The Changing Landscape of Colombia’s Pension Fund Industry

8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry

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ifmult tm rmucg`y RU$9 trd``dml.

Qgb fmst mnvdmus fbils mj rbeipdti`dzdlc

Egdli—s nilhs wmuà nb tm dlobet rblfdl-

nd-ablmfdlitba cmvbrlfblt abnt dltm tgb

nilhdlc sbetmr. Nut Egdli—s tmti` pun`de

abnt, dleùadlc mjj-niìleb-sgbbt `mei`-

cmvbrlfblt liledlc vbgde`bs, prmnin`y

ifmults tm irmula 3;% mj CA[ i`rbiay.

sueg i stritbcy, tgby prmnin`y wmuà lmt

mwdlc tm tgb rdsh mj dlitdml, wgdeg, pbr -

gips fmrb tgil ily mtgbr bemlmfde vird-

in`b, tblas tm `bia tm smedi` ulrbst.

Cdvbl tgds, dl tgb bvblt mj i erdsds, Egdli

wmuà fmst dhb`y givb tm nbcdl sb``dlc mjjdts fissdvb stmrb mj R.U. abnt. Jmrtulitb`y

jmr Egdli, tgb lbcitdvb emlsbqublebs mj

sueg i fmvb wmuà prmnin`y nb jir `bss

sbvbrb tgil prbvdmus`y tgmucgt.

Qm nb surb, il dlobetdml mj R.U. Qrbisur-

dbs dltm tgb nilhdlc sbetmr, ila tgbdr sun-

sbqublt emlvbrsdml tm rblfdlnd, wmuà

std`` strblctgbl Egdli—s eurrbley. Nut tgb

rdsb wmuà fmst `dhb`y nb mjjsbt ny eipdti`

mutmws, is `mmsbr eipdti` emltrm`s wmuà

blin`b sivbrs tm bseipb tgb liledi` erdsds.

Fmrbmvbr, bvbl dj tgb rblfdlnd nbeifb

strmlcbr dl tgb sgmrt tbrf, Egdli ds lm `ml-

cbr is abpblablt ml fidltidldlc bxpmrt

emfpbtdtdvblbss is dt mleb wis, cdvbl tgit

(bxeùadlc issbfn`y ila rbprmebssdlc)

bxpmrts lmw emltrdnutb `bss tgil 2% mj

Egdli—s CA[.

Icidlst tgds niehcrmula, tgb R.U. Jba-

bri` ^bsbrvb, ritgbr tgil jmeusdlc ml`y

ml ‐tipbrdlc‖ dts fmltg`y puregisbs mj

`mlc-tbrf sbeurdtdbs (quiltdtitdvb bisdlc),

fust prbpirb dtsb`j jmr i pmtbltdi` sb``-mjj

mj R.U. abnt. Cdvbl tgit i Jba-julaba rb-

eipdti`dzitdml mj Egdli—s nilhdlc systbf

wmuà lbcitb tgb dfpiet mj fmlbtiry

pm`dey it gmfb, ardvdlc up nmrrmwdlc

emsts ila dfpbadlc CA[ crmwtg, tgb Jba

sgmuà nb rbiay tm sustidl quiltdtitdvb

bisdlc dl tgb bvblt mj i Egdlbsb liledièrdsds.

Ijtbr spbladlc ybirs ittbfptdlc tm dlsu-

ìtb tgb R.U. bemlmfy jrmf tgb upsgmt mj

dts mwl nilhdlc erdsds, tgb Jba fiy u`td-

fitb`y nb jmreba tm nid` mut Egdli—s nilhs,

tmm. Qgds wmuà julaifblti``y rbablb

― ila, mlb gmpbs, rbniìleb ― R.U.-Egdli

rbìtdmls.

Abspdtb abnitb mvbr tgb abtid`s, tgb eml-eùsdml mj Eirfbl ^bdlgirt ila Hbllbtg

^mcmjj ― tgit i gdcg abnt/CA[ ritdm eil

dlgdndt bemlmfde crmwtg ― rbfidls wdab`y

ieebptba, sm dt ds ul`dhb`y tgit ridsdlc tgb

abnt ritdm tm 9;;% wmuà nb dl Egdli—s

`mlc-tbrf dltbrbst.

Bvbl dj Egdli—s `biabrs abedaba tgit tgby

gia tgb lbebssiry sei` ìtdtuab tm pursub

Qm abserdnb

tgb syfndmtde

rbìtdmlsgdp

nbtwbbl Egdli—s

bxpmrt-`ba CA[

crmwtg ila

Ifbrdei—s bxebssdvb

emlsufptdml, tgb

bemlmfde gdstmrdils

Ldi`` Jbrcusml ila Fmrdtz Ueguìrdeh

emdlba tgb tbrf

‐Egdfbrdei.‖



Jmeus

Irb Bfbrcdlc

FirhbtsUunfbrcdlc=

z Hbllbtg ^mcmjj



Jmeus

Sdtg bemlmfde crmwtg

s`mwdlc sdcldeilt`y

dl fily fiomr fdaa`b-

dlemfb emultrdbs ila is-

sbt prdebs ji``dlc sgirp`y iermss tgb nmira,

ds tgb dlbvdtin`b ‐begm erdsds‖ dl bfbrc-

dlc firhbts i`rbiay upml us= Ijtbr ybirsmj sm`da ― ila smfbtdfbs strmlc ― mutput

cidls sdleb tgb >;;7 liledi` erdsds, tgb

emfndlba bjjbet mj abeb`britdlc `mlc-tbrf

crmwtg dl Egdli ila i pmtbltdi` bla tm u`tri-

bisy fmlbtiry pm`dedbs dl iavileba emul-

trdbs ds bxpmsdlc sdcldeilt jricd`dtdbs.

Qgb jiet tgit rbìtdvb`y fmabritb sgmehs

givb eiusba sueg prmjmula triufi dl

bfbrcdlc firhbts fihbs mlb wmlabr wgit

prmn`bfs i fmrb arifitde sgdjt wmuà trdc-cbr. Am bfbrcdlc bemlmfdbs givb tgb ei-

piedty tm rbiet, ila wgit hdla mj pm`dedbs

wmuà i lbw rmula mj `bladlc ny tgb Dl-

tbrlitdmli` Fmlbtiry Jula nrdlc= Gis tgb

burmzmlb erdsds li``y tiucgt tgb DFJ tgit

pun`de ila prdvitb abnt mvbrgilcs irb sdc-

ldeilt dfpbadfblts tm crmwtg, ila tgit

dt sgmuà pìeb fueg crbitbr bfpgisds ml

abnt wrdtb-amwls ila rbstrueturdlc tgil dt

gis dl tgb pist=

Qgb firhbt gis nbbl pirtdeuìr`y nruti` tm

emultrdbs tgit lbba tm lileb sdcldeilt

mlcmdlc eurrblt-ieemult abedts, sueg is

Nrizd`, Dladi, Umutg Ijrdei ila Dlamlbsdi.

Jmrtulitb`y, i emfndlitdml mj bxdn`b bx-

egilcb ritbs, strmlc dltbrlitdmli` rbsbrvbs,

nbttbr fmlbtiry rbcdfbs ila i sgdjt iwiy

jrmf jmrbdcl-eurrbley abnt prmvdabs smfb

fbisurb mj prmtbetdml.

Lbvbrtgb`bss, ybirs mj pm`dtdei` piri`ysds

ila pmstpmlba strueturi` rbjmrfs givb

erbitba vu`lbrind`dtdbs. Mj emursb, emul-

trdbs `dhb Ircbltdli ila Zblbzubì wbrb

bxtrbfb dl tgbdr abpblableb ml jivmrin`b

emffmadty prdebs ila bisy dltbrlitdmli`

liledi` emladtdmls tm cblbritb crmwtg.

Nut tgb cmma tdfbs mnseurba wbihlbssbs

dl fily mtgbr emultrdbs is wb``.

Qgb crmwtg s`mwamwl ds i fueg crbitbr

emlebrl tgil tgb rbeblt issbt-prdeb vmìtd`-

dty, bvbl dj tgb ìttbr crins fmrb gbia`dlbs.

Bqudty ila nmla firhbts dl tgb abvb`mpdlc

wmrà rbfidl rbìtdvb`y d``dquda, bvbl ijtbr

tgb `mlc nmmf. Qgus, bvbl fmabst pmrtjm-

`dm sgdjts eil std`` `bia tm ndc prdeb swdlcs, pbrgips bvbl fmrb sm wgbl triabrs irb mjj

ml tgbdr Iucust vieitdmls.

crmwdlc fdaa`b eìss tgit emuà pmtbl-

tdi``y ulabrpdl lmt ml`y bemlmfde crmwtg

nut i`sm pm`dtdei` stind`dty. Bvbl emultrdbs

rilhba tmwira tgb nmttmf mj c`mni` emr-

ruptdml dladebs ― jmr bxifp`b, ûssdi ila

Ldcbrdi ― nmistba smirdlc fdaa`b-eìss

pmpuìtdmls ila rdsdlc emlsufbr abfila.Qgds nisde stmry`dlb gis lmt egilcba. Nut

i lirrmwdlc mj crmwtg adjjbrbltdi`s gis

fiab bfbrcdlc firhbts i ndt `bss mj i lm-

nridlbr jmr dlvbstmrs, ila tgds ds lituri``y

prmauedlc bjjbets ml tgbsb emultrdbs— issbt

prdebs.

I stbp tmwira lmrfi`dzitdml mj dltbrbst-

ritb sprbias ― wgdeg quiltdtitdvb bisdlc

gis fiab bxiccbritba`y `mw ― sgmuà lmt

nb eiusb jmr pilde. Qgb ji``nieh dl nmla prdebs ambs lmt ybt pmrtbla i rbpbit mj tgb

@itdl Ifbrdeil abnt erdsds mj tgb 947;s mr

tgb Isdil liledi` erdsds mj tgb ìtb 944;s.

Dlabba, smfb bfbrcdlc firhbts ― jmr bx-

ifp`b, Em`mfndi ― gia nbbl dssudlc pun-

`de abnt it rbemra-`mw dltbrbst-ritb sprbias

mvbr R.U. trbisurdbs. Qgbdr lileb fdl-

dstbrs, wgd`b bupgmrde it tgbdr emultrdbs—

rbemra-`mw nmrrmwdlc emsts, fust givb

ulabrstmma tgit dt fdcgt lmt ìst.

Tbs, tgbrb ds ifp`b rbisml jmr emlebrl. Jmr

mlb tgdlc, dt ds jm``y tm tgdlh tgit fmrb `m-

ei`-eurrbley abnt b`dfdlitbs tgb pmssdnd`-

dty mj i liledi` erdsds. Qgb jiet tgit emul-

trdbs eil rbsmrt tm amun`b-adcdt dlitdml

ritbs ila prdlt tgbdr wiy mut mj i abnt erdsds

ds gira`y rbissurdlc. Abeiabs mj liledi`-

firhbt abbpbldlc wmuà nb ulamlb, nilhs

wmuà jid`, tgb pmmr wmuà sujjbr adsprm-

pmrtdmlitb`y, ila crmwtg wmuà ji`tbr.

I`tbrlitdvb`y, emultrdbs emuà dfpmsb

strdetbr eipdti` emltrm`s ila liledi`-

firhbt rbcuìtdmls tm `meh dl sivbrs, is

tgb iavileba emultrdbs ada ijtbr Smrà

Sir DD. Nut liledi` rbprbssdml ds gira`y

pidl`bss ila i`fmst ebrtidl`y rbauebs tgb

i``meitdvb bjedbley mj erbadt firhbts,

tgbrbny dfpietdlc `mlc-tbrf crmwtg.

Rltd` rbeblt`y, dltbrlitdmli` dlvbstmrs nb-

`dbvba tgit bxpiladlc tgbdr pmrtjm`dms dl

bfbrcdlc firhbts wis i lm-nridlbr. Qgb

abvb`mpdlc wmrà wis crmwdlc ldeb`y,

wgd`b tgb iavileba emultrdbs wbrb vdrtu-

i``y sticlilt. Nusdlbssbs nbcil tm sbb i

Qgb firhbt gis

nbbl pirtdeuìr`y

nruti` tmemultrdbs tgit

lbba tm lileb

sdcldeilt

mlcmdlc eurrblt-

ieemult abedts,

sueg is Nrizd`,

Dladi, Umutg

Ijrdei ila

Dlamlbsdi.



Jmeus

Dj tgb bfbrcdlc-firhbt s`mwamwl wbrb tm

turl dltm smfbtgdlc wmrsb, lmw mr dl i jbw

ybirs, ds tgb wmrà prbpirba= Gbrb, tmm,

tgbrb ds sbrdmus eiusb jmr emlebrl.

Qgb c`mni` nilhdlc systbf ds std`` wbih

dl cblbri`, ila pirtdeuìr`y sm dl Burmpb.Qgbrb ds emlsdabrin`b ulebrtidlty inmut

gmw tgb DFJ wmuà ipprmieg il bfbrc-

dlc-firhbt erdsds ijtbr dts bxpbrdbleb dl

Burmpb, wgbrb dt gis gia tm niìleb pm`d-

edbs idfba it prmfmtdlc nia`y lbbaba

strueturi` egilcb dl tgb burmzmlb ila

tgmsb idfba it sgmrt-rul bemlmfde prbsbr-

vitdml. Qgit ds i tmpde jmr ilmtgbr aiy, nut

tgb Burmpbil bxpbrdbleb gis ridsba tmucg

qubstdmls inmut wgbtgbr tgb DFJ gis i

amun`b stilaira jmr Burmpbil emultrdbs

(bvbl tgmsb, `dhb Crbbeb, tgit irb rbi``y

bfbrcdlc firhbts).

Dt ds tm nb gmpba, mj emursb, tgit tgdlcs

wd`` lmt emfb tm tgit. Dt sbbfs ul`dhb`y

tgit dltbrlitdmli` dlvbstmrs wd`` cdvb up mlbfbrcdlc firhbts oust ybt, lmt wgbl tgbdr

`mlc-tbrf prmspbets std`` `mmh fueg nbttbr

tgil tgmsb mj tgb iavileba bemlmfdbs.

Nbsdabs, tgb eurrblt sbltdfblt tgit tgb bu-

rmzmlb gis cmttbl pist tgb wmrst sbbfs bx-

ebbadlc`y mptdfdstde. Qgbrb gis nbbl ml`y

vbry fmabst strueturi` rbjmrf dl emultrdbs

`dhb Dti`y ila Jrileb. Julaifblti` qubs-

tdmls, dleùadlc gmw tm mpbritb i nilh-

dlc uldml dl Burmpb, rbfidl emltbltdmus.

Upidl—s gucb rdsh prbfduf gis i`fmst ads-

ippbirba, nut dts abnt prmn`bfs givb lmt.

Fbilwgd`b, iermss tgb Itìltde, tgb pm`dtd-

ei` pmìrdzitdml dl Sisgdlctml ds adstrbss-

dlc, wdtg ilmtgbr abnt ebd`dlc abnie`b

`mmfdlc. Qmaiy—s rbtrbit tm iavileba-emultry issbt firhbts emuà qudeh`y rbvbrt

tm rbtrbit jrmf tgbf.

Qgb bfbrcdlc-firhbt s`mwamwl mucgt tm

nb i wirldlc sgmt tgit smfbtgdlc fueg

wmrsb emuà gippbl. Mlb eil ml`y gmpb

tgit dj tgit aiy sgmuà bvbr irrdvb, tgb

wmrà wd`` nb nbttbr prbpirba tgil dt ds

rdcgt lmw.



Jmeus

Bfbrcdlc

Bemlmfdbs—

Fdsdlsurileb[rmn`bf z Cblb Jrdbai



Jmeus

Mvbr tgb ìst abeiab, Ifbrd-

ei—s bxpilsdmliry fmlbtiry

pm`dey ila Egdli—s ripda

crmwtg givb nbbl tgb twm

hby ardvbrs mj c`mni` liledi` mws. Lmw,

nmtg aylifdes irb nbdlc rbvbrsba, cblbr-

itdlc lbw rdshs jmr tgb c`mni` bemlmfy ― pirtdeuìr`y jmr bfbrcdlc firhbts. Sgbtg-

br tgby eil empb wdtg tgbsb egilcbs wd``

abpbla ml wgbtgbr tgby givb tihbl mut

blmucg dlsurileb icidlst tgb rdcgt rdshs.

Jm``mwdlc tgb Isdil liledi` erdsds mj tgb

ìtb 944;s, bfbrcdlc bemlmfdbs nbcil

tm ieeufuìtb fissdvb jmrbdcl-bxegilcb

rbsbrvbs tm prmtbet tgbfsb`vbs icidlst

tgb rdshs mj bxtbrli` mvbr-dlabntbalbss.

Dl jiet, tgby ifissba jir fmrb tgil tgbylbbaba ― RU$:.2 trd``dml, it ìst emult ―

bjjbetdvb`y nbemfdlc mvbr-dlsurba icidlst

bxtbrli` niìleb-mj-piyfblts sgmehs.

Nut tgby rbfidlba ulabrdlsurba icidlst

amfbstde erbadt rdshs ― tgb `biadlc tgrbit

tm bfbrcdlc bemlmfdbs tmaiy. Ijtbr tgb

c`mni` liledi` erdsds bruptba dl >;;7,

dltbrbst ritbs pùffbtba, jub`dlc prdvitb-

sbetmr erbadt nmmfs dl fily mj tgb ìrcbst

bfbrcdlc firhbts, dleùadlc Nrizd`, Dladi,

Dlamlbsdi ila Qurhby.

I`tgmucg tgbsb nmmfs wbrb dldtdi``y -

lileba ny amfbstde eipdti`, tgby smml

nbeifb abpblablt ml jmrbdcl eipdti`,

wgdeg mwba dltm tgbdr bemlmfdbs is

iavileba-emultry ebltri` nilhs pufpba

gucb ifmults mj `dqudadty dltm liledi`

firhbts. Lmw, oust is tgb R.U. Jbabri`

^bsbrvb emltbfpìtbs il bxdt jrmf dts ul-emlvbltdmli` fmlbtiry pm`dedbs, bfbrcdlc

bemlmfdbs— eurrblt-ieemult pmsdtdmls irb

wbihbldlc, fihdlc tgbdr rb`dileb ml eipd-

ti` dlmws dlerbisdlc`y ippirblt ― ila dl-

erbisdlc`y ailcbrmus.

Drmldei``y, tmaiy—s pidl stbfs jrmf mlb

mj tgb crbit sueebssbs tgit bfbrcdlc

bemlmfdbs givb iegdbvba? tgb rbauetdml

mj jmrbdcl-eurrbley juladlc dl jivmr mj

`mei`-eurrbley abnt. Is bfbrcdlc-firhbt

ebltri` nilhs `bilba icidlst gbivy eipdti`

dlmws dl mrabr tm fdtdcitb bxegilcb-ritb

ipprbeditdml, tgbdr eurrbledbs nbeifb `bss

vmìtd`b. Qgb rbsu`tdlc pbrebptdml tgit eur-

rbley rdsh wis abe`dldlc nm`stbrba eipdti`dlmws jurtgbr.

Qgds vdrtumus jbbanieh mmp gis lmw turlba

vdedmus, wdtg eipdti` dlmws ifmultdlc tm

― i trbla tgit puts bfbrcdlc bemlmfdbs it

rdsh jmr tgb hdlas mj erbadt erdsbs tgit givb

nbabvd`ba abvb`mpba bemlmfdbs mvbr tgb

ìst sdx ybirs.

Qgb gdcgbr dltbrbst ritbs rdsb tm stind`dzb

bfbrcdlc firhbts— eurrbledbs, tgb fmrbsbvbrb tgbdr erdsbs wd`` nb. R`tdfitb`y,

bvbl dj bfbrcdlc bemlmfdbs filicb tm

advbrsdjy tgbdr juladlc iwiy jrmf jmrbdcl

eurrbledbs, tgby wd`` rbfidl gmsticbs tm

R.U. fmlbtiry-pm`dey eye`bs.

