBCB25-2SANO50
3	December - 2025	Bs4,500,000,000.00	TGNBCB25-3SANO50
4	December - 2025	Bs4,500,000,000.00	TGNBCB25-4SANO50
Total		Bs16,000,000,000.00

Article 2.- Ratify the other terms and conditions established in Board Resolution No. 172/2025 of November 26, 2025, that are not contrary to what is determined in this Resolution.

Article 3.- Authorize the President ad interim of the BCB to sign the modifying contract of Contract SANO – DLBCI No. 50/2025 of November 26, 2025, with the Ministry of Economy and Public Finance, under the terms established in this Resolution.

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

La Paz, December 17, 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