Gia bfbrcdlc bemlmfdbs rbsdstba tgb

tbfptitdml mj bxebssdvb prdvitb-sbetmr

erbadt crmwtg, ridsdlc dltbrbst ritbs dl mr-

abr tm stind`dzb eurrbledbs wmuà lmt pmsb

i sbvbrb tgrbit tm bemlmfde pbrjmrfileb.Nut, ulsurprdsdlc`y, tgby ada lmt8 ritgbr,

tgby sueeufnba tm tgb lmtdml tgit ulprbe-

babltba`y gdcg ritbs mj CA[ crmwtg wbrb

tgb lbw lmrfi`.

Lmwgbrb wis tgds fmrb ippirblt tgil dl

Egdli, wgbrb amun`b-adcdt illui` mutput

cidls `mlc mnseurba tgb iws dl i stitb-

`ba, erbadt-jub`ba crmwtg fmab` tgit ji-

vmrs stitb-mwlba bltbrprdsbs (UMBs) ila

sb`betba dlaustrdbs, `dhb tgb rbi`-bstitb sbe-

tmr, tm tgb abtrdfblt mj prdvitb sivbrs.

Udleb >;;7, nilhdlc-sbetmr erbadt crmwtg

dl Egdli gis nbbl ifmlc tgb jistbst dl

tgb wmrà, jir mutpiedlc CA[ crmwtg, ila

Egdli—s tmti` abnt gis rdsbl jrmf 95;% mj

CA[ tm >>;% mj CA[. Is mj tgds ybir, ¥9

mj CA[ crmwtg ds emlsdstblt wdtg fmrb

tgil ¥5.2 mj erbadt crmwtg. Egdli—s lil-

edi` sbetmr ds lmw dlerbisdlc`y jbb`dlc tgbstridl mj tgds ripda erbadt crmwtg, wgdeg

gis `ba tm mvbreipiedty dl jivmrba sbetmrs

ila fmultdlc abnt prmn`bfs jmr mei` cmv-

brlfblts, UMBs, ila nilhs.

Fbilwgd`b, Egdli—s sgiamw nilhdlc sys-

tbf gis bxpilaba it il ulprbebabltba

ritb. Nut gbrb, tmm, fmultdlc rdshs givb

nbbl ìrcb`y dclmrba, mwdlc pirt`y tm tgb

ml`y i jrietdml mj mutmws. Cdvbl tgds, tgb

`dhb`y upsgmt mj fmlbtiry tdcgtbldlc dl tgb

iavileba bemlmfdbs wd`` nb i `mlc ab-

prbeditdml mj bfbrcdlc-firhbt eurrbledbs

ila, dl turl, i sdcldeilt dltbrbst-ritb gdhb

Gia bfbrcdlc

bemlmfdbs rbsdstbatgb tbfptitdml mj

bxebssdvb prdvitb-

sbetmr erbadt

crmwtg, ridsdlc

dltbrbst ritbs dlmrabr tm stind`dzb

eurrbledbs wmuà

lmt pmsb i sbvbrb

tgrbit tm bemlmfde

pbrjmrfileb.



em`ìtbri`dzitdml mj rbi` prmpbrty, wgdeg ds

nb`dbvba tm rbtidl dts viùb pbrfilblt`y,

ila pirt`y tm tgb systbf mj dfp`dedt cmv-

brlfblt cuiriltbbs tgit niehs `mils tm `m-

ei` cmvbrlfblts ila UMBs.

It tgb vbry `bist, tgb emfndlitdml mj gdcg-br dltbrbst ritbs dl tgb sgiamw nilhdlc

sbetmr ila wbihbr lmfdli` CA[ crmwtg

ulabrfdlbs nmrrmwbrs— abnt-rbpiyfblt

eipiedty. Dl i wmrst-eisb seblirdm, ji``dlc

prmpbrty prdebs mr adfdldsgdlc jidtg dl df-

p`dedt cmvbrlfblt cuiriltbbs wmuà emf-

pmula tgb rdshs cblbritba ny tgb sgiamw

nilhdlc systbf, sbvbrb`y ulabrfdldlc

Egdli—s liledi` stind`dty.

Dl tgit sblsb, i`tgmucg Egdli, wdtg dtsRU$5.2 trd``dml stmeh mj jmrbdcl-bxegilcb

rbsbrvbs, fiy sbbf tm bxbfp`djy bfbrcdlc

bemlmfdbs— tblabley tm nb mvbr-dlsurba

icidlst bxtbrli` rdshs, dt ietui``y jiebs tgb

sifb erbadt rdshs is dts emultbrpirts. Qgb

adjjbrbleb ds tgit Egdli gis dfp`bfbltba

strueturi` ― ila tgus `mlcbr-ìstdlc ― erba-

dt-nisba pm`dedbs, wgd`b mtgbr bfbrcdlcbemlmfdbs givb nbbl ariwl dltm i eye`dei`

`bladlc ndlcb.

Dlabba, Egdli—s s`mwlbss tm dfp`bfblt

il i`tbrlitdvb tm tgb dlvbstfblt-`ba, abnt-

lileba crmwtg fmab` tgit gis prbvid`ba

jmr tgb ìst twm abeiabs fbils tgit dts am-

fbstde erbadt rdshs irb tgb fmst sdcldeilt

tgrbit tm tgb c`mni` bemlmfy tmaiy. Sgd`b

Egdli fiy givb tgb liledi` rbsmurebs tm

emvbr dts abnt mvbrgilc, dt rdshs nbdlc `bjtwdtg i `mw-tm-fdaa`b-dlemfb bemlmfy,

gdcg abnt `bvb`s ila lmfdli` crmwtg ritbs

rmucg`y twm-tgdras `mwbr tgil tgb 93% iv-

bricb illui` ritb iegdbvba dl >;;1->;99.

Qgds ds nia lbws jmr mtgbr bfbrcdlc beml-

mfdbs, wgdeg givb abpblaba gbivd`y ml

Egdli—s crmwtg jmr tgbdr mwl.

Rl`bss bfbrcdlc-firhbt cmvbrlfblts

tihb iavilticb mj tgb `dfdtba spieb prm-

vdaba ny tgbdr jmrbdcl-bxegilcb rbsbrvbs

ila mitdlc eurrbledbs tm bliet vdti` strue-

turi` rbjmrfs, tgb mlus mj iaoustfblt wd``

ji`` ml dltbrbst ritbs, emfpmuladlc tgb bj-

jbets mj s`mwdlc crmwtg ila tgb rdshs is-

smeditba wdtg nia abnt. Sgbtgbr tgds nb-

emfbs i systbfde dssub ijjbetdlc tgb bltdrb

c`mni` bemlmfy wd`` gdlcb ml Egdli.

Jmeus



Jmeus

Qgb nbst wiy tm cidl bxpmsurb ila eipdti`dzb ml bfbrcdlc firhbt cidls ds tgrmucg i`tbrlitdv

issbt eìssbs. Il dlsdab `mmh it tgb dlvbstfblt blvdrmlfblt wdtgdl Isdi, Ijrdei ila @it

Ifbrdei wd`` cdvb dlaustry prmjbssdmli`s i `mei` iavilticb wgbl `mmhdlc tm advbrsdjy tgb

pmrtjm`dm, fdtdcitb rdsh ila eipdti`dzb ml crmwtg.

[rmvdadlc c`mni` pìybrs

tgb iavilticb mj `mei` bxpbrtds

Nblbjts

Qihb iavilticb mj mur uldqub ie-

tdmlin`b emltblt emfp`bfbltba ny

emltrdnutdmls jrmf `biadlc dlaustry

bxpbrts

Dl-abptg emvbricb mj rbcdmli` pm-

`dtdei` rdsh, rbcuìtdml ila rbcdmli`

wbi`tg iavdsmry

Cidl dlsdcgt jrmf prmjd`bs mj dlaus-

try `biabrs, jdrfs ila dlvbstfblt

vbgde`bs.

^bebdvb dlaustry spbedjde ila rbcdml

spbedjde spbedi` rbpmrts tgrmucgmut

tgb ybir. Emfdlc smml? Fdldlc dlJrmltdbr Firhbts.

Utiy ‐dl tgb hlmw‖ wdtg mur quir-

tbr`y wbndlirs, wbbh`y lbws`bttbrs

ila dfpmrtilt dlaustry bvblt up-

aitbs

Bltbr tgb rbcdml wdtg mur bxpilsdvb

ila emlstilt`y upaitba Bfbrcdlc

Firhbt Dlvbstfblt Jdrf Adrbetmry

Jdla dlsdcgt, mppmrtuldtdbs ila

stritbcdbs wdtg tgb ml`y pun`dei-

tdml abadeitba tm i`tbrlitdvb issbts

wdtgdl bfbrcdlc firhbts

: Dssubs & : Upbedi` ^bpmrts

Ividìn`b jmrfits?

[rdlt & Adcdti`

[rdlt mr Adcdti` Ml`y

Sbn Emltblt Ml`y

UQI^Q Q^DI@

Jmr ily qubstdmls emlebrldlc emltblt, sunserdptdmls mr iavbrtdsdlc p`bisb emltiet Qdjjily Uwblsml,

tdjjilyKibdlvbstmr.emf mr it >;>-4;2-;53:

Udcl up tm Qihb i

Ju`` Ieebss Qrdi`jmr Mlb Am`ìr


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Jmeus

Nrdacdlc tgb Itìltde ds i ab-

serdptdvb stuay mj Nrizd`—s

dlvm`vbfblt wdtg emultbrpirts dl sun-Uigiril Ijrdei

mvbr tgb ìst abeiab tgrmucg hlmw`bacb

bxegilcb, triab ila dlvbstfblts. Qgb mn-

obetdvb mj tgb stuay ds tm ulabrstila tgbsb

rbìtdmls nbttbr wdtg tgb dltblt tm jmrcb

emlerbtb ila futui``y nblbedi` pirtlbr -

sgdps nbtwbbl Nrizd` ila sun-Uigiril Ij-

rdei. Qwm b`bfblts bxpìdl tgb jmeus ml

tgb ìst abeiab. Jdrst, i`tgmucg Nrizd` ila

sun-Uigiril Ijrdei givb dltbrietba wdtg

mlb ilmtgbr jmr it `bist >;; ybirs, ml`y dl

tgb ìst abeiab wis i fmrb rmnust blcicb-fblt nud`t, tgrmucg strmlcbr pirtlbrsgdps

ila `mlc-tbrf prmobets. Ubemla, lbdtgbr dl

Nrizd` lmr dl Ijrdei wis tgbrb i prietdeb mj

em``betdlc, mrcildzdlc ila ili`yzdlc aiti

ml bir`y pirtlbrsgdps, i sbrdmus mnstie`b tm

mntidldlc rb`din`b dljmrfitdml.

Nrizd` ila sun-Uigiril Ijrdei irb lituri`

pirtlbrs, wdtg it mlb pmdlt i sgirba cb-

mcripgy ila ìtbr i sgirba gdstmry. Inmut

>;; fd``dml ybirs icm, Ijrdei ila Nrizd`

wbrb pirts mj tgb ìlafiss mj Cmlawili(curb BU.9). Nbtwbbl tgb sdxtbbltg ila

bir`y ldlbtbbltg eblturdbs, tgb trilsitìl-

tde sìvb triab uldtba tgb twm rbcdmls ultd`

sìvbry—s inm`dtdml. Lmw, tgb twm irbis irb

rbbstin`dsgdlc emllbetdmls tgit wd`` ijjbet

bieg mtgbr—s prmspbrdty ila abvb`mpfblt

dl fiomr wiys. Qgds rblbwba blcicbfblt

rbbets lbw, pmsdtdvb rbi`dtdbs dl tgb bvmù-

tdml mj abvb`mpfblt emmpbritdml, Ijrdei—s

Nrdacdlc tgbItìltdeNrizd` ila Uun-UigirilIjrdei


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ripda crmwtg dl rbeblt ybirs, ila Nrizd`—s

rdsb is i c`mni` bemlmfde pmwbr dltbrbstba

dl dltblsdjydlc dts tdbs ― eu`turi` ila emf-fbredi` ― wdtg Ijrdei.

z Umutg-Umutg Emmpbritdml

Ds Qrilsjmrfdlc

Abvb`mpfblt Issdstileb

Qgb triadtdmli` Lmrtg-Umutg fmab` mj ab-

vb`mpfblt ida, egi``blcba sdleb tgb 943;s,

gis cdvbl wiy tm i`tbrlitdvb irrilcbfblts

jmr liledi` ila tbegldei` emmpbritdml

ifmlc abvb`mpdlc emultrdbs. Qgb 944;s

nrmucgt i nrmia rbemcldtdml tgit prbvdmusfmab`s gia jid`ba tm prmfmtb abvb`mpfblt

ila tieh`b tgb rmmt eiusbs mj pmvbrty. Dl

sbireg mj i`tbrlitdvbs, ila tm dlerbisb tgbdr

nircidldlc pmwbr dl tgb lbw ebltury, ab-

vb`mpdlc emultrdbs nbcil tm abvdsb lbw

irrilcbfblts. Ml tgb bemlmfde jrmlt,

tgb erbitdml mj tgb Crmup mj >; (C->;) dl

Abebfnbr 9444 rbbetba tgb lbw rm`b mj

ìrcb abvb`mpdlc bemlmfdbs dl tgb c`mni`

iregdtbeturb, ila, dl >;;9, tgb jmur crmw-

dlc bemlmfdbs mj Nrizd`, ûssdi, Dladi ila

Egdli wbrb omdlba ulabr tgb ‐N^DE‖ ì- nb`. Dl ìtb >;9;, ijtbr tgb crmup gia gbà

twm suffdt fbbtdlcs, Umutg Ijrdei omdlba

tgb crmup, lmw hlmwl is ‐N^DEU.‖ Ml

tgb pm`dtdei` jrmlt, tgb Dladi-Nrizd`-Umutg

Ijrdei (DNUI) Adi`mcub Jmruf wis bstin-

`dsgba dl Nrizd` dl fda->;;5 is i spieb jmr

tgb tgrbb bfbrcdlc fu`tdbtglde ila abfm-

eritde c`mni` pìybrs tm bxegilcb hlmw`-

bacb ila rbdljmreb emffml dltbrbsts.

Jmeus


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JmeusMtgbr crmups emltdluba tm bfbrcb mr crmw,

sueg is tgb Ijrdei ila Umutg Ifbrdei Em-

mpbritdml Jmruf, tgb Emffml Firhbt mj

tgb Umutg (Fbremsur), ila tgb Umutgbrl

Ijrdeil Eustmfs Rldml.

Mvbr tgb pist abeiab Ijrdei gis nbemfb

i emltdlblt mj mppmrtuldtdbs, wdtg pmsd-tdvb bemlmfde trblas ila dfprmvba cmv-

brlileb. Qgb emltdlblt ds lmw mjtbl pmr-

triyba is i lbw jrmltdbr jmr tgmsb sbbhdlc

pirtlbrs ila firhbts. Qgb crmwtg mj smfb

Ijrdeil emultrdbs, tgbdr rbsd`dbleb tm rbeblt

c`mni` erdsbs, ila pm`dey rbjmrfs tgit givb

strblctgblba firhbts ila abfmeritde cmv-

brlileb irb dlerbisdlc triab ila dlvbst-

fblt. Tbt abspdtb tgbsb pmsdtdvb trblas,

fily Ijrdeil emultrdbs std`` jieb il blmr-

fmus dljristrueturb cip, irb vu`lbrin`b tme`dfitb egilcb, ila sujjbr jrmf wbih dl-

stdtutdmli` eipiedty. Gbleb ida rbfidls mlb

mj tgb fidl smurebs mj abvb`mpfblt sup-

pmrt dl sbvbri` emultrdbs ml tgb emltdlblt,

ila trilsjbrs ila bxegilcbs mj hlmw`bacb

irb std`` urcblt`y lbbaba.

Qgb iafdldstritdml mj @udz Dléedm @uì ai

Ud`vi (>;;5-9;) rbvdvba Nrizd`—s dltbrbstdl Ijrdei ila sbt dt ml i surbr jmmtdlc, is

pirt mj i ìrcbr cmi` mj bxpiladlc Nrizd`—s

c`mni` prm`b. Jmr bxifp`b, [rbsdablt @uì

ai Ud`vi vdsdtba Ijrdei aurdlc gds tblurb 9>

tdfbs, tihdlc dl >9 emultrdbs, smfbtgdlc

ulprbebabltba ifmlc Nrizd`—s pist `bia-

brs.

Qriadtdmli``y, stuadbs mj Nrizd`-Ijrdei rb-

ìtdmls givb tblaba tm emlebltritb ml tgb

`dlhs mj nmtg Nrizd` ila Ijrdei tm emultrdbsdl tgb Lmrtgbrl Gbfdspgbrb. Sgd`b tgbsb

Lmrtg-Umutg stuadbs givb emltrdnutba tm il

ulabrstiladlc mj Nrizd` ila Ijrdei dl il

dltbrlitdmli` emltbxt, tgby givb i`sm ads-

tmrtba tgb eu`turi`, pm`dtdei` ila smedi` gds-

tmry tgit ndlas Nrizd` ila Ijrdei, dleùa-

dlc tgb `bciey mj tgb trilsitìltde sìvb

triab. ^bsbireg ml Nrizd`-Ijrdei rbìtdmls

gis nrmucgt lbw pbrspbetdvbs tm tgb triad-tdmli` pittbrl mj Lmrtg-Umutg ili`ysds ny

`mmhdlc it tgb Umutg Itìltde is i egillb`

mj eu`turi` trilsjbrs mr pm`dtdei` ila smedi`

bxpbrdblebs, ritgbr tgil is i cbmpm`dtdei`

mebil `dhb tgb Lmrtg Itìltde. Uueg rb-

sbireg gis sgmwl tgit strmlc emllbetdmls,

eu`turi` dabltdtdbs ila emffml pittbrls

wbrb erbitba ny tgb `mlc-tbrf bxpbrdblebs

mj Ijrdei dl Nrizd` ila vdeb vbrsi, ila df-

prmvba tgb gdstmrdmcripgy mj Nrizd`-Ijrdei

rbìtdmls.



Jmeus

tm nb bisd`y iaiptba tm fily Ijrdeil li-tdmls nbeiusb mj sdfdìrdtdbs dl smd` ila

e`dfitb, ifmlc mtgbr tgdlcs. Nrizd`—s rb-

eblt sueebssbs ml tgb smedi` ila bemlmfde

jrmlts givb ittrietba ittbltdml jrmf fily

Ijrdeil emultrdbs nbymla tgb [mrtucubsb-

spbihdlc litdmls wdtg wgdeg Nrizd` gis

gdstmrdei` emllbetdmls. Nrizd` lmw gis 53

bfnissdbs dl Ijrdei, up jrmf 93 dl >;;>,

i rdsb fitegba ny tgb dlerbisb dl Ijrdeil

bfnissdbs dl Nrizd`? sdleb >;;5, 93 bfnis-sdbs givb mpblba dl Nrisd`di, iaadlc tm tgb

9: i`rbiay tgbrb, dl tgb ìrcbst emlebltri-

tdml mj Ijrdeil bfnissdbs dl tgb Umutgbrl

Gbfdspgbrb. Emultrdbs dl sun-Uigiril Ij-

rdei givb rbqubstba emmpbritdml jrmf Nri-

zd` dl vb hby irbis? trmpdei` icrdeu`turb,

trmpdei` fbadedlb, vmeitdmli` tridldlc (tm

suppmrt tgb dlaustrdi` sbetmr), blbrcy ila

smedi` prmtbetdml (curb BU.>). (Irbis mj

`bss dltbrbst dleùab gdcgbr

baueitdml ila spmrts.)

Qrmpdei` icrdeu`turb. Qgb

Nrizd`dil Icrdeu`turb ^b-

sbireg Emrpmritdml (BF-

NÎ[I) ― wdtg tgb Nrizd`dilEmmpbritdml Icbley (INE)

ila sbvbri` mtgbr Nrizd`dil

rbsbireg dlstdtutdmls ― gis

blcicba wdtg `mei` pirtlbrs

dl dfp`bfbltdlc fmab` prmo-

bets dl icrdeu`turb tgit idf

tm rbp`deitb sueebssbs dl tgb

Nrizd`dil sivillig (ebrriam)

ila dfprmvb icrdeu`turi` ab-

vb`mpfblt ila icrdnusdlbss.

Bxifp`bs dleùab tgb EmttmlJmur [rmobet (Nbldl, Nurhdli

Jism, Egia ila Fi`d), tgb

prmobet ml Qbegldei` Uup-

pmrt tm tgb Abvb`mpfblt mj

Icrdeu`turi` Dllmvitdml dl

Fmzifndqub ila tgb ^deb-

Eu`turb Abvb`mpfblt [rmo-

bet dl Ublbci`.

Qrmpdei` fbadedlb. Is mj

>;99, Nrizd` gis 25 ndìt-

bri` icrbbfblts ml gbi`tg

sdclba wdtg >> Ijrdeil

emultrdbs. Nrizd`—s ip-

prmieg tm GDZ/IDAU trbit-

fblt ila mtgbr prbvi`blt

adsbisbs, dleùadlc fiìrdi

ila sdeh`b eb`` ilbfdi, ds

gdcg`y rbciraba ny Ijrdeil

pbbrs. Qgb Mswiàm Eruz

Jmulaitdml (JDME^R_), i Nrizd`dil dl-stdtutdml jmr rbsbireg ila abvb`mpfblt

dl tgb ndmegbfdei` sedblebs, ds `biadlc

pirtlbrsgdps wdtg `mei` dlstdtutdmls dl

Ijrdei. Is wb`` is rulldlc fmab` prmo-

bets ml trmpdei` fbadedlb, JDME^R_

ds pirtlbrdlc wdtg tgb cmvbrlfblt mj

Fmzifndqub tm nudà i pgirfiebutdei`

pìlt tm prmaueb cblbrde arucs tm trbit

GDZ/IDAU ila mtgbr adsbisbs. Qgb pìlt



Jmeus

wd`` blin`b Fmzifndqub tm bxpmrt tm

lbdcgnmrdlc emultrdbs.

Zmeitdmli` tridldlc. Qgb Nrizd`dil Li-

tdmli` Ubrvdeb jmr Dlaustrdi` Ipprbltdeb-

sgdp (UBLID) gis nud`t vmeitdmli` ebltbrs

dl Eipb Zbrab, Cudlbi-Ndssiu, Fmzif- ndqub, ila Uåm Qmfä ila [ræledpb, ila

gis rbeblt`y bstin`dsgba pirtlbrsgdps wdtg

Ilcmì, Emlcm ila Umutg Ijrdei tm ia-

arbss vmeitdmli` tridldlc jmr prmfmtdlc

dlaustrdi`dzitdml ila suppmrtdlc ymutg bf-

p`myfblt pm`dedbs.

Blbrcy. Uustidlin`b blbrcy ds ilmtgbr irbi

dl wgdeg Nrizd`dil bxpbrtdsb gis cidlba tgb

ittbltdml mj sbvbri` Ijrdeil litdmls. Uue-

ebssbs dl icrdeu`turb wbrb lmt blmucg tmrbaueb pmvbrty. Qgus, pun`de pm`dedbs tgit

prmfmtb bemlmfde crmwtg ila smedi` dl-

eùsdml irb it tgb gbirt mj Nrizd`—s sucir-

eilb prmauetdml ― jmr bxifp`b, `mei` ila

jifd`y-nisba jirfs givb nbbl gb`pba tm

prmaueb btgilm`. Qgb Nrizd`dil prdvitb

sbetmr ds i`sm dlvm`vba wdtg blbrcy dssubs

dl Ijrdei. I cmma bxifp`b ds NDMEMF, i

omdlt vblturb nbtwbbl tgb Nrizd`dil rf

Mabnrbegt, tgb Ilcmìl stitb emfpily

Umlilcm` ila tgb Ilcmìl rf Abfbr.

Il dlvbstfblt mj RU$1;; fd``dml idfs it

usdlc sucireilb tm prmaueb sucir, btgilm`

ila pmwbr.

Umedi` prmtbetdml. Abspdtb tgb gucb egi`-

`blcbs jieba ny pm`dey fihbrs dl i emul-

try hlmwl jmr givdlc mlb mj tgb ìrcbst

dlemfb-dlbqui`dty cips dl @itdl Ifbrdei,

i jbw prmcrifs mjjbr smedi` prmtbetdml.

Udleb >;;5, pm`dedbs idfba it cgtdlcgulcbr ila fircdli`dzitdml givb nbbl

dfp`bfbltba, mlb mj tgb fmst sueebssju`

nbdlc tgb _brm Gulcbr dldtditdvb, wgdeg

dleùabs sbvbri` prmcrifs (sueg is tgb rb-

lmwlba Nm`si Jifæ`di) spmlsmrba tgrmucg

i strmlc pirtlbrsgdp ifmlc 9> fdldstrdbs

ila icbledbs. Qgb Nrizd`dil bxpbrdbleb dl

smedi` prmtbetdml ds lmw nbdlc iaiptba ila

rbp`deitba dl mtgbr abvb`mpdlc emultrdbs,

dleùadlc Ilcmì, Hblyi ila Ublbci`,

wdtg ietdvdtdbs tm nudà emladtdmls jmr fmrb

dleùsdvb crmwtg.

Udleb fmst prmobets nbtwbbl Nrizd` ila

Ijrdeil emultrdbs nbcil `bss tgil 9; ybirs

icm, prmpbr bviùitdml mj tgb mutemfbs

Bemlmfde ila Umedi` Abvb`mpfblt Nilh

(NLABU) tm ìuleg fbisurbs jmr jurtgbr-

dlc triab nbtwbbl tgb twm rbcdmls ml tgb

nisds mj Nrizd`dil `mils. Qgb stdfuùs

cdvbl tm Nrizd`dil bxpmrts gis i`sm nbbl

ebltri` tm tgb bxpilsdml mj triab. Dl >;;7,

stdfuùs prmcrifs jmr Nrizd`dil emfpildbsietdvb dl Ijrdei (ulabr il dldtditdvb hlmwl

is [rmcrif Dltbcritdml wdtg Ijrdei) rbsu`t-

ba dl tgb adsnursbfblt mj ^$133 fd``dml

(ipprmxdfitb`y RU$>:2 fd``dml), i suf

tgit oufpba tm ^$:14 fd``dml (RU$5:;.2

fd``dml) tgb jm``mwdlc ybir.

Nrizd`dil prdvitb dlvbstfblt dl Ijrdei

bfbrcba dl tgb 947;s ila gis lmw rbiegba

sueg il bxtblt tgit Nrizd`dil emrpmritdmls

irb prbsblt dl i`fmst bvbry irbi mj tgbemltdlblt, emlebltritba dl dljristrueturb,

blbrcy ila fdldlc (curb BU.5). Qgb Nri-

zd`dil prbsbleb stilas mut nbeiusb mj tgb

wiy Nrizd`dil emrpmritdmls am nusdlbss.

Qgby tbla tm gdrb i `mei` wmrhjmreb jmr

tgbdr prmobets, jivmrdlc tgb abvb`mpfblt

mj `mei` eipiedty, wgdeg u`tdfitb`y ridsbs

tgb qui`dty mj sbrvdebs ila mutputs. Qgb

`biadlc Nrizd`dil emfpildbs dl Ijrdei ny

dlvbstfblt ila si`bs vmùfb irb Ilariab

Cutdbrrbz, Eifircm Emrrbi, Mabnrbegt,

[btrmnris, Yubdrmz Ci`våm ila Zi`b.

Cdvbl tgb jivmrin`b nusdlbss blvdrmlfblt

jmr Nrizd`dil dlvbstfblt dl Ijrdei, tgb Nri-

zd`dil Bxpmrt Icbley gis nbbl jmstbrdlc

sfi`` ila fbaduf-sdzba bltbrprdsbs dl Ij-

rdei ― tgrmucg nusdlbss jidrs, jmr bxifp`b.

It mlb bvblt dl Iprd` >;9; dl Uåm [iu`m,

Nrizd`dil ila Ijrdeil emfpildbs sdclba

emltriets ila e`msba abi`s wmrtg inmutRU$>2 fd``dml dl sbetmrs sueg is jmma ila

nbvbricbs, e`mtgdlc ila jmmtwbir, iutmfm-

tdvb, b`betrmldes, gmusdlc ila emlstruetdml,

ila emsfbtdes.

Qgb trblas ili`yzba dl tgds rbpmrt dladeitb

tgit, mvbri``, Nrizd` ila Ijrdei irb omdlt`y

abvb`mpdlc i fmab` mj Umutg-Umutg rbì-

tdmls tgit emuà nblbt nmtg.

std`` ji``s sgmrt. Dldtdi` rbsu`ts givb, gmw-

bvbr, mjtbl nbbl pmsdtdvb, gdcg`dcgtdlc tgb

pmtbltdi` jmr fmrb sustidlba ila `mlcbr-tbrf blcicbfblt.

z Rlprbebabltba Crmwtg

dl Bemlmfde ^bìtdmls

Nrizd`—s triab wdtg Ijrdei dlerbisba nb-

twbbl >;;; ila >;9; jrmf RU$1 nd``dml

tm RU$>; nd``dml, erbitdlc i prmpdtdmus

blvdrmlfblt jmr tgb Nrizd`dil Litdmli`

Nrizd`dil prdvitb

dlvbstfblt dl

Ijrdei bfbrcba dl

tgb 947;s ila gis

lmw rbiegba sueg ilbxtblt tgit Nrizd`dil

emrpmritdmls irb

prbsblt dl i`fmst

bvbry irbi mj

tgb emltdlblt,emlebltritba dl

dljristrueturb,

blbrcy ila fdldlc.


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Jmeus

z Rsbju` @bssmls jmr

Dltbrlitdmli`

Mrcildzitdmls

Qgb Smrà Nilh Crmup gis pìyba i pb-

rdpgbri` rm`b dl jmrcdlc tgb crmwdlc rbì-tdmlsgdp nbtwbbl Nrizd` ila sun-Uigiril

emultrdbs, i`tgmucg tgds ds lmw egilcdlc

ulabr tgb Nilh—s rblbwba Ijrdei Utrit-

bcy. Umutg-Umutg emmpbritdml wd`` pìy

i hby rm`b dl tgb juturb tgrmucg pirtlbr-

sgdps, hlmw`bacb bxegilcb ila lileb.

Nut nbttbr tmm`s ila dlebltdvbs irb lbbaba

dj tgb Nilh ds tm systbfitdei``y dlemrpmritb

ila `bvbricb Umutg-Umutg blcicbfblt dl

dfp`bfbltdlc tgds stritbcy, pirtdeuìr`y dl

dlvbstfblt ila triab.

Sgd`b rbìtdmls nbtwbbl Nrizd` ila Ij-

rdei givb crbit`y dltblsdba mvbr tgb pist

abeiab, sunstiltdi` mnstie`bs rbfidl ― dl

pirtdeuìr, i hlmw`bacb cip ml nmtg sdabs

mj tgb Umutg Itìltde. Fmst Nrizd`dil dlad-

vdaui`s ila emfpildbs ― dleùadlc fily

sfi`` ila fbaduf-sdzba bltbrprdsbs ― givb

`dfdtba ila mjtbl mutaitba dljmrfitdml ml

Ijrdei. Sgit dljmrfitdml tgby givb ds mj-

tbl `dfdtba tm Ilcmì, Fmzifndqub ila

meeisdmli``y Umutg Ijrdei. Fily lml-

@usmpgmlb Ijrdeil emultrdbs irb jieba

wdtg ìlcuicb mnstie`bs wgbl mntidldlc

dljmrfitdml jrmf Nrizd`, bspbedi``y jrmf

tgb cmvbrlfblt, sdleb sueg dljmrfitdml

ds rirb`y ividìn`b dl Blc`dsg mr Jrbleg.

Ilmtgbr dfpbadfblt ds tgit ― abspdtb tgb

cbmcripgde prmxdfdty mj Sbst Ijrdei ila

bistbrl Nrizd` ― tgbrb irb jbw adrbet dcgts

nbtwbbl tgb twm, ila nurbiueriey ml nmtgsdabs eil s`mw firdtdfb triab tm 7; aiys

dlstbia mj i pmssdn`b 9;. Qgb Smrà Nilh

emuà issdst dl mvbremfdlc tgbsb mnstie`bs,

blin`dlc tgb Ijrdei-Nrizd` rbìtdmlsgdp tm

bxpila ila nrdlc iaadtdmli` nblbts tm i``

sdabs.

Qgb crmwdlc rbìtdmlsgdp nbtwbbl Ijrdei

ila Nrizd` rbvbi`s nrmiabr `bssmls jmr tgb

Smrà Nilh ila mtgbr dltbrlitdmli` pìy-

brs, wgm wmuà am wb`` tm strblctgbl sup-

pmrt jmr Umutg-Umutg dldtditdvbs mvbri``.

Qgbrb irb, mj emursb, uldqub gdstmrdei`,

eu`turi`, ila cbmcripgde ispbets mj tgb

Nrizd`-Ijrdei eisb tgit fihb tgb wd``dlc-

lbss mj Nrizd` (tm sgirb dts sueebssbs) ilatgb dltbrbst mj Ijrdeil emultrdbs (tm `birl

jrmf Nrizd`dil bxpbrdblebs) jbrtd`b crmula

jmr tgb Nilh tm abfmlstritb dts rm`b is eml-

lbetmr ila hlmw`bacb jied`dtitmr.

Qgb Smrà Nilh emuà i`sm pìy i adrbet

rm`b dl eiti`yzdlc Umutg-Umutg emmpbri-

Nrizd`dil emfpildbs tm Ijrdei, is wb`` is

sdcli`dlc tgb crmwdlc rm`b tgit bfbrcdlc

litdmls irb pìydlc dl tgb Nilh. Qgrmucg

tgb Bltbrprdsb Mutrbieg Ubrvdebs ― wgdeg

idf tm strblctgbl tgb Smrà Nilh Crmup—s

rbìtdmls wdtg tgb prdvitb sbetmr sm is tm dl-

jmrf ila prmfmtb tgb pirtdedpitdml mj prd-vitb emfpildbs ― tgb Nilh emuà mrcildzb

iwirblbss-ridsdlc wmrhsgmps dl Nrizd` (is

dt ambs jmr Burmpbil ila R.U. rfs) inmut

tgb Nilh—s prmauets ila sbrvdebs tm jmstbr

prdvitb sbetmr dlvbstfblt dl Ijrdei.

Mtgbr wiys dl wgdeg tgb Nilh emuà

strblctgbl Nrizd`-Ijrdei rbìtdmlsgdps?

Uuppmrtdlc Umutg-Umutg em`ìnmritdml ―

[rmvdadlc suppmrt tm tgb pirtdbs (Nrizd`-dil cmvbrlfblt mr prdvitb sbetmr, Ijrdeil

cmvbrlfblts mr prdvitb sbetmr) jmr spbede

Umutg-Umutg prmobets, tgrmucg `bladlc,

cuiriltbbs, mr mtgbr jmrfs mj issdstileb.

Qgds emuà bltid`, jmr bxifp`b, bxpila-

dlc prmobets tgit mrdcdlitba dl ndìtbri`

rbìtdmls nbtwbbl Nrizd` ila i cdvbl Ij-

rdeil emultry tm mtgbr Ijrdeil emultrdbs.

I Nrizd`dil tbegldei` issdstileb prmobet dl

Fmzifndqub fiy, jmr dlstileb, nb gdcg`y

rb`bvilt tm Qilzildi8 tgb Nilh emuà gb`p

adssbfdlitb dljmrfitdml ml tgit prmobet,

bdtgbr tgrmucg Nilh stijj mr ny juladlc

Nrizd`dil mr Fmzifndeil bxpbrts tm ip-

p`y tgb bxpbrdbleb dl Qilzildi. Qgb Nilh

emuà i`sm jied`dtitb nrmiabr hlmw`bacb

ila nbst-prietdeb bxegilcb nbtwbbl Nri-

zd` ila Ijrdei, pirtdeuìr`y @usmpgmlb

emultrdbs, cdvbl tgb dltbrbst ifmlc Ijrd-

eil emultrdbs dl Nrizd`dil nbst prietdebs.

Dt wmuà nb bqui``y nblbedi` tm prmfmtb omdlt ipp`dba rbsbireg nbtwbbl Ijrdeil ila

Nrizd`dil ieiabfde ila `birldlc dlstdtu-

tdmls.

Bxifdldlc tgb eurrblt ila pmtbltdi` df-

piet mj tgb Nilh—s triadtdmli` ietdvdtdbs

mj rb`bvileb tm Umutg-Umutg emmpbritdml

tgrmucg tgb prdsf mj tgit emmpbritdml.

^b`bvilt irbis dleùab tgb dlvbstfblt e`d-

tdml tgrmucg prmfmtdlc tgb pirtdedpitdml

mj Nrizd`dil emfpildbs (ila tgmsb dl

mtgbr bfbrcdlc firhbts `dhb Dladi ila

Umutg Ijrdei, jmr bxifp`b) dl tgb Nilh—s

prmeurbfblt, pirtdeuìr`y dl Ijrdei. Qgds

wmuà givb tgb nblbedi` bjjbet mj nrdlc-

dlc fmrb adrbet`y rb`bvilt bxpbrdbleb jrmf

Jmeus

Qgb crmwdlcrbìtdmlsgdp

nbtwbbl Ijrdei

ila Nrizd` rbvbi`s

nrmiabr `bssmls jmr

tgb Smrà Nilh ila

mtgbr dltbrlitdmli`

pìybrs, wgm

wmuà am wb`` tm

strblctgbl suppmrt

jmr Umutg-Umutg

dldtditdvbs mvbri``.



Jmeus

fitb, cmvbrlileb, icrdeu`turb, gbi`tg, bau-

eitdml ila oustdeb. Is il bxifp`b, Nrizd`—s

gdcg`y sueebssju` prmcrif ml GDZ/IDAU

ila fiìrdi prbvbltdml ila trbitfblt irb

adrbet`y rb`bvilt tm tgb Nilh—s dldtditdvbs.

Dfprmvdlc emmradlitdml iermss Nilh rb-cdmls ila nbtwbbl sbetmrs ila rbcdmls ny

sbttdlc up ermss-rbcdmli` tbifs (jmr bx-

ifp`b, nbtwbbl tgb @itdl Ifbrdei ila tgb

Eirdnnbil ^bcdml ila tgb Ijrdei ^bcdml)

tm bxegilcb bxpbrdblebs ila dfp`bfblt

spbede Umutg-Umutg ietdvdtdbs, smfbtdfbs

wdtg dldtditdvbs i`rbiay ulabr wiy.

Uystbfitdei``y dlemrpmritdlc fbisurin`b

Umutg-Umutg adfblsdmls dltm emultry is-

sdstileb stritbcdbs, emultry pirtlbrsgdpstritbcdbs, emultry issdstileb bviùitdmls,

ila sm ml. I`sm, bviùitdlc wgbtgbr spb-

ede dltbrli` dlebltdvbs mr fbegildsfs tm

suppmrt Umutg-Umutg emmpbritdml (sueg is

tgrmucg wmrh prmcrifs ila omn bviùi-

tdmls) emuà nb usbju`, wgd`b lmt erbitdlc

lbw nurbiueriedbs. Is pirt mj tgds bxbr-

edsb, dt wmuà nb usbju` tm citgbr ila ads-

sbfdlitb sueebssju` bxifp`bs mj Nilh

wmrh dl tgds irbi, sueg is tgb Nrizd` Emul-

try Filicbfblt Rldt—s wmrh prmcrif jmr

Umutg-Umutg emmpbritdml, tm gb`p strbif-

`dlb sueg ietdvdtdbs dl i fmrb systbfitde

ila stritbcde wiy iermss tgb Nilh.

Uystbfitdei``y emlsu`tdlc wdtg tgb Nri-

zd`dil cmvbrlfblt is wb`` is wdtg mtgbr

fiomr bfbrcdlc-litdml cmvbrlfblts

dlvm`vba dl Umutg-Umutg emmpbritdml

is prietdtdmlbrs mr amlmrs, sueg is tgb

N^DEU litdmls, tm cbt tgbdr vdbws ml gmwNilh suppmrt emuà nb fiab fmrb rb`-

bvilt ila bjjbetdvb. Qgb mnobetdvb wmuà

nb nmtg prietdei` ila stritbcde ― lifb`y,

tm gb`p tgb Nilh mvbremfb tgb pbrebp-

tdml ifmlc smfb stihbgmàbrs tgit dt ambs

lmt sujedblt`y rbemcldzb ila ulabrstila

tgbdr emltrdnutdmls tm abvb`mpfblt. I spb-

ede bxifp`b emuà nb tgb bxp`mritdml mj

i omdlt prmcrif nbtwbbl tgb Smrà Nilh

Crmup ila NLABU tm suppmrt Nrizd`dil

triab ila dlvbstfblt dl Ijrdei.

Sdtgdl tgb Nilh, bxpiladlc tgb jmeus mj

ietui` Umutg-Umutg ietdvdtdbs jrmf tgb

Smrà Nilh Dlstdtutb tm mtgbr irbis (pir-

tdeuìr`y dljristrueturb, dlvbstfblt e`dfitbila prdvitb sbetmr abvb`mpfblt, cmvbr-

lileb, gbi`tg ila baueitdml) ila dleùadlc

fmrb tbegldei` issdstileb ila `bladlc dl

tgbsb irbis (dl iaadtdml tm hlmw`bacb bx-

egilcb). Dl pirtdeuìr tgbrb ds tgb lbba jmr

fmrb ietdvdtdbs adrbet`y rbìtba tm dlvbst-

fblt, prdvitb sbetmr abvb`mpfblt ila omn

crmwtg, wgdeg sm jir sbbfs tm nb mutsdab

tgb fidl sempb mj Umutg-Umutg ietdvdtdbs

emltbfpìtba dl Nilh prmcrifs.

Bxp`mrdlc wgbrb tgbrb irb spbede ir -

bis mr ispbets mj prmcrifs tgit rbìtb tm

Umutg-Umutg abvb`mpfblt prmobets tgit

emuà nblbt jrmf omdlt wmrh prmcrifs mr

cmi`s, nbeiusb emmradlitdml nbtwbbl tgb

Nilh, tgb Dltbrlitdmli` Jdlileb Emrpmri-

tdml (DJE) ila tgb Fu`tdìtbri` Dlvbstfblt

Cuiriltbb Icbley rbfidls i egi``blcb jmr

suppmrtdlc Umutg-Umutg emmpbritdml. Qwm

ifmlc fily bxifp`bs irb crbitbr i`dcl-

fblt nbtwbbl tgb Nilh ila DJE emultry

mjebs dl hby bfbrcdlc firhbts jmr tgb

prmfmtdml mj sustidlin`b Umutg-Umutg dl-

vbstfblt ila nbttbr tridldlc, ila dlebltdv-

dzdlc Nilh (ila DJE) stijj dl emultry mj-

ebs tm ‐ermss-sb``‖ tgb cuiriltbb sbrvdebs

mj tgb Fu`tdìtbri` Dlvbstfblt Cuiriltbb

Icbley.

Jurtgbr strblctgbldlc emmradlitdml wdtg

mtgbr fu`tdìtbri` nmadbs, pirtdeuìr`y tgblbwbr Umutg-Umutg fbegildsfs, jmr tgb

Nilh tm nb il bjjbetdvb pìybr dl Umutg-

Umutg emmpbritdml, mvbremfb smfb stbrbm-

typbs dl abvb`mpdlc emultrdbs, ila ivmda

aup`deitdml mj bjjmrts. Qgb Nilh, jmr bx-

ifp`b, ds dl il bxeb``blt pmsdtdml tm jied`d-

titb il illui` c`mni` Umutg-Umutg abvb`-

mpfblt suffdt, prbjbrin`y dl il bfbrcdlc

mr abvb`mpdlc emultry.

Jmeus

Uuffiry [rmvdaba ny Smrà Nilh

www.wmrànilh.mrc/nrdacdlctg-

bitìltde.mrc

Inmut tgb Iutgmr



^blbwin`b Blbrcy

Qgds irtde`b bxifdlbs rbeblt abvb`mpfblts dl blbrcy

dltbcritdml ila tgb cblbritdml ila trilsfdssdml mj i`-

tbrlitdvb blbrcy smurebs sueg is gyarmb`betrde, wdla

ila smìr dl Ebltri` Ifbrdei. I sbrdbs mj eisb stuadbs

prmvdab dlsdcgts dltm tgb sbetmr.

Dltbrlitdmli` dlvbstfblt nilhs, pun`de liledlc ila prdvitb bqud-

ty dlvbstmrs irb nilhdlc ml UBD[IE, tgb lbw ‐Ebltri` Ifbrdeil

B`betrdei` Dltbremllbetdml Uystbf‖ emllbetdlc tgb pmwbr crdas mj

sdx Ebltri` Ifbrdeil litdmls. Is mj bir`y >;95, lbw trilsfdssdml

`dlbs emllbet 53 fd``dml emlsufbrs dl [ilifi, Emsti ^dei, Gml-

auris, Ldeiricui, B` Ui`viamr ila Cuitbfiì.

Qgds `bvb` mj blbrcy dltbcritdml ds lmt bvbl blomyba ny tgb Bu-

rmpbil firhbt, ila UDB[IE ds tgb rst stbp mj i [ubn`m-[ilifi

pìl, i fu`td-nd``dml am`ìr dltbcritdml prmobet blin`dlc blbrcy bxpmrts jrmf Ebltri` Ifbrdei tm Fbxdem.

z Qrilsfdssdml8 ^bcdmli` Blbrcy Dltbcritdml

Sgit irb tgb mppmrtuldtdbs ila rdshs= Sgit ds tgb mut`mmh jmr dl-

advdaui` dlvbstmrs=

Qgb Dltbr-Ifbrdeil Abvb`mpfblt Nilh prmvdaba tgrbb rbismls

oustdjydlc pun`de liledlc mj UDB[IE?

I`tbrlitdvb Blbrcy

Dlvbstfbltsdl Ebltri`

Ifbrdei z Ba Cdsg & Utbpgbl Hiezmr

9. Dl tgb in-

sbleb mj i

rbcdmli` prmo-bet, tgb dladvdaui`

emultrdbs wmuà lmt

givb tgb dlebltdvb tm eirry

mut sueg dljristrueturb dlvbst-

fblts.

>. Qgbrb irb dfniìlebs nbtwbbl tgb rbturls ila rdshs dl-

vm`vba dl tgb trilsfdssdml mj b`betrde pmwbr tgit irb

lmt emlauedvb tm prdvitb dlvbstfblt dl i rbcuìtba ie-

tdvdty wgbrb vbrtdei` dltbcritdml ds lmt pbrfdttba.



^blbwin`b Blbrcy

5. Qgb stritbcde df-

pmrtileb mj b`betrde pmwbr trilsfdssdml dl erb-

itdlc dlebltdvbs ila adsdlebl-

tdvbs jmr dlvbstfblts.

UDB[IE prmfdsbs tm dlerbisb emmradlitdml ila

emfpbtdtdml. Mlb mj tgb mnobetdvbs ds tm erbitb i pìtjmrf wdtg

pun`de liledlc tgit blsurbs tgb prdvitb sbetmr tihbs il dlerbis-

dlc`y crbitbr rm`b dl tgb sbetmr, pirtdeuìr`y dl cblbritdlc eipiedty,

wgdeg rbqudrbs fmrb dlvbstfblt ila, gdstmrdei``y, rdsh.

Dt ds bssbltdi` tm emlsdabr tgb pbrspbetdvb mj UDB[IE—s mppmlblts.

Erdtdes ircub tgit UDB[IE wd`` lmt fihb b`betrdedty egbipbr jmr

Ebltri` Ifbrdeils, is abvb`mpbrs succbst. Qgb dldtdi` Blvdrml-

fblti` Dfpiet Issbssfblt lileba ny tgb DAN ili`yzba ml`y

tgb adrbet dfpiets mj trilsfdssdml `dlbs ila lmt dladrbet dfpiets.

(Umureb? www.DltbrIetdml.mrc.) Dl tgb eisb mj gyarmb`betrde,

fily nb`dbvb tirdjjs wd`` dlerbisb is jmrbdcl emrpmritdmls cidl bx-

eùsdvb emlebssdmls tm abvb`mp jmrfbr`y pun`de rdvbrs.

z Jdliledlc Eisb Utuay

IEML @itdl Ifbrdei Mppmrtuldtdbs Jula ds i prdvitb bqudty dl-

vbstfblt rf tgit `bias i emlsmrtduf tgit dleùabs tgb Lbtgbr -

ìlas Abvb`mpfblt Jdlileb Emfpily JFM ila tgb Jrbleg Ab-

vb`mpfblt Nilh [^M[IÊM tm dlvbst dl i emltrm``dlc dltbrbst dl

[ilifi—s Gdarmtblbledis U.I. dl pirtlbrsgdp wdtg Fbxdem—s Isbr-

cbl, U.E. ila liledlc jrmf [ilifi—s Nilem Cblbri`. Gdarmtb-

lbledis mwls tgrbb 9;FS rul-mj-tgb-rdvbr gyarmb`betrde prmobets

dl [ilifi—s Egdrdqud prmvdleb, jmr i tmti` mj 5;FS eipiedty.

Sisgdlctml-nisba IEML wis mlb mj tgb rst prdvitb bqudty rfs

tm dlvbst dl @itdl Ifbrdei. Jmulaba dl 944:, dt filicbs RU$>.>2

nd``dml mj eipdti` dl dts virdmus julas, dleùadlc tgrbb jmeusba ml

@itdl Ifbrdei. Dl tgb ìst abeiab, IEML gis dlvbstba dl mvbr >7

trilsietdmls dl ldlb adjjbrblt emultrdbs dl tgb rbcdml.

Dl tgb ìtbst dlstileb, IEML—s @itdl Ifbrdeil Mppmrtuldtdbs

Jula (I@IMJ) lileba Gdarmtblbledis, U.I. Dts dlvbstfblt

stritbcy dl @itdl Ifbrdei jmeusbs ml seblirdms ‐wgbrb `dfdtba

ieebss tm liledlc dl tgb fdaa`b-firhbt erbitbs mppmrtuldtdbs tm

iegdbvb prdvitb bqudty rbturls wdtg dlstrufblts tgit rilh gdcgbr dltgb eipdti` strueturb ila irb mjtbl gdcg`y em`ìtbri`dzba.‖ (Umureb?

IEML [rbss ^b`bisb.)

z Cblbritdml? Gyarmb`betrde Eisb Utuay

Qgb Nmlyde Gyarmb`betrde [rmobet ds [ilifi—s lbwbst, segba-

u`ba tm emfb ml`dlb dl Iucust >;91. Dt ds dl tgb tbrrdtmry mj tgb

dladcblmus Lism trdnb wgbrb tgb ^dm Nmlyde mws tgrmucg tgb

[i`m Ubem Jmrbst ^bsbrvb. Dt ds i pun`de-prdvitb emlsmrtduf wdtg

‐Qgb b`betrdei` emfpildbs irb fihdlc fmlbyit tgb bxpblsb mj [ilifildils. Mnvdmus`y dt—sil dfniìleb. Bla usbrs emuà nb piydlc up tm

>:;% mj tgb emst mj prmauetdml.‖



tb`bemffuldeitdmls sbrvdebs emfpily, Crupm DEB, wgdeg gis

i`sm dlsti``ba fmrb tgil 9,:21 smìr pilb`s dl mjj-crda prmobets dl

ruri` ila dladcblmus emffuldtdbs, segmm`s, gbi`tg e`dldes, rilcbr

stitdmls, emffuldty ebltbrs ila pm`deb stitdmls.

@itdl Ifbrdei ds nmmfdlc bemlmfdei``y, ila i crmwdlc luf-

nbr mj pbmp`b irb e`dfndlc mut mj pmvbrty. Qgds lbw iju-bleb gis erbitba il dlerbisba abfila jmr pmwbr ny dlaustry.

Dl tgb ìst tbl ybirs tgb abfila jmr fmrb b`betrdedty gis crmwl

mvbr 52%. Qgds gis ittrietba blbrcy dlvbstmrs. Qgb jiet tgit

tgb emst mj prmauedlc smìr blbrcy gis cmlb amwl arifitdei``y

dl ìst jbw ybirs, emup`ba wdtg dts sdfp`dedty mj prmauetdml,

fihbs smìr pmwbr pmtbltdi``y tgb fmst prmtin`b ila sustidl-

in`b mptdml.

[rmfdlblt fmvbrs ila sgihbrs dl tgb c`mni` smìr dlaustry irb sm

mptdfdstde tgby givb fiab @itdl Ifbrdeil smìr prmobets i jula-

dlc prdmrdty. CQF ^bsbireg, i emlsu`tdlc emfpily wdtg i jmeusml crbbl dlaustrdbs, jmrbeists tgit tgb rbcdml wd`` sbb dlsti`ìtdml mj

12;FS mj smìr eipiedty dl >;95, lbir`y 1;;% fmrb tgil dl >;9>.

z Uuffiry

Qgb Burmpbil Dlvbstfblt Nilh (BDN) illmuleba dl Iucust >;95

dts icrbbfblt tm prmvdab RU$>5; fd``dml tm suppmrt dlvbstfblt dl

rblbwin`b blbrcy prmcrifs iermss Ebltri` Ifbrdei.

Qgb omdlt prmcrif wdtg tgb Ebltri` Ifbrdeil Nilh jmr Bemlmfde

Dltbcritdml wd`` blin`b fmrb tgil RU$2;; fd``dml mj dlvbstfblt

dl prmobets dl sdx Ebltri` Ifbrdeil emultrdbs, Emsti ^dei, B` Ui`-

viamr, Cuitbfiì, Gmlauris, Ldeiricui ila [ilifi.

‐Emlsdabrin`b dlvbstfblt ds lbbaba tm girlbss tgb pmtbltdi` mj

rblbwin`b blbrcy ila fmrb bjedblt blbrcy usb tm rbaueb eirnmlbfdssdmls ila prmvdab blbrcy bssbltdi` jmr bemlmfde crmwtg,‖

sida Ficai`bli É`virbz Irzi, Burmpbil Dlvbstfblt Nilh vdeb

prbsdablt rbspmlsdn`b jmr `bladlc dl @itdl Ifbrdei.

‐Sb givb i strmlc trieh rbemra mj pirtlbrsgdp wdtg tgb Ebltri`

Ifbrdeil Nilh jmr Bemlmfde Dltbcritdml ila `mmh jmrwira tm

emltdludlc tgds emmpbritdml tm nblbt dlvbstfblt dl tgb rbcdml,‖

sgb iaas.

Qgb lbw bladlc segbfb wd`` i``mw suppmrt jmr pun`de ila prdvitb

sbetmr dlvbstfblt dl nmtg rblbwin`b blbrcy ila blbrcy bjedbley

prmobets, tgb BDN siys.

Ba Cdsg wis EBM ila Erbitdvb Adrbetmr it Cdsg Upricub ila Issmeditbs il iavbrtdsdlc icbley. Gb nbeifb Zdeb [rbsdablt

mj [rdfb Qdfb Ml Idr [rmfmtdml jmr ENU Bltbrtidlfblt. Gb sunsbqublt`y omdlba Hdlc Smrà [rmauetdmls wgbrb gb nbeifb

Zdeb [rbsdablt mj Firhbtdlc ila Erbitdvb Adrbetmr. Gb gis wrdttbl ila adrbetba lufbrmus tb`bvdsdml ameufbltirdbs. Gb ds

i`sm tgb iutgmr mj ‐Qgb Uwbbt Udxtbbl Furabrs‖ pun`dsgba ny Lbxt Ebltury [un`dsgdlc. Fr. Cdsg prbsblt`y `dvbs ila wrdtbs dl

Nmqubtb, Egdrdqud, [ilifi.

Utbpgbl Hiezmr ds i rbcuìr emltrdnutmr tm I`tbrlitdvb Bfbrcdlc Dlvbstmr Ficizdlb ila Egidrfil mj tgb Ndc dvbr Jmulai-

tdml, i lml-prmjdt jmeusba ml rdvbr ila witbrsgba bem`mcy emlsbrvitdml dldtditdvbs tgrmucgmut tgb Ifbrdeis. Gb ds il mrcilde

jirfbr, bem-bltrbprblbur, emlsu`tilt, ila i wrdtbr wdtg i ameufbltiry jd`f dl prmauetdml dl Ebltri` Ifbrdei. Is i [ilifi-

nisba emlsu`tilt, Fr. Hiezmr—s jmeus ds sustidlin`b mrcildzitdmli` abvb`mpfblt, rbsbireg & filicbfblt.

www.Ndc^dvbrJmulaitdml.mrc

Inmut tgb Iutgmrs

^blbwin`b Blbrcy



Issbt [rmtbetdml

RlabrstiladlcIssbt [rmtbetdml

Qgb tbegldqubs tgit dladvdaui`s ila nusdlbss bltdtdbs irb usdlc tm sijbcuira tgbdr

issbts irb nbemfdlc fmrb ila fmrb smpgdstdeitba. Iaadtdmli``y, mjjsgmrb prmtbetdml

fbisurbs emltdlub tm cidl fmfbltuf is i wiy mj `dfdtdlc erbadtmrs— ieebss wdtgdl i

`bci``y rbemcldzba jrifbwmrh.



^bi` Bstitb

Dlvbstfblt rf Inbrabbl Issbt

Filicbfblt gis ulabrtihbl i prmo-

bet tm eìssdjy tgb pmtbltdi` rbi` bs-

titb dlvbstfblt gmtspmts mj mvbr 9;;

bfbrcdlc firhbt emultrdbs. Qgb rf gis

pmsdtdmlba dts sb`betba emultrdbs ml i eml-

sdstblt ila emfpirin`b sei`b, nisba ml 19

dlabpblablt virdin`bs. Qbl mj tgbsb givb

I Erdtdei`

Zdbw

tgbl nbbl gdcg`dcgtba is nbdlc tgb sdcld-

eilt dladeitmrs mj ulabr`ydlc sei`b, firhbt

mppmrtuldty ila rdshs, tm ‐prmvdab i strmlc

dladeitdml mj tgb nrmia pmsdtdml mj dladvda-

ui` emultrdbs.‖

‐Sgd`st tgb rbsbireg gdcg`dcgts smfb e`bir

emultry prbjbrblebs, is smfb emultrdbs

Ili`yzdlctgb BfbrcdlcFirhbts

Abtbetdlc tgb

dlvbstfblt pmtbltdi`

ila iltdedpitdlc tgb

rdshs mj tgb bfbrcdlc

firhbt emultrdbs ds lmt

il bisy tish. Ila is

fily sbismlba dlvbstmrs

hlmw, dt ds lmt i`wiys

is sdfp`b is ili`yzdlc

tgb emultry is i wgm`b8

sbetmr-spbede rbsbireg

ila ieebssdnd`dty pìy

eruedi` pirts dl tgmsb i``-

dfpmrtilt abedsdmls.

semrba emlsdstblt`y gdcg`y, wb givb lmt

trdba tm prbsblt il mvbri`` rilh mj emul-

trdbs, is tgit eil nb fds`biadlc. Mlb emuà

fihb ulwdsb dlvbstfblts dl i ‗prbjbrrba—

emultry ila vdeb vbrsi, is u`tdfitb`y ily

sueebssju` dlvbstfblt wd`` nb abtbrfdlba

ny tgb stmeh mr jula spbedes, ila tgby irb

lmt lbebssird`y ardvbl ny tgb fierm pmsd-



^bi` Bstitb



Emffmadtdbs

tdml,‖ siys Ilay I``bl, Adrbetmr mj C`mni`

[rmpbrty ^bsbireg it Inbrabbl Issbt

Filicbfblt.

‐Gmwbvbr, wb nb`dbvb givdlc il ind`dty

tm emfpirb iermss bfbrcdlc firhbts ml i

emlsdstblt nisds iermss tgb rbcdmls mj tgbwmrà, tgrmucg Isdi, Ijrdei, Burmpb ila

tgb Ifbrdeis, ds i viùin`b stirtdlc pmdlt.‖

z Ili`yzdlc tgb Abtid`s

Fr. I``bl siys tgit tgbrb irb sbvbri` `bss

ulabrstmma firhbts tgit semrb vbry wb``

dl tbrfs mj fu`tdp`b jietmrs, sueg is pmp-

uìtdml crmwtg, tgb pm`dtdei` niehcrmula

ila trilspirbley. Nut erdtdei``y, Inbr-

abbl—s prmobet gdcg`dcgts gmw ieebssdn`btm dlvbstmrs tgbsb firhbts irb, ila gmw

tgds emuà suaabl`y egilcb. R`tdfitb`y

dt ds tgb ieebssdnd`dty mj tgb ipprmprditb

dlvbstfblt prmauet tgit rbi``y fittbrs,

gb siys.

‐Sb lmw givb tgb emlableb tm ulabr -

stila wgit fierm nirrdbrs wb fiy jieb

wgbl dlvbstdlc dl bfbrcdlc firhbts c`mn-

i``y. Umfb emultrdbs `mmh sm`da dl bvbry-

tgdlc mtgbr tgil tgbdr ieebssdnd`dty. Dj tgbsb

firhbts nbemfb fmrb mpbl ila trilspir-

blt, tgbl tgby fiy wb`` nb tgb bfbrcdlc

firhbts mj tgb juturb, ila mlbs tgit bv-

brymlb wilts tm tgdlh inmut ― wb nb`dbvb

tgbsb irb viùin`b dlsdcgts tm gmà.‖

Inbrabbl ili`yzbs rbi` bstitb prmpbrty

typbs tgit irb eurrblt`y ulabrsupp`dba

ila tgit ittriet abfila jrmf i ìrcb nisb

mj `mw- ila fdaa`b-dlemfb gmusbgmàs,wgdeg dleùabs `mcdstdes, rbtid`, ila gmus-

dlc.

‐Iermss Inbrabbl—s 5> ‗Gdcg`y Jivmrin`b—

emultrdbs, >3 givb it `bist mlb ieebss pmdlt

ila 9: givb nmtg i prdvitb jula ila `dstba

prmpbrty firhbt. Mur prmprdbtiry rbsbireg

emfpirbs 9;2 c`mni` bfbrcdlc firhbts

iermss i`` rbcdmls ml i emfprbgblsdvb,

emlsdstblt ila ju``y emfpirin`b nisds. Mut

mj tgb >92 emultrdbs dl tgb Smrà Nilh ai-

tinisb, wb bxeùaba abvb`mpba emultrdbs,

wgdeg irb tgmsb wdtg i CA[ pbr eipdti

inmvb RU$>9,;;;, ila emultrdbs wdtg iCA[ pbr eipdti nb`mw RU$12; ila sfi``

dsìlas.‖

igbia dl bieg sbetmr ila emultry, wdtgdl

tgb emltbxt mj tgb aylifde egirietbrdstdes

mj bieg bfbrcdlc firhbt.

Gmwbvbr, tgb rf gis fiab fmrb emlerbtb

prmobetdmls tgit pìeb smfb bfbrcdlc fir-

hbt sbetmrs ml tgb wmrà sticb. Ila ifdatgb rbeblt ulebrtidlty mvbr R.U. fmlbtiry

pm`dey ila tgb dfpiets ila pbrebptdml mj

rdsh dl bfbrcdlc firhbts, Fr. I``bl siys

tgit tgb rf—s bstdfitbs dladeitb tgit ny

>;5; bfbrcdlc firhbts wd`` emfprdsb mvbr

1;% mj tgb wmrà—s dlvbstdn`b rbi` bstitb

firhbt, emfpirba wdtg irmula 95% tmaiy.

‐Qgds fbils dt wmuà eipturb i ìrcbr prm-

pmrtdml mj tgb c`mni` rbi` bstitb uldvbrsb

tgil tgb R.U. mr Burmpb tmaiy. Lm amunttgbrb irb sgmrt-tbrf qubstdmls rbciradlc i

jmeus ml sueg firhbts, nut tgb `mlc-tbrf

trbla tgit wb sbb succbsts dlvbstmrs sgmuà

it tgb vbry `bist nb baueitdlc tgbfsb`vbs

lmw. Qgb lbxt stbps mj mur rbsbireg irb

tm tgdlh inmut stritbcdbs wdtgdl bfbrcdlc

firhbts.‖

Jmr Inbrabbl, tgb fmst sdcldeilt ‐fbci-

trbla‖ iermss tgb bfbrcdlc firhbts ds tgb

crmwtg ila bfbrcbleb mj tgb fdaa`b eìss.

Dts succbstba stritbcdbs tgit sbrvb tgb lbbas

mj tgds trbla wd`` nb pirtdeuìr`y ippbi`dlc

jmr dlvbstmr rbsbireg, Fr. I``bl siys. R`td-

fitb`y, tgb rf nb`dbvbs dl ladlc i eiu-

tdmus stritbcy tgit prmvdabs i prmxy jmr tgb

bemlmfde bxpilsdml mj dts `dstba emultrdbs.

‐Qihdlc tgds jurtgbr, wb irb pirtdeuìr`y dl-

tbrbstba dl tgb bssbltdi` lbbas mj tgb pmpuì-

tdml. Gmw am tgby cbt gmusba= Gmw am tgbysgmp jmr emlvbldbleb-nisba cmmas= Sb prm-

pmsb tgit jm``mwdlc sueg stritbcdbs sgmu a

emrrbìtb fmrb e`msb`y wdtg tgb bemlmfde

bxpilsdml tgil, siy, tgb abvb`mpfblt mj mj-

ebs jmr c`mni` liledi` sbrvdeb meeupdbrs.‖

^bi` Bstitb

Inbrabbl—s bxifp`bs mj ‐Gdcg`y Jivmr-in`b‖ emultrdbs dleùab Egd`b, Fiìysdi,

Nrizd`, [mìla, Qurhby ila Cgili. Bxif-

p`bs mj dts ‐@bss Jivmrin`b‖ emultrdbs dl-

eùab Rhridlb, Eifnmadi, Cifndi ila Ld-

eiricui. Fr. I``bl strbssbs tgit tgb rf—s

rbsbireg ds lmt stitde, ila i``mwilebs irb

fiab jmr tgb pmssdn`b egilcbs tgit `db

Jmr Inbrabbl,

tgb fmst

sdcldeilt

‐fbci-trbla‖

iermss tgb

bfbrcdlc

firhbts ds tgb

crmwtg ilabfbrcbleb mj

tgb fdaa`b

eìss.



Emffmadtdbs

JM^ FM^B DLJM^FIQDML ZDUDQ? www.e`birpitgili`ysds.emf | Q? +11 (;) >;3 7>> 7 224 | B? firhbtdlcKe`birpitgili`ysds.emf

www.e`birpitgili`ysds.emf

E`bir [itg Ili`ysds spbedi`dsbs dl tgb pun`dsgdlc mj gdcg qui`dty, jrbb ml`dlb rbpmrts

dl tgb jdliledi` sbrvdebs ila dlvbstfblt sbetmrs, dleùadlc?

• NILHDLC• JDLILEB QBEGLM@MCT

• JRLA FILICBFBLQ M[BÎQDMLU

• DLURÎLEB

• DLZBUQFBLQ UQÎQBCT

• [BLUDMLU IAFDLDUQÎQDML & M [BÎQDMLU

• [^DZIQB & ^BQID@ DLZBUQFBLQ

AMSL@MIA J^BBJDLILEDI@ ^B[M^QU J^MF SSS.E@BI^[[email protected]



[rmjd`b

Lbvbrtgb`bss, is wdtlbssba aurdlc tgb

rbeblt abfmlstritdmls, tgb abbp-

rmmtba smedmbemlmfde qubstdmls

tgit wbrb nmula tm bfbrcb i`mlc-

sdab tgds lbwjmula pmtbltdi` emuà lbvbr givb

nbbl nrusgba isdab sm bisd`y. Qmaiy, dl jiet, fueg

mj tgb pmpuìtdml ds ishdlc wgy tixpiybr fmlbyila hby dlvbstfblt eipdti` gis nbbl tgrmwl dltm

ndc-tdehbt stiadufs ila mtgbr sbbfdlc`y jrdvm-

`mus bxpbladturbs is mppmsba tm baueitdml, pun`de

gbi`tg sbrvdebs ila abi`dlc wdtg tgb trije oifs

tgit jmrf pirt mj bvbryaiy `djb.

Ieemfpilydlc tgds adssitdsjietdml gis nbbl tgb

ìeh mj ittbltdml tm e`birdlc tgb pblt-up abfila

jmr `mw-dlemfb gmusdlc tgit, pirtdeuìr`y sdleb

tgb ìrcb-sei`b bxmaus mj ruri` fdcrilts tm tgb edt-

dbs stirtdlc dl tgb 94:;s, gis prmaueba i abedt

eurrblt`y bstdfitba it ilytgdlc nbtwbbl 2 ila 92

fd``dml uldts.

Sgd`b sueebssdvb cmvbrlfblts wbrb erdtdedzba

jmr nbdlc ulin`b tm emljrmlt tgb dssub, dl >;;4,

nishdlc dl tgb nblbts mj il ippirblt`y nmmfdlc

bemlmfy, tgbl-[rbsdablt @uì ai Ud`vi sbt mut tm

trilsjmrf tgds sdtuitdml. Umedi` gmusdlc, i`mlc-

sdab mtgbr nrmia`y emfp`bfbltiry dljristrueturb

abvb`mpfblt prmcrifs, sunsbqublt`y nbeifb dl-

tbcri` pirts mj i stritbcy tm nmmst suppmrt jmr gds

Smrhbr—s [irty ([Q) sueebssmr Ad`fi ^mussbjj—s

b`betmri` eifpidcl ― prdledpi``y vdi tgb ìuleg

mj tgb Fdlgi Eisi, Fdlgi Zdai (‐Fy Gmusb, Fy

@djb‖) prmcrif.

It jieb viùb, tgb dldtditdvb—s prmpmsdtdml wis,

ila std`` ds, ittrietdvb? fbils-tbstba sunsdadbs

tm `mw-dlemfb gmfbnuybrs emfp`bfbltba ny

gdstmrdei``y `mw dltbrbst ritbs, emladtdmls jmr

nisb-mj-tgb-pyrifda pmpuìtdmls tm bltbr dltm‐`bisb tm mwl‖ gmusdlc pirtlbrsgdps (wdtg

vbry ijjmrain`b fmltg`y emffdtfblts ila lm

amwl piyfblts) ila emfpbtdtdvb prmauetdml

jdlileb jmr bstin`dsgba emlstruetdml emfpi-

ldbs. Sgit jm``mwba wbrb sb`j-issurba pun`de-

dty eifpidcls ila cmvbrlfblt spbbegbs tgit

erbitba i ebrtidl gmpb jmr i sbcfblt sm usba tm

nbdlc lbc`betba.

^bi` Bstitb



^bi` Bstitb

Nut lmt `mlc ijtbr ^mussbjj stbppba dltm

pmwbr, tgb eriehs nbcil tm ippbir ila,

smfb jmur ybirs ìtbr, tgb day``de dficbry

gis lmw jiaba.

Jdrst, `bt—s `mmh it tgb qubstdmlin`b pun-

`dsgba aiti. Ili`yzdlc Fdldstbr mj [ìl-ldlc, Nuacbtdlc ila Filicbfblt Fdrdif

Nbègmdr—s rbeblt stitbfblt, jmr bxifp`b,

tgit ‐32% mj tgb prmcrif—s prb->;91

tircbt gis nbbl fbt,‖ wb sbb tgit, mj tgb

>,375,>32 uldts, i tmti` mj 9,>3>,:>1 givb

nbbl emltrietba tm ‐strila 9,‖ mr gmusb-

gmàs wdtg fmltg`y birldlcs mj up tm

^$9,:;; (RU$:4;) ― i pmpuìtdml nriehbt

tgit ieemults jmr tgb `dml—s sgirb mj tgb

gmusdlc abedt. Mj tgds curb, oust 51;,331

uldts irb ietui``y nbdlc dlgindtba ny tgbtircbt pmpuìtdml.

Qgbl tgbrb irb tgb qui`dtitdvb stilairas

mj tgbsb ab`dvbrba uldts. Abspdtb eìdfs

ny tgb liledi` iafdldstritmrs mj tgb prm-

crif, Eidxi Bemlñfdei Jbabri`, tgit ml`y

9% mj tgb uldts iwiraba tm tgb prmcrif—s

nblbedirdbs irb eìssdin`b is ‐prmn`bf-

itde,‖ tgb inlmrfi` rdsb dl emfpìdlts ila

lbcitdvb lbws rbpmrts pmdlt tm fiomr prmn-

`bfs. Dljbrdmr stilaira fitbrdi`s (abvb`-

mpfblts dl tgb lmrtg mj Nrizd` givb nbbl

abserdnba is bqudvi`blt tm emlebltritdml

eifps), abedblt dljristrueturb, rbpmrts mj

gmfb dlvisdmls (aub tm pmmr sbeurdty), ila

dlbjedblt pmst-iequdsdtdml sbrvdeb `bvb`s

irb oust i gilaju` mj emfp`deitdmls tgit

givb bfbrcba.

Qgb quilairy `dbs dl tgb jiet tgit nudà-

dlc jmr tgb `mw-dlemfb sbcfblt sdfp`yambsl—t piy mjj ila, uljmrtulitb`y, Fdlgi

Eisi, Fdlgi Zdai gis lmt nmucgt tgb

stdfuùs lbebssiry. Qgb Nrizd`dil cmv-

brlfblt—s mwl emlstruetdml emst dlabx,

UDLI[D, sgbas smfb `dcgt gbrb? dl Ou`y

>;95 tgb litdmli` ivbricb emst pbr squirb

fbtbr wis pun`dsgba is ^$745.27. Fu`-

tdp`y tgds curb ny tgb fdldfuf usbju`

irbi spieb rbqudrba ulabr tgb Fdlgi Eisi,

Fdlgi Zdai prmcrif jmr il ipirtfblt

uldt mj 12.2:f¾ (^$1;,39>)8 iaa it `bist

>f¾ jmr tgb tmti` emlstruetdml irbi (nrdlc-

dlc tgb tmti` up tm ^$1>,144) ila tgbl tgb

lbebssiry supp`bfbltiry emrpmritb, ìla,

`deblebs, bqudpfblt ila jbabri` tix emsts

(`dhb`y tm iccrbcitb i fdldfuf 55% bx-tri), ila tmti` emlstruetdml emst irrdvbs

dl tgb rbcdml mj ^$2:,2>1. Sdtg tgb cmv-

brlfblt piydlc nbtwbbl ^$23,;;; ila

^$3:,;;; (tm emvbr tgb emsts mj emlstrue-

tdml, wdtg tgb rbfidlabr tihbl is prmt),

tgb fircdls irb e`bir`y uldltbrbstdlc.

Smrhdlc dl tgds sbcfblt gis sunsbqublt`y

bvm`vba dltm lm fmrb tgil i cifn`b tgit

abvb`mpbrs ittbfpt tm fdtdcitb ny sìsgdlc

qui`dty stilairas, nudàdlc dl fmrb adstilt pbrdpgbrdbs (wgbrb ìla ds egbipbr ila/

mr amlitba) mr sgdjtdlc tircbt firhbts tm

gdcgbr dlemfb nriehbts. Tbt bvbl tgds ìt-

tbr stritbcy gis niehrba, lmt ml`y aub tm

rdsdlc nudà emsts ila adjeu`tdbs dl la-

dlc qui`dba ìnmr, nut i`sm nbeiusb sueg

uldts, wgdeg irb ult tm fbbt rbi` abfila,

givb blaba up situritdlc firhbtpìebs.

Idfba it nrdlcdlc fmrb tbegldei` prmjbs-

sdmli`dsf dltm tgb sbetmr, Ou`y >;95—s fmrb

rdcmrmus rbvdsdmls mj tgb fmst emffml`y

edtba blcdlbbrdlc lmrf, LN^ 92.232,

irb i`sm `dhb`y tm erbitb jurtgbr eisg mw

dfp`deitdmls cdvbl tgit sbetmr spbedi`dsts

irb bxpbetdlc ivbricb iccrbcitba emst

strueturbs tm rdsb ny it `bist 2%. Mtgbr bl-

eufnbrdlc jietmrs dleùab tgb lmtmrdmus`y

gbivy nurbiueriey dlvm`vba it i`` `bvb`s

mj tgb gmusdlc prmauetdml egidl is wb`` is

tgb tirldsgba rbputitdml tgit rbsu`tba jrmfwb``-pun`dedzba emrruptdml seilai`s, sueg

is tgb bxtblsdvb fmlby ìulabrdlc mpbri-

tdml dlvm`vdlc bx-edvd` sbrvilts mj tgb Edt-

dbs Fdldstry bxpmsba dl Iprd` mj tgds ybir.

Ifmlc wgit sbbfs `dhb il bla`bss `dst mj

iws, wb sgmuà lmt nb sm qudeh tm ittrd-

nutb nìfb tm tgb pm`dey fihdlc. Fily

mj tgb qubstdmls irb bqui``y, dj lmt fmrb

sm, aub tm tgb iregide liturb mj Nrizd`—s

emlstruetdml dlaustry dtsb`j. Fdlgi Eisi,

Fdlgi Zdai ebrtidl`y gis tgb ind`dty tm

sbrvb is i prdfb bxifp`b mj gmw tgb

bfbrcdlc/abvb`mpdlc wmrà eil erbitb

adcldba gmusdlc it sei`b ― nut jmr tgds tm

gippbl, fmrb dllmvitdvb ipprmiegbs lbbatm nb bfnrieba tgit cbludlb`y ittbla tm tgb

lbbas mj `mw-dlemfb pmpuìtdmls.

ûnil Ub`viliyicif ds tgb pirtlbr-

adrbetmr it tgb Jbz Qé [rmltm Eml-

struetdml Uystbf, i pitbltba, empy-

rdcgtba ila ju``y emlsm`daitba rbi`

bstitb abvb`mpfblt fmab` jmeusba

ml sbrvdlc tgb nisb mj tgb pyrifda

wdtg cbludlb`y ijjmrain`b, gdcg qui`-

dty, tbegldei``y iagbrblt ila bem`mcd-

ei``y jrdbla`y gmusdlc.

www.jbztiprmltm.emf

Inmut tgb Iutgmr



[rmjd`b

‐M nvdmus`y, wb irb

ti`hdlc inmut dt nb-

eiusb 7;% mj tgb

wmrà—s pmpuì-

tdml ds `meitba dl tgbsb emultrdbs, ila mj

emursb wb—rb sbbdlc blmrfmus crmwtg dl

tgb pmpuìtdml. Dt ds bxpbetba tgit ny >;2;

wb—rb cmdlc tm iaa inmut >.5 nd``dml tm

tmti` inmut 4 nd``dml dl pmpuìtdml,‖ siys

[rmjbssmr Ilarbw Hirm`yd, Em-adrbetmr mj

Dltbrprbtdlc tgb

Bfbrcdlc FirhbtsQgb bfbrcdlc firhbt

emultrdbs ieemult jmr

il bstdfitba 12% mj tgb

wmrà—s CA[, i curb tgitds bxpbetba tm surpiss

2;% dl tgb lbxt ybir,

be`dpsdlc tgb bemlmfdbs

mj tgb abvb`mpba firhbts.

Iaadtdmli``y, tgb bfbrcdlc

firhbts givb rbprbsbltba

3;% mj c`mni` CA[

crmwtg mvbr tgb pist jbw

ybirs, ila prmobetdmls

ny tgb Smrà Nilh pmdlt

tm i jurtgbr :% crmwtg

tgds ybir, wgd`b abvb`mpba

firhbts bxpbet tm tmti` i

fbrb >%.



[rmjd`b

tgb Bfbrcdlc Firhbts Dlstdtutb it Emrlb``

Rldvbrsdty.

z Qgb Crmwtg Utmry

Sgit fihbs tgb prmcrbss stmry mj tgb

bfbrcdlc firhbts sueg i gmt tmpde ds tgit,ul`dhb tgb fmrb abvb`mpba bemlmfdbs,

bieg bfbrcdlc emultry ds emfp`btb`y

uldqub dl gmw dt emltrdnutbs tm CA[

crmwtg, wdtg smfb rbcdmls lmt ybt emltrdn-

utdlc ilytgdlc it i``.

‐Dt—s lmt oust inmut ripda crmwtg. D tgdlh

fily pbmp`b sdfp`djy dt, bquitdlc bfbrc-

dlc firhbts wdtg jist crmwtg, ila D tgdlh

tgit—s i adssbrvdeb tm tgbf ila i adssbr-

vdeb tm tgit eùstbrdlc mj emultrdbs,‖ siysFr. Hirm`yd. ‐Qgbsb irb emultrdbs tgit

irb lmt ml`y bxpbrdbledlc jist crmwtg nut

irb i`sm emlomdlba tmcbtgbr wdtg tgb jiet

tgit tgby irb ulabreipdti`dzba. Dl tbrfs

mj tgbdr eipdti` firhbt ila abvb`mpfblt,

tgby aml—t givb strmlc ila vdnrilt blmucg

eipdti` firhbts tm suppmrt tgb eurrblt ila

prmobetba crmwtg.‖

‐Rlabreipdti`dzitdml emltdlubs tm nb tgb

ndccbst nurabl jmr tgb bfbrcdlc fir-

hbt bemlmfdbs, sdfp`y nbeiusb tgby irb

jriucgt wdtg prmn`bfs tgit prmgdndt tgb

jrbb mw mj eipdti`,‖ Fr. Hirm`yd bx-

pìdls. ‐Bvbl dj tgby aml—t givb tgb fir-

hbts abvb`mpba tgbfsb`vbs (wgdeg tgby

aml—t), wb`` abvb`mpba eipdti` firhbts dl

tgb abvb`mpba wmrà aml—t lituri``y mw

jmrwira nbeiusb tgby givb tgbsb smrt mj

dlgbrblt prmn`bfs tgit stmp tgit mw mj

eipdti` it tgb ammr.‖

Ila Egdli ds i prdfb bxifp`b mj tgds,

Fr. Hirm`yd lmtbs, is dt ds ulabrsbrvba dl

tbrfs mj tgb abptg ila nrbiatg mj dts eipd-

ti` firhbt. @mmhdlc it Egdli—s crmwtg

stmry, tgb c`mni` firhbt gis wdtlbssba i

sgdjt dl tgb emultry—s niìleb tmwira tgb

mw mj jmrbdcl adrbet dlvbstfblt tm mtgbr

pirts mj tgb wmrà. Bfbrcdlc firhbts irb

eurrblt`y eipturdlc 2;% mj JAD dlmws

ila >2% mj JAD mutmws, ila Egdli ds

eurrblt`y ietdlc is tgb ardvdlc jmreb nb-

gdla tgds.

z Qgb Rsb mj Iermlyfs

Iermlyfs givb `mlc nbbl bfnbaaba dl

tgb eu`turi` ìlcuicb mj lileb. Qbrfs

sueg is N^DEU, EDZBQ ila FDUQ irb i

wiy tm gb`p firhbt pìybrs fihb sblsb

mj i rbcdml—s ippbtdtb, pmtbltdi` ila rdsh.

Gmwbvbr, is tgb lbbas mj tgb bfbrcdlc

dlsdab tgb gbias mj tgb pbmp`b abvb`mpdlc

tgbf, D tgdlh tgby irb mjtbl sdfp`djydlc tgb

jmeus ml crmwtg ila bxeùsdvb`y crmwtg,

ila lmt tgb tgdlcs tgit irb dfpbadlc tgbf

`dhb tgbsb ulabreipdti`dzba firhbts,‖ Fr.

Hirm`yd siys.

Dlstbia, Fr. Hirm`yd siys tgit wgbl bviù-

itdlc il dlvbstfblt, gb wmuà turl gds

ittbltdml tm tgb emfpmlblts mj pm`dtdei`

rdsh, eipiedty emlstridlts, tgb mpbritdmli`

bjedbley, tgb abcrbb mj mpbllbss, is wb``

is jietmrs sueg is tgb qui`dty mj emrpmritb

cmvbrlileb, trilspirbley ila adse`msurb

ru`bs dl tgbsb emultrdbs.

‐Qgmsb sdx nuehbts mj rdsh rbi``y ablb

bfbrcdlc firhbts, wgdeg irb fmrb ieutbtgil tgb abvb`mpba firhbts, wgd`b abl-

dlc il dlabx ml tgmsb adfblsdmls is i smrt

mj i emltdlumus fmab`, lmt is il ‗irb ymu

dl tgb eùn mr lmt dl tgb eùn,— nut abedpgbr-

dlc emultrdbs— strblctgs ila wbihlbssbs

ml tgbsb erdtdei` adfblsdmls tgit fittbr. D

tgdlh tgit—s tgb sberbt tm sueebss, lmt tgb

iermlyf.‖

zAub Ad`dcbleb

Ilmtgbr dssub bemlmfdsts fust emlsdabr

wgbl dlvbstdlc dl mr ili`yzdlc bfbrcdlc

firhbts ds emrpmritb cmvbrlileb, ila tgb

stilairas jmr emrpmritb cmvbrlileb, is

wb`` is tgb ru`bs tgit cmvbrl trilspirbley

jmr emrpmritdmls dl tgbsb emultrdbs. Qgbsb

dssubs givb nbbl mnstie`bs tgit givb lm-

tmrdmus`y gbà tgb bfbrcdlc firhbts nieh

dl tbrfs mj tgbdr ind`dty tm sbeurb eipdti`

dlvbstfblt ila prmfmtb ila ieeb`britbcrmwtg.

‐Sb sbb tgit dl sm fily adfblsdmls wgbl

ymu `mmh irmula tgb wmrà, mlb mj tgb

uldqub egirietbrdstdes mj emrpmritdmls dl

bfbrcdlc firhbts ds tgb amfdlilt prbs-

bleb mj ìrcb n`meh gmàbrs. Mjtbl tgbsb

irb jifd`y filicbrs ila/mr jifd`y jmula-

brs tgit givb stihba i eìdf ila ìulegba

firhbt emultrdbs nbemfb fmrb ila fmrb

spbede dl tbrfs mj tgbdr uldqub liledi`s,

dt ds pbrgips tdfb tm ish dj tgbsb iermlyfs

sbrvb tgb purpmsb tgby mleb ada.

‐D aml—t la tgbf pirtdeuìr`y usbju` ily-

fmrb ― D hlmw wgbrb tgby eifb jrmf ila

D cubss tgby sbrvba i purpmsb jmr tgb tdfb

tgit tgby wbrb tgbrb. Dj D—f trydlc tm rbia

[rmjd`b

‐Rlabr-

eipdti`dzitdmlemltdlubs tm nb

tgb ndccbst nurabl

jmr tgb bfbrcdlc

firhbt bemlmfdbs,

sdfp`y nbeiusb

tgby irb jriucgt

wdtg prmn`bfs tgit

prmgdndt tgb jrbb

mw mj eipdti`.‖



tgb rf ila crmwl dt tm tgb pmdlt wgbrb

tgby givb cmlb pun`de ila emltdlub tm

fidltidl i stbiay prbsbleb,‖ Fr. Hirm`yd

siys.

‐Dt emuà nb mtgbr jmrfs mj n`meh gmà-

brs mr sgirbgmàbrs tgbrb dl tbrfs mj ermssgmàdlcs ny mtgbr rfs, jmr bxifp`b dl

fily emultrdbs `dhb dl Dladi wb givb tgb

prbsbleb mj i nusdlbss crmup tgit smrt mj

rbprbsblts i lituri` dltbr`mehdlc jmreb dl

tbrfs mj ermss-gbà mwlbrsgdp dl crmup-

dlcs mj rfs. Dl emultrdbs `dhb Hmrbi dt

fdcgt nb ebltbrba irmula i nilh tgit gis

ìrcb stihbgmàdlcs dl tgb virdmus rfs,

ila mj emursb vdeb vbrsi is wb``.‖

Qgb prbsbleb mj tgbsb e`msb`y gbà mwlbr-sgdp stihbs mjtbl emlebrls c`mni` dlvbstmrs

is prmspbetdvb em-dlvbstmrs. Gmwbvbr, Fr.

Hirm`yd iaas tgit liledi` c`mni`dzitdml

gis nbbl sbbl mvbr tgb ìst >;-5; ybirs,

ila gis sdcli`ba tm fily rfs, dleùadlc

tgb rfs wdtgdl tgb bfbrcdlc firhbts, tgit

tgbrb irb crbit mppmrtuldtdbs tm nb sbdzba.

Jdrfs givb `bvbricba tgbdr ind`dty tm ridsb

eipdti`, pbrgips mutsdab mj tgbdr gmfb fir-

hbts, wgdeg gis nbbl blgileba ny nmrrmw-

dlc jrmf tgb nbst prietdebs dl smfb mj tgb

abvb`mpba firhbts wdtg nbttbr trilspir-

bley ru`bs.

‐Qgbrb—s i wivb mj emfpildbs jrmf irmula

tgb wmrà, dleùadlc bfbrcdlc firhbts,

tgit givb nbbl smrt mj rbltdlc tgmsb nbt-

tbr stilairas, ila tgit gis lmt cmlb ullm-

tdeba ny fily mj tgb firhbt rbcuìtmrs ila

mtgbr rf filicbrs tgit givbl—t pursuba

tgmsb, sm wb—vb nbbl sbbdlc i`fmst smrtmj i rieb tm tgb tmp smrt mj i emfpbtdtdvb

prbssurb, pbbr prbssurb is dt wbrb, ifmlc

rfs dl tgbsb emultrdbs tm b`bvitb tgbdr

stilairas. Um mlb bxifp`b wmuà nb tgb

Lmvi Fbreiam dl Nrizd`. Dt wis erbitba is

i supbr b`dtb bxegilcb ml tgb Uåm [im`m/

^dm Bxegilcbs. Jdrfs tgit fbbt ebrtidl

stilairas dl tbrfs mj adse`msurb stritbcdbs,

rbpmrtdlc stritbcdbs, cmvbrlileb, emlstrue-

tdml mj nmiras mj adrbetmrs, ila sm ml irb

b`dcdn`b jmr `dstdlc ila triadlc ml tgds

Lmvi Fbreiam, ila tgit cdvbs tgbf ieebss

tm fmrb eipdti` tgil tgby wmuà givb gia

mtgbrwdsb.‖

z [m`dtdei` ^dsh

Issbssdlc pm`dtdei` rdsh dl bfbrcdlc fir-

hbts gis it tdfbs nbbl uldqub tm bieg

dlvbstmr, wgd`b emrpmritbs irb fmrb jrb-

qublt`y usdlc ivbricb semrbs ila ouac-

fblts, jivmrin`b mr lmt, tm gbacb i emul-

try—s stind`dty. Gmwbvbr, mlb tgdlc tgit ds

cblbri``y icrbba upml ds tgit tgb pm`dtdei`

rdsh wbdcgtdlc mj bieg emultry mr rbcdml ds

abpblablt ml tgb dfpbladlc egilcbs mj dts

pm`dtdei` ìlaseipb.

‐Qgb ulebrtidlty ila vmìtd`dty tgit tgby

eil egilcb sm ripda`y ds wgit rbi``y ab-

lbs bfbrcdlc firhbts, ila D tgdlh tgit—s

tgb fmst dfpmrtilt tgdlc tm issmeditb ― tgb

jietmrs tgit dfpbab tgb jrbb mw mj eipdti`

tm tgb pmdlt mj rbi`dzdlc tgbdr crmwtg irb

lmt oust tgb pm`dtdei` prmn`bfs tgit bxdst

nut tgb ulebrtidlty inmut tgmsb pm`dtdei`

prmn`bfs. Dt—s tgb ulebrtidlty tgit—s tgb

hby,‖ Fr. Hirm`yd eìdfs.

‐D tgdlh dt wis abfmlstritba dl tgb ìst

[bruvdil b`betdml. Sgbl Gufiì cmt

b`betba, dlvbstmrs tgmucgt gb wmuà nb

jir `bjt ila tgby i`` pu``ba mut, nut wgbl

gb wis fmrb fda`dlb tgbrb wis smrt mj i

vieuuf mj mppmrtuldty erbitba ny pbm-

p`b jbirdlc tgb pm`dtdei` rdsh mj i vbry

`bjtdst prbsdablt. I wmlabrju` bxifp`b,

ila mlb mj tgb dfpmrtilt egbehs ila ni`-ilebs ds tgit tgbdr `bcdsìtmrs jmreb tgbf

tm nudà tgbsb emi`dtdmls tgit dlgdndt tgbdr

ind`dty tm fihb tgb hdlas mj arifitde

pm`dey sgdjts tgit tgby fdcgt givb nbbl

prmfdsdlc aurdlc tgb eifpidcl dl mlb

adrbetdml mr ilmtgbr. Qgmsb irb tgb cmma

sdcls. Qgmsb irb tgb rbismls wgy ymu

sgmuà nb piydlc ittbltdml is i pm`dtdei`

rdsh witegbr.‖

z Qgb Emlsufbr Utmry

Mlb mj tgb hby ardvbrs jmr crmwtg dl tgb

bfbrcdlc firhbt bemlmfdbs gis nbbl ila

wd`` emltdlub tm nb tgb emlsufbr stmry.

Sdtg bfbrcdlc firhbts rbprbsbltdlc mvbr7;% mj tgb wmrà—s pmpuìtdml, tgb lbxt >;

ybirs wd`` sbb ilmtgbr >.5 nd``dml pbmp`b

bltbrdlc dltm tgb wmrà, wdtg ‐i`fmst i`` mj

tgbf bxpiladlc dl tgb bfbrcdlc firhbts

tm i ti``y mj inmut 4 nd``dml,‖ Fr. Hirm`yd

siys. Qgbsb juturb emlsufbrs dl tgb fir-

hbtpìeb wd`` givb tgb puregisdlc pmwbr mj

tgb sustidlba eufuìtdvb :% crmwtg ritb,

wgdeg wd`` i`` nb pbrsmli` adspmsin`b dl-

emfb.

‐Fily mj tgbsb erbitdvb ila bltrbprblbur-

di` emfpildbs nudàdlc mut tgb gmusdlc

stmeh irb sivvy blmucg tm hlmw tgit tgby

lbba tm cm mutsdab mj tgbdr gmfb emultry

tm ietui``y smureb tgb eipdti` tm gb`p jula

tgbdr emlstruetdml,‖ lmtbs Fr. Hirm`yd.

‐Qgit—s wgy dt i`` emfbs tmcbtgbr. Tmu—vb

cmt emfpildbs `dhb Emultry Cirabl ila

Egdli Zilhb ― tgbsb cuys irb i`` dstba ila

triadlc ml fiomr bxegilcbs irmula tgb

wmrà dleùadlc gbrb dl tgb R.U., smuredlc

eipdti` jrmf c`mni` dlvbstmrs, abp`mydlc

tgit eipdti` dltm stritbcde dlvbstfblts dl

tgbdr gmfb emultry tm suppmrt tgds trbla

tgit wb—rb sbbdlc. Dt i`` emfbs ju`` edre`b.‖

[rmjd`b



Emffmadtdbs

Dfpiet mj Nbst[rietdebs

Uustidlin`b

Emjjbb

z Utbpgbl Hiezmr

Emffmadtdbs



Emffmadtdbs

Isgdjt tmwira sustidlin`b jirfdlc prietdebs ifmlc

Em`mfndi—s emjjbb crmwbrs ds sgmwdlc sdcldeilt

nblbts, ieemradlc tm i rbpmrt ny tgb idljmrbst I`-

`dileb.

Qgb Fiy >;95 rbpmrt ny Aivda Gucgb`` & Abilli Lbwsmf

rbvdbws tgb rbsu`ts mj 1 stuadbs emlauetba ny Ebldeijb, i Em-`mfndil emjjbb rbsbireg dlstdtutb. Ebldeijb sbt mut tm bviùitb

tgb dfpiets mj nbst prietdebs ebrtdeitdml ml witbr qui`dty, smd`

qui`dty, jirfbr dvb`dgmmas ila wdà`djb. Qgb rst 5 stuadbs wbrb

jirf-nisba, emfpirdlc i ìrcb sifp`b mj ebrtdba ila lmlebrtd-

ba jirfs. Qgb jmurtg stuadba tgb fmvbfblt mj fiffi`s litdvb

tm tgb rbcdml wgbrb sgiaba emjjbb jirfs emfprdsb fueg mj tgb

gindtit.

Julaiedõl Lituri ebrtdba tgb rst emjjbb jirf dl Em`mfndi

dl >;;1. Sdtgdl 2 ybirs mj wmrhdlc wdtg tgb îdljmrbst I``d-

ileb, >9;; jirfs emvbrdlc 9>,1;; gbetirbs wbrb ebrtdba dl tgb

Uiltilabr rbcdml. Jirfs lmt ebrtdba dl tgds rbcdml rbprbsblt tgb

emltrm` crmup jmr tgb stuay.

zSitbr Yui`dty

Utrbifs wbrb jmula tm nb gbi`tgdbr ml tgb >3 ebrtdba jirfs tgil

ml tgb >3 lml-ebrtdba jirfs. Fbisurbs mj strbif gbi`tg tmmh

dltm ieemult tgb emladtdml mj tgb strbif egillb`, vbcbtitdml ila

wmmay abnrds ila witbr eìrdty, ifmlc mtgbr dladeitmrs.

Qgb pbreblticb mj tgb strbif nilh emvbrba dl vbcbtitdml ∞ il-

mtgbr dladeitmr mj strbif gbi`tg ∞ wis sdcldeilt`y gdcgbr ml

ebrtdba jirfs. Utrbifs ml ebrtdba jirfs emltidlba sdcldeilt`y

fmrb pm`ùtdml-sblsdtdvb fierm-dlvbrtbnritb spbedbs tgil tgmsb ml

lmlebrtdba jirfs, dladeitdlc gdcgbr witbr qui`dty. Qgb egbfdei`

mxycbl abfila wis sdcldeilt`y `mwbr ml ebrtdba jirfs tgil

lmlebrtdba, icidl dladeitdlc gdcgbr witbr qui`dty ml ebrtdba

jirfs.

z Umd` Yui`dty

Qgb stuay emfpirba tgb smd` egirietbrdstdes mj 2> ebrtdba jirfs

ila 2> lmlebrtdba jirfs. Qgb fidl dladeitmr mj smd` `djb wis tgb

prbsbleb mj dlsbet spbedbs.

I tmti` mj 5:,>77 smd` irtgrmpma spbedfbls wbrb em``betba, fidl`y

nbbt`bs, ilts, edeiais, gmppbrs, ipgdas ila wisps. Irtgrmpma rdeg-

lbss wis sdcldeilt`y gdcgbr ml ebrtdba jirfs tgil ml lmlebrtd-

ba jirfs dl nmtg rbcdmls, wgdeg dladeitbs nbttbr smd` gbi`tg ml

ebrtdba jirfs.

z Jirfbr @dvb`dgmmas

^bsbiregbrs jmula tgit tgb prmauetdvdty mj ebrtdba jirfs wis

twdeb is gdcg is tgit mj lmlebrtdba jirfs. ^bsbiregbrs eièu-

ìtba lbt rbvblub ny suntrietdlc bieg jirfbr—s bxpblsbs (dleùa-

dlc ebrtdeitdml emsts) jrmf prmauetdml dlemfb. ^bsu`ts sgmwbatgit dl Uiltilabr, ivbricb lbt rbvblub wis sdcldeilt`y gdcgbr

ml ebrtdba jirfs (RU$>,;>4/gbetirb) tgil ml lmlebrtdba jirfs

(RU$795/gbetirb). Qgb prdebs tgit ebrtdba ila lmlebrtdba jirf-

brs rbebdvba jmr tgbdr emjjbb wbrb i`sm emfpirba, nut lm sdcld-

eilt adjjbrbleb wis mnsbrvba, dladeitdlc tgit tgb adjjbrbleb dl lbt

rbvblub ds bltdrb`y aub tm jirf prmauetdvdty.

zSdà`djb

^bsbiregbrs mnsbrvba 9> spbedbs mj trbb-awb``dlc fiffi`s dl

lituri` jmrbsts, 4 spbedbs dl emjjbb jirfs wdtg ablsb sgiab (fmrbtgil 7;%) ila > spbedbs ml emjjbb jirfs wdtg fbaduf sgiab

(:;-7;%). Qgb rbsbiregbrs emleùab tgit ablsb`y sgiaba emjjbb

pìltitdmls eil sbrvb is i nujjbr jmr absdclitba prmtbetba irbis

(sueg is tgb Tirdcuæbs Litdmli` [irh, mlb hd`mfbtbr iwiy jrmf

Uiltilabr) ny prmvdadlc gindtit jmr i virdbty mj fiffi`s.

z Emjjbb ûst

Uiltilabr ds mlb mj 1 emjjbb-crmwdlc rbcdmls dl Em`mfndi tgit irb

jrbb mj emjjbb rust, i abnd`dtitdlc julcus tgit ds abvistitdlc emjjbb

pìltitdmls @itdl Ifbrdei. Qgds rbcdml stilas dl stirh emltrist tm

mtgbrs dl tgb gbfdspgbrb, sueg is Emsti ^dei, wgbrb emjjbb ydbàs

tgds ybir irb bxpbetba tm nb amwl ny is fueg is 2;%. Ebldeijä

absbrvbs erbadt jmr abvb`mpdlc rust-rbsdstilt emjjbb pìlt stridls

ila gb`pdlc crmwbrs tm pìlt ila girvbst ieemradlc tm nbst prie-

tdebs.

Qgb Litdmli` Jbabritdml mj Emjjbb Crmwbrs mj Em`mfndi abeìrba

tgit 5:,;;; gbetirbs dl Uiltilabr irb emjjbb rust-jrbb, gb`pdlc tm

nmmst emjjbb prmauetdml dl tgb emultry ny >:%. ‐Dt ds nisdei``y i

fd`bstmlb mj tgb mlc pitg,‖ sida @uds Jbrlilam Uifpbr, tgb mrci-ldzitdml—s egdbj emffuldeitdmls mjebr, dl il dltbrvdbw wdtg Qgb

Gujlctml [mst. Mtgbr emultrdbs, gb strbssba, emuà `birl i crbit

abi` jrmf Em`mfndi—s rbsbireg dlstdtutdmls.

z Nbst [rietdebs

Dl suffiry, tgb ebrtdba jirfs irb pbrjmrfdlc nbttbr tgil lml-

ebrtdba jirfs dl tgb dfp`bfbltitdml mj nbst prietdebs, tgb fu`td-

virdin`b sustidlind`dty dlabx, fily strueturi` ila ndm`mcdei` dlad-



Emffmadtdbs

Mvbr tgb ybir bladlc dl

Ou`y, Qgb Bemlmfdst—s emf-

fmadty-prdeb dlabx jb`` ny 9:.2% dl am`ìr tbrfs

(>>.1% dl burms), wdtg fbti` prdebs ji``-

dlc jmr fmrb tgil twm ybirs sdleb pbihdlc

dl bir`y >;99. Sgd`b jmma prdebs dldtdi``y

sgmwba crbitbr rbsd`dbleb, tgby givb ji``bl

fmrb sgirp`y tgil tgmsb mj mtgbr emf-

fmadtdbs mvbr tgb pist ybir. Ml`y md` prdebs

rbfidl gdcg (tgmucg vmìtd`b), lm amunt dl-

ubleba ny tgb emfp`bx pm`dtdei` bvblts dl

tgb Fdaa`b Bist.

Qgb C`mni`

Dfp`deitdmls mjJi``dlc Emffmadty

[rdebs

z Omsä Iltmldm Meifpm & Nd`cb Brtbl

Qgb abeiab-`mlc emffmadty-prdeb nmmf gis emfb tm il

bla, wdtg sbrdmus dfp`deitdmls jmr c`mni` CA[ crmwtg.

Ila, i`tgmucg bemlmfde pittbrls am lmt rbprmaueb

tgbfsb`vbs bxiet`y, tgb bla mj tgb upwira pgisb mj tgb

emffmadty supbr-eye`b tgit tgb wmrà gis bxpbrdblebasdleb tgb bir`y >;;;s adfs abvb`mpdlc emultrdbs—

prmspbets jmr emltdluba ripda eiteg-up tm iavileba-

emultry dlemfb `bvb`s.

Dl gdstmrdei` tbrfs, tgds ds lmt surprdsdlc,

is mur rbsbireg dltm emffmadty supbr-

eye`bs sgmws. Udleb tgb ìtb ldlbtbbltgebltury, emffmadty prdebs givb ulabr-

cmlb tgrbb `mlc-tbrf eye`bs ila tgb up-

wira pgisb mj i jmurtg, ardvbl prdfird`y

ny egilcbs dl c`mni` abfila. Qgb rst

twm eye`bs wbrb rbìtdvb`y `mlc (i`fmst

jmur abeiabs), nut tgb tgdra wis sgmrtbr

(>7 ybirs).

Qgb upwira pgisbs mj i`` jmur supbr-eye`bs

wbrb `ba ny fiomr dlerbisbs dl abfila,

bieg jrmf i adjjbrblt smureb. Aurdlc tgb

eurrblt eye`b, Egdli—s ripda bemlmfde

crmwtg prmvdaba tgds dfpbtus, bxbfp`dba

ny tgb emultry—s rdsdlc sgirb mj c`mni` fbt-

i`s emlsufptdml.

Sgd`b tgbsb eye`bs rbiegba sdfdìr pbihs,

tgb amwlswdlcs— dltblsdty gis virdba ie-

emradlc tm c`mni` bemlmfde crmwtg. Qgb

amwlswdlcs jm``mwdlc Smrà Sir D ila

dl tgb 947;s ila 944;s wbrb strmlc8 dl

emltrist, tgb adp ijtbr tgb Hmrbil Sir,

wgbl tgb wmrà bemlmfy wis nmmfdlc,

wis rbìtdvb`y wbih. Ijtbr Smrà Sir DD,

tgb supbr-eye`bs mj adjjbrblt emffma-

dty crmups nbeifb fmrb e`msb`y sylegrm-

ldzba (dleùadlc md`, wgdeg gia prbvdmus`y

sgmwl i adjjbrblt pittbrl).

Oust is Egdli—s bemlmfde nmmf armvb

emffmadty-prdeb crmwtg dl tgb eurrblt

eye`b, sm tgb rbeblt wbihbldlc mj prdebs

gis ìrcb`y nbbl i rbsu`t mj dts abeb`brit-

dlc CA[ crmwtg, jrmf amun`b-adcdt illui`

ritbs dl >;;5->;;3, ila icidl dl >;9;, tm

rmucg`y 3.2% tgds ybir. Sgd`b prmobetdmls

mj Egdli—s juturb crmwtg viry, i`` prbadet

wbihbr bemlmfde pbrjmrfileb dl tgb sgmrt



Emffmadtdbs

tbrf ― ila bvbl `mwbr crmwtg ritbs dl tgb

`mlc tbrf.

Qgb julaifblti` sgmrt-tbrf dssub ds tgb

`dfdtba pm`dey spieb tm rbpbit tgb fissdvb

bemlmfde stdfuùs iamptba ijtbr tgb em`-

ìpsb mj @bgfil Nrmtgbrs dl >;;7. Egdli—s

dlvbstfblt-`ba stritbcy tm emultbr tgb erd-

sds `bjt i `bciey mj abnt, ila tgb emltdluba

abtbrdmritdml mj tgb abfila strueturb ―

lmw egirietbrdzba ny il bxtrbfb`y gdcg

sgirb mj dlvbstfblt (e`msb tm gi`j mj CA[)

ila i `mw sgirb mj prdvitb emlsufptdml

(inmut 52%) ― jurtgbr emlstridls pm`dey-fihbrs— mptdmls.

Qgbrb ds i emlsblsus tgit tgbsb inlmrfi`

abfila pittbrls fust egilcb dl tgb `mlc

tbrf is Egdli fmvbs tm i emlsufptdml-

`ba crmwtg fmab`. Nut, tm ieemfp`dsg tgds

trilsdtdml, Egdli—s `biabrs fust dfp`b-

fblt abbp ila emfprbgblsdvb strueturi`

rbjmrfs tgit rbvbrsb i pm`dey ipprmieg tgit

emltdlubs tm blemuricb dlvbstfblt ila bx-

pmrts wgd`b bxp`dedt`y ila dfp`dedt`y tixdlc

emlsufptdml.

Qgb ulebrtidlty surrmuladlc Egdli—s df-

pbladlc bemlmfde trilsjmrfitdml fua-

adbs tgb crmwtg mut`mmh smfbwgit. Umfb

jmrbeistbrs prbadet i smjt iladlc, nut adjjbr

ml tgb crmwtg ritb. Mjedi` bstdfitbs put

illui` CA[ crmwtg it :.2% dl >;97->;>>,

wgd`b [bhdlc Rldvbrsdty—s Fdegib` [bttds,

jmr bxifp`b, rbciras 5-1% crmwtg is eml-

sdstblt wdtg emltdlumus ripda emlsufptdml

crmwtg ila tgb tircbtba dlerbisb dl eml-

sufptdml—s sgirb mj CA[.

Sgd`b gira-ìladlc seblirdms, issmeditba

wdtg i pmtbltdi` abnt erdsds, irb i`sm pms-

sdn`b, tgb iutgmrdtdbs givb blmucg pm`dey

spieb tm filicb tgbf. Dl ily eisb, amwl-

sdab rdshs irb gdcg, ila rmmf ml tgb upsdab

ds bssbltdi``y lml-bxdstblt.

Qgb fidl blcdlb mj tgb pmst-erdsds c`mni`

bemlmfy ds tgbrbjmrb s`mwdlc, wgdeg gis

sbrdmus dfp`deitdmls jmr mlb mj tgb ìst

abeiab—s fmst pmsdtdvb bemlmfde trblas?

tgb emlvbrcbleb mj abvb`mpba ila abvb`-

mpdlc emultrdbs— pbr eipdti dlemfb `bvb`s.

Oust is Egdli—s bemlmfde nmmf nblbtba

emffmadty-abpblablt bemlmfdbs, prdfir-

d`y dl tgb abvb`mpdlc wmrà, dts s`mwamwl

ds rbbetba dl tgbsb bemlmfdbs— abe`dldlc

crmwtg ritbs. (Dl jiet, wgd`b sbvbri` Umutg

Ifbrdeil emultrdbs givb nbbl ifmlc tgb

girabst gdt, bvbl abvb`mpba emultrdbs `dhb

Iustri`di givb lmt nbbl dffulb.)

Dj wbih c`mni` abfila eiusbs tgb eurrbltemffmadty supbr-eye`b—s amwlswdlc tm nb

is sgirp is tgmsb mj tgb pmst-9497 pbrdma

ila tgb ìtb >;tg ebltury, tgb wmrà sgmuà

nb prbpirba jmr sùccdsg bemlmfde crmwtg

ila i sdcldeilt s`mwamwl ― mr bvbl tgb

bla ― mj dlemfb emlvbrcbleb wmràwdab.



[rdvitb Bqudty

Dllmvitdml dl@itdl Ifbrdei

MEQMNB^ 9:, >;95Ifbrdeis Umedbty/Emuled mj tgb Ifbrdeis:7; [irh Ivblub, Lbw Tmrh Edty, Lbw Tmrh7?5; i.f. ― 5?;; p.f.Jbb? $9;;

^bcdstbr? tdlyur`.emf/Dllmvitdml@itdlIfbrdei

Lbw ipprmiegbstm adsemvbr ila

jmstbr dllmvitdmldl @itdl Ifbrdei.

M[BLDLC IAA^BUU?Ifnissiamr Uilari Jubltbs-Nbridl,Emlsu` Cblbri` mj Fbxdem dl Lbw Tmrh

HBTLMQB IAA^BUU?

Zdrul ^ifpbrsia, Filicdlc Adrbetmr ilaGbia mj C`mni` Dllmvitdml, NLT Fb``ml

[ILB@ UBUUDMLU QM BW[@M^B?Bemlmfde Mvbrvdbw mj @itdl IfbrdeiDllmvitdml dl Jdliledi` UbrvdebsDllmvitdml dl tgb DQ UbetmrDllmvitdml dl Filujieturdlc [rmebssbs

[`us, tgb rb`bisb mj i lbw rbpmrt ny tgb

Dltbr-Ifbrdeil Abvb`mpfblt Nilh mltgb Dfpiet mj Dljristrueturb ml @itdlIfbrdeil Qriab.

Emljbrbleb [irtlbrs

Emljbrbleb Upmlsmr



[rdvitb Bqudty

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l a S g i t S b E i l @ b i r l

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z

O i e m F i r d t z

Icrdnusdlbss



[rdvitb Bqudty

Ijrdei—s icrdeu`turb ila jmma

dlaustrdbs irb ittrietdlc dl-

erbisdlc dltbrbst jrmf dlvbs-

tmrs. Qgds trbla ds ìrcb`y

jub`ba ny tgb jiet tgit tgb emltdlblt gis

:;% mj tgb wmrà—s uleu`tdvitba irin`b

ìla, wdtg jivmrin`b wbitgbr emladtdmls dlfily emultrdbs. Qgbrb ds i`sm i nb`dbj tgit

rdsdlc dlemfbs wd`` spur abfila jmr jmma

prmauets dl tgb ybirs tm emfb. Qm bxif-

dlb tgb mppmrtuldtdbs ila egi``blcbs ml tgb

emltdlblt, Gmw wb fiab dt dl Ijrdei `mmhs

it sdx emfpildbs tgit givb dlvbstba dl tgb

rbcdml—s icrdnusdlbss sbetmr.

z Ud`h Dlvbst ― Nbttdlc ml

jmma

Ud`h Dlvbst ds i Rldtba Hdlcamf-nisba

jrmltdbr firhbt dlvbstfblt emfpily. Qgb

rf filicbs tgb Ud`h Ijrdeil Jmma Jula,

wgdeg ds i prdvitb bqudty jula tgit dlvbsts

dl prmebssba jmma, nbvbricbs ila qudeh-sbr-

vdeb rbstiurilt emfpildbs ml tgb emltdlblt.

Ud`h Dlvbst sbbs mppmrtuldtdbs dl tircbt-

dlc tgb Ijrdeil emlsufbr jrmf i jmma ila

nbvbricbs pbrspbetdvb. Qgb jula dlvbsts dl

seiìn`b jmma emfpildbs wdtg tgb pmtbltdi`

tm nbemfb litdmli` ila rbcdmli` `biabrs.

I sdcldeilt vmùfb mj tgb piehicba jmma

tgit Ijrdei emlsufbs ds eurrblt`y nbdlc df-

pmrtba, erbitdlc mppmrtuldtdbs tm prmaueb

tgbsb prmauets `mei``y. Dl i >;99 wbneist,

Sisbbf Hgil, Ud`h Dlvbst—s gbia mj prd-

vitb bqudty, civb tgb bxifp`b mj Btgdmpdi,

wgdeg gb siys ds i ìrcb emlsufbr mj nds-

eudts. Fmrb tgil 2;% mj tgb ndseudts eml-sufba dl Btgdmpdi irb eurrblt`y dfpmrtba.

Hgil lmtbs tgit tgbrb ds i sfi`` emfpily

nisba dl tgb Fdaa`b Bist tgit quiarup`ba

dts birldlcs wgbl dt stirtba bxpmrtdlc nds-

eudts tm Btgdmpdi.

Ud`h Dlvbst—s jula ds eurrblt`y jmeusdlc ml

Hblyi, Btgdmpdi, Bcypt, Fmrmeem, Cgili

ila Ldcbrdi. Qgb jula gis sm jir dlvbstba

Icrdnusdlbss



Icrdnusdlbss

dl i emljbetdmlbry emfpily dl Bcypt, i

qudeh sbrvdeb rbstiurilt nrila dl Ldcbrdi

ila i ndseudt filujieturbr dl Btgdmpdi.

Ud`h Dlvbst nb`dbvbs tgbrb ds eurrblt`y i

jmrfi`dzitdml mj jmma prmauets gippbldlc

dl Ijrdei ― i fmvb tm nrilaba ila nbttbr piehicba dtbfs. ‐Dt ds inmut i jmrfi`dzi-

tdml mj smfbtgdlc tgit ds i`rbiay eml-

sufba. Dt ds nisdei``y fmvdlc jrmf jrbsg

fd`h adrbet`y jrmf tgb jirfbr, tm jrbsg

fd`h dl i nmtt`b. Qgb prdeb typdei``y ambs

lmt egilcb, wgit ds egilcdlc ds tgb pieh-

icdlc,‖ siys tgb rf—s EBM _dl Nbhhi`d.

Gb iaas tgit ny sb``dlc prmauets dl df-

prmvba piehicdlc, fily jmma emfpildbs

ml tgb emltdlblt givb nbbl in`b tm crmwtgbdr rbvblubs ny nbtwbbl >;% ila 5;%

illui``y.

Dt ds mjtbl adjeu`t ila bxpblsdvb jmr Ij -

rdeil emfpildbs tm nmrrmw fmlby jrmf

nilhs, ila tgbrbjmrb prdvitb bqudty mjjbrs

il i`tbrlitdvb jmr tgbf tm crmw tgbdr nusd-

lbssbs. Hgil, gmwbvbr, siys tgit dt ds df-

pmrtilt tm sgmw tgbsb emfpildbs tgit Ud`h

Dlvbst ds lmt tgbrb tm tihb mvbr tgbdr emf-

pildbs, nut tm gb`p tgbf crmw. ‐Mur vdbw

ds tm nb dlvm`vba dl ietdvb filicbfblt

wdtg tgbf, ila tm nb tgbrb wdtg tgbf jmr

tgb lbxt tgrbb tm jmur ybirs, wgbrb tgby eil

fihb fmlby, ila wb eil fihb fmlby,‖

gb lmtbs.

z ICEM ― Qihdlc

iavilticb mj tgb trbla

tmwira fbegildzitdml

Uupp`dbrs mj icrdeu`turi` bqudpfblt irb

i`sm `mmhdlc tm Ijrdei is i lbw crmwtg

firhbt. ICEM, i Lbw Tmrh Utmeh Bx-

egilcb `dstba fu`tdlitdmli` emfpily tgit

absdcls, filujieturbs ila adstrdnutbs ic-

rdeu`turi` fiegdlbry sueg is trietmrs ila

girvbstbrs ìst ybir illmuleba tgit dt wd``

dlvbst RU$9;; fd``dml dltm Ijrdei. ICEM

ds tgb wmrà—s tgdra-ìrcbst icrdeu`turi`

bqudpfblt fihbr ila i filujieturbr mj

nrilas sueg is Egi``blcbr, Fissby Jbrcu-

sml ila Jblat.

ICEM—s pusg dltm tgb emltdlblt ds fidl`y

nisba ml i nb`dbj tgit Ijrdeil icrdeu`turb

ds ariwdlc crmwdlc dltbrbst jrmf dltbrli-tdmli` dlvbstmrs, ittrietba ny tgb sgdjt tm

emffbredi` jirfdlc. Ieemradlc tm Lu-

riadl Msfil, ICEM—s adrbetmr jmr Ijrdei

ila tgb Fdaa`b Bist, tgbrb irb tgrbb rbi-

fd``dmls mj omns ml tgb emltdlblt.

• Inmut 9;% mj ermppba ìla dl Ijrdei

ds prbpirba ny trietmr, ila ml`y 1% mj

tgb ìla ds drrdcitba.

Dl iaadtdml tm ìrcb-sei`b emffbredi`

jirfs, ICEM ds tircbtdlc sfi``gmàbrjirfbrs. Qgb vist fiomrdty mj Ijrdeil

jirfbrs irb sfi``gmàbrs, ila fmst ic-

rdeu`turi` emfpildbs givb smfb hdla mj

stritbcy tm i`sm eitbr jmr tgbdr abfilas.

Gmwbvbr, fmst mj tgbsb sfi``-sei`b jirf-

brs eillmt ijjmra trietmrs ila mtgbr bqudp-

fblt. Qm iaarbss tgds, ICEM ds pirtlbrdlc

wdtg `mei` ila rbcdmli` nilhs, is wb`` is

virdmus abvb`mpfblt mrcildzitdmls, tm

prmvdab liledlc smùtdmls tm tgbsb jirf-

brs. Qgb emfpily ds i`sm mmhdlc it `bisdlctrietmrs tm jirfbrs.

ICEM i`sm sbbs viùb dl pirtlbrdlc wdtg

`mei` emfpildbs dl Ijrdei. ‐Qgbrb irb lu-

fbrmus mtgbr nblbts jmr nbdlc pirt mj i

omdlt vblturb wdtg i mei` pirtlbr dl Ijrdei.

Sb nblbt jrmf tgb mei` pirtlbr—s hlmw`-

bacb inmut tgb emultry—s eu`turb, ilcuicb,

pm`dtdei` systbf ila nusdlbss systbfs.

Udleb i omdlt vblturb i`sm bltid`s i sdcld-

eilt bqudty dlvbstfblt, nmtg emfpildbs

dlvbst sdcldeilt`y dl rbsmurebs, ti`blts,

ila emffdtfblt tm tgb lbw rf. Qgds

prmvdabs nmtg emfpildbs wdtg iavilticbs

dl tbrfs mj sgirdlc abvb`mpfblt emsts ila

rdshs,‖ siys Msfil.

Gb iaas tgit omdlt vblturbs givb `bss

egileb mj nbdlc litdmli`dzba, is tgb `mei`

emfpily i`sm gis i sdcldeilt stihb dl tgb

nusdlbss.

z Qgid Jirf ― Iaadlc

viùb wgd`b mvbremfdlc

egi``blcbs

Qgid Jirf ds i eissivi prmebssdlc emf-

pily dl Ldcbrdi. Eissivi, i wmmay sgrun

wdtg il badn`b rmmt tgit `mmhs `dhb i ìrcb

swbbt pmtitm, ds mlb mj tgb fmst wdab`y

smls wgy tgb emfpily ds mptdfdstde inmut

tgb emltdlblt—s icrdeu`turi` sbetmr. Qgbsb

irb?

• C`mni` jietmrs sueg is rdsdlc pmpu-

ìtdmls, dlerbisdlc dlemfb `bvb`s dl

bfbrcdlc firhbts, ila i crmwdlc seir-

edty mj irin`b ìla ila witbr.

• Qgb Smrà Nilh ittrdnutbs :;% mj tgb

wmrà—s uleu`tdvitba ìla tm Ijrdei,

ila i`sm succbsts tgit dlvbstfblt dl

icrdeu`turb gis tgb pmtbltdi` tm erbitb

Dt ds mbl adeu`t

ila bxpblsdvb

jmr Ijrdeilemfpildbs tm

nmrrmw fmlby

jrmf nilhs, ila

tgbrbjmrb prdvitb

bqudty mbrs ili`tbrlitdvb jmr

tgbf tm crmw

tgbdr nusdlbssbs.



Icrdnusdlbss

crmwl ermps dl Ldcbrdi, prmaueba ìrcb`y

ny sunsdstbleb jirfbrs. I`tgmucg eissivi

rmmts eil nb prmebssba dltm i virdbty mj

prmauets ― dleùadlc eissivi mur, stireg,

btgilm` ila cùemsb syrup ― tgb ermp gis

lmt nbbl i crbit emffbredi` sueebss.

Qgid Jirf ds prmebssdlc eissivi dltm nihdlc

mur, ila dt ds i`sm `mmhdlc it fmvdlc i stbp

up dl tgb viùb egidl ny prmauedlc stireg.

Qgbrb ds eurrblt`y i crmwdlc dltbrbst dl gdcg-

qui`dty eissivi mur. Qgds ds nbeiusb tgb Ld-

cbrdil cmvbrlfblt gis dssuba i adrbetdvb tgit

rbqudrbs nihbrs tm iaa i ebrtidl pbreblticb mj

eissivi mur dltm tgbdr fdxbs. Qgds wis amlb

tm rbaueb abpblabley ml dfpmrtba wgbit

mur, ila tm nmmst tgb `mei` icrdeu`turi` dl-

austry. Eissivi mur ds i`sm fueg egbipbr

tgil wgbit mur. @ist ybir, J`mur Fd``s mj

Ldcbrdi, i Ldcbrdil Utmeh Bxegilcb `dstba

emfpily ila mlb mj tgb emultry—s ìrcbst

wgbit fd``dlc emfpildbs, nmucgt i emltrm`-

`dlc stihb dl Qgid Jirf.

Qgid Jirf—s Umutg Ijrdeil-nmrl jmulabr,

@muw Nurcbr, tb``s Gmw wb fiab dt dl Ij-

rdei tgit abspdtb tgb emfpily—s sueebss, dt

ds jiedlc i lufnbr mj egi``blcbs.

Mlb mj tgb emfpily—s gbiaiegbs ds ladlc

tgb rdcgt pbmp`b tm wmrh it dts pìlt. Eis-

sivi jietmrdbs lbba tm nb sdtuitba e`msb tm

tgb jirfs aub tm tgb ermp—s sgmrt sgb`j `djb.

Ijtbr dt gis nbbl tihbl mut mj tgb crmula,

eissivi lbbas tm dabi``y nb prmebssba

wdtgdl 17 gmurs nbjmrb dt cmbs nia. Qgds

fbils tgit mleb tgb ermps emfb dl, tgb jie-

tmry mjtbl lbbas tm mpbritb >1 gmurs i aiy.

‐Jdladlc pbmp`b dl tgbsb vd`ìcbs tgit ietu-i``y givb il baueitdml, tgit ietui``y givb

i wmrh btgde, tgit eil ipp`y tgbfsb`vbs,

tgit givb i pìeb tm s`bbp aurdlc tgb aiy,

sm tgit wgbl tgby irb ml ldcgt sgdjt tgby

givb rbstba aurdlc tgb aiy ― tgbsb irb i``

fiomr egi``blcbs,‖ Nurcbr bxpìdls.

Qrilspmrt ds i`sm i egi``blcb. Nurcbr lmtbs

tgit trilspmrt ds cblbri``y vbry bxpblsdvb

dl Ldcbrdi, ila typdei``y rul ny sfi`` emf-

pildbs tgit irb mjtbl lmt tgit rb`din`b.

Dl iaadtdml, gb gis tm abi` wdtg nia rmias

ila girissfblt ny mjedi`s. Nurcbr siys

tgit gb eirrdbs 17 adjjbrblt ameufblts dl

gds vbgde`b, ila bvbl tgbl gb cbts stmppba ny smfbnmay trydlc tm squbbzb fmlby

jrmf gdf ny sb``dlc gdf ilmtgbr pbrfdt.

z _babr ― Lmt liívb inmut

tgb rdshs

_babr ds tgb icrdnusdlbss irf mj Umutg

Ijrdei-nisba dlvbstfblt emfpily [UC

ds tgb cmvbrlfblt—s strmlc jmeus ml icrd-

eu`turb is i wiy tm advbrsdjy tgb bemlmfy

iwiy jrmf fdldlc.

Egiytml—s ìla ds pirt mj i absdclitba

jirfdlc n`meh tgit wis nmucgt ny tgb

cmvbrlfblt jrmf `mei` egdbjs. Qm blemur-icb dlvbstfblt dl tgb rbcdml, tgb _ifndil

iutgmrdtdbs supp`dba dljristrueturb sueg is

rmias ila b`betrdedty. Qgb ìla eil nb ie-

qudrba ml i 44 ybir `bisb. Qgbrb irb eur-

rblt`y irmula 4; jirfbrs dl tgb irbi jrmf

emultrdbs iermss tgb wmrà sueg is _dfni-

nwb, Umutg Ijrdei, tgb R.U., Iustri`di ila

ûssdi.

Egiytml—s jirf dl _ifndi eitbrs prdfird`y

tm `mei` abfila, ila tgb nusdlbss gisl—t nud`t dts fmab` ml bxpmrts. Gmwbvbr,

Egiytml gis tgb mppmrtuldty tm bxpmrt, is

_ifndi ds nmrabrba ny bdcgt emultrdbs, i``

mj wgdeg irb lbt jmma dfpmrtbrs.

Abspdtb tgb cblbri``y jivmrin`b emlad-

tdmls, _babr ada tihb smfb fbisurbs tm

prmtbet dtsb`j jrmf pm`dtdei` rdsh. ‐I`tgmucg

tgds dlvbstfblt `mmhs vbry cmma ml pipbr,

wb irb lmt sm liívb is tm tgdlh tgit tgbrb

irbl—t ily rdshs,‖ sida Sd``bf Fbybr, il

ili`yst it _babr wgm wis dlstrufblti` dl

tgb Egiytml iequdsdtdml.

Egiytml ds emvbrba ny pm`dtdei` rdsh dlsur-

ileb jrmf tgb Smrà Nilh—s Fu`tdìtbri`

Dlvbstfblt Cuiriltbb Icbley (FDCI).

Dl eisb mj ily trmun`b, tgb emfpily ds

emvbrba jmr i`` tgb eipdti` tgit dt dlvbsts

dl _ifndi. Dl iaadtdml, tgb nusdlbss gis

sdclba il Dlvbstmr [rmfmtdml ila [rmtbe-tdml Icrbbfblt wdtg tgb _ifndil cmvbrl-

fblt. Ifmlc virdmus tgdlcs mut`dlba dl

tgb ameufblt, dt i``mws Egiytml tm eml-

tdlub tm bxpmrt emffmadtdbs dl tgb bvblt

mj i e`msurb mj tgb emultry—s nmrabrs.

Aurdlc >;9>, tgb _ifndil cmvbrlfblt ada

dltrmaueb twm fbisurbs tgit emuà lbci-

tdvb`y dfpiet emfpildbs mpbritdlc dl tgb

Crmup. _babr gis stihbs dl i virdbty mj

Umutg Ijrdeil icrdeu`turi` jmma nusdlbssbs.@ist ybir, gmwbvbr, dt fiab dts rst dlvbst-

fblt dltm tgb rbst mj tgb emltdlblt wgbl dt

nmucgt i emltrm``dlc stihb dl i emfpily

ei``ba Egiytml, wgdeg mwls i emffbredi`

jirfdlc nusdlbss dl _ifndi. Ermps eu`td-

vitba dleùab smynbils ila wgbit.

Mlb mj tgb rbismls _babr jb`t emfjmrtin`b

wdtg _ifndi is il dlvbstfblt abstdlitdml

Eissivi jietmrdbslbba tm nb sdtuitba

e`msb tm tgb jirfs aub

tm tgb ermp—s sgmrt

sgb`j `djb. Ibr dt

gis nbbl tihbl mut mj

tgb crmula, eissivilbbas tm dabi``y nb

prmebssba wdtgdl 17

gmurs nbjmrb dt cmbs

nia.



emultry. Jdrst`y, dt aristdei``y dlerbisba tgb

fdldfuf wicb. Ubemla`y, dt prmgdndtba

emfpildbs jrmf dlvmdedlc dl R.U. am`ìrs.

Abspdtb tgb pmtbltdi` tgit Ijrdei—s icrdeu`-

turi` sbetmr mjjbrs, amdlc nusdlbss ml tgb

emltdlblt ds mjtbl rmfiltdedzba. I`tgmucgEgiytml—s jirfdlc n`meh emfprdsbs i

emffuldty mj jirfbrs wdtg i emultry eùn

mjjbrdlc cm`j, tbllds ila erdehbt jied`dtdbs,

Fbybr iehlmw`bacbs tgit tgb `djb mj i jmr-

bdcl jirfbr dl Ijrdei eil mjtbl nb vbry

dsmìtba, tihdlc dts tm`` ml firrdicbs ila

rbìtdmlsgdps.

Bvbl tgmucg Egiytml eurrblt`y gis cmma

filicbrs, mlb mj tgb emfpily—s ndccbst

egi``blcbs dl bxpiladlc tgb nusdlbss wd`` nb ladlc tgb rdcgt filicbfblt. ‐Dj wb

wilt tm nudà i ndc nusdlbss, wb lbba tgb

rdcgt filicbfblt ila wb lbba tm fihb dt

ittrietdvb jmr tgbf tm cm ila wmrh dl _if-

ndi. Dt wd`` emst us fmrb dl tbrfs mj siìrdbs

tm emlvdleb tgb cmma cuys tm rb`meitb, nut

dt fihbs sblsb wgbl mlb `mmhs it tgb pms-

sdn`b rbturls,‖ Fbybr siys.

zHJE ― Il mppmrtuldty

jmr jirfbrs

I`tgmucg jist-jmma rbstiurilt egidl HJE

ds lmt strdet`y il icrdnusdlbss rf, dt ambs

cbt i`` dts prmauets jrmf jirfdlc, ila dts

bxpilsdml dltm tgb emltdlblt ds mpbldlc up

virdmus mppmrtuldtdbs jmr jirfbrs.

HJE gis nbbl mpbritdlc dl Umutg Ijrdei ila

smfb mj dts lbdcgnmrdlc emultrdbs jrmf is

bir`y is tgb 943;s. Gmwbvbr, dt wis ml`y ittgb bla mj >;;4 tgit dt bxpilaba dts jmmtprdlt

jurtgbr lmrtg dltm sun-Uigiril Ijrdei wdtg tgb

mpbldlc mj tgb rst HJE mut`bt dl Ldcbrdi.

Ny tgb bla mj >;9> HJE gia stmrbs mpbrit-

dlc dl Ilcmì, Ldcbrdi, Lifdndi, Nmtswi-

li, Fmzifndqub, @bsmtgm, Fiìwd, Uwi-

zdìla, Cgili, Hblyi ila _ifndi. HJE

gis pìls tm bxtbla dts rbieg tm _dfninwb,

Qilzildi ila Rcilai dl >;95, wdtg fueg

`mlcbr-tbrf crmwtg pìls tm bstin`dsg dt-

sb`j dl tgb Abfmeritde ^bpun`de mj Emlcm,

Btgdmpdi ila Ublbci`.

Hbdtg Sirrbl, HJE—s filicdlc adrbetmr

jmr Ijrdei it tgb tdfb, lmtbs tgit dl smfbIjrdeil emultrdbs HJE nurcbrs am lmt

givb `bttueb ml tgbf. Qgds wis lmt tm eitbr

tm `mei` tistbs, nut nbeiusb HJE emuàl—t

smureb `bttueb dl tgb qui`dtdbs ila quiltd-

tdbs dt rbqudrba.

Sgbl HJE bltbrba tgb Ldcbrdil firhbt,

tgb emfpily gia adjeu`ty dl pbrsuiadlc

jirfbrs tm nbemfb dts supp`dbrs. ‐Sgbl

wb rst wblt dltm Ldcbrdi, dt tmmh i `mt mj

emlvdledlc tm cbt mlb mj tgb egdehbl jirf-

brs tm pirtlbr, nbeiusb mj tgb ifmult mj

dlvbstfblt XgbV lbbaba tm fihb tm iegdbvbmur qui`dty stilairas. Qgb mtgbr egdehbl

prmauebrs wbrbl—t pirtdeuìr`y dltbrbstba.

Nut mleb tgby siw tgb sueebss wb wbrb

iegdbvdlc wdtg tgit mlb jirfbr, tgby tgbl

wblt ila sida, ‗Sb—a nbttbr cbt ml nmira—,‖

Sirrbl bxpìdls.

Abfila jmr qui`dty jrbsg prmaueb emfbs

lmt ml`y jrmf tgb crmwdlc lufnbr mj

jist jmma rbstiurilts dl Ijrdei, nut i`sm

jrmf supbrfirhbt egidls bxpiladlc dltmtgb emltdlblt. Umutg Ijrdei-nisba rbtid`br

Ugmprdtb gis ircuin`y nbbl mlb mj tgb fmst

sueebssju` dl tgds irbi, wgd`b dts rdvi` [deh

l [iy gis i`sm nbbl crmwdlc dts jmmtprdlt.

Umutg Ijrdeil supbrfirhbts irb, gmwbvbr,

lmt tgb ml`y mlbs wdtg pìls tm bxpila

tgbdr mpbritdmls. Hblyil rbtid`brs sueg is

Lihufitt ila Regufd givb i`sm bltbrba

emultrdbs mutsdab tgbdr gmfb firhbt.

z Hiruturd ― Dt tihbs tdfb

Hiruturd ds il Dladil icrdnusdlbss emf-

pily tgit rst stirtba mpbritdmls dl Btgdm-

pdi dl >;;2 wdtg i 9; gbetirb mwbr jirf.

Qmaiy dt ds i fiomr prmauebr mj eut rmsbs

dl tgb emultry. Hiruturd gis i`sm stirtba

wdtg tgb crmwdlc mj ebrbi`s, rdeb ila sucir

jrmf dts 9;;,;;; gbetirb jirf dl Cifnb`ì

prmvdleb, dl wbstbrl Btgdmpdi. Umfb emf-

fbltitmrs givb abserdnba tgb abi` is iìla crin.

Sgd`b fily std`` issmeditb Btgdmpdi wdtg

jifdlb ila pmvbrty, dt gis nbbl mlb mj tgb

wmrà—s jistbst crmwdlc bemlmfdbs dl rb-

eblt ybirs. Sdtg i pmpuìtdml mj mvbr 71

fd``dml, dt ds Ijrdei—s sbemla fmst pmpu-

`mus emultry.

Sirrbl siys tgit dl fily eisbs crmwtg

ds nbdlc gbà nieh ny dliabquitb jirf-dlc eipiedty tm supp`y tgb emfpily wdtg

egdehbls ila vbcbtin`bs. Sirrbl usbs tgb

bxifp`b mj Ldcbrdi. ‐Qgb ml`y `dfdtdlc

jietmr wb—vb cmt dl Ldcbrdi rdcgt lmw ds ie-

tui``y egdehbl supp`y, ila ladlc supp`d-

brs wgm irb in`b tm fbbt mur c`mni` qui`dty

stilairas dl sujedblt quiltdty. Qgb emf-

fbredi` egdehbl dlaustry ds gmrrdn`y ulabr-

abvb`mpba.‖

Icrdnusdlbss

Abfila jmr

qui`dty jrbsg

prmaueb emfbs

lmt ml`y jrmf

tgb crmwdlc

lufnbr mj jist

jmma rbstiurilts

dl Ijrdei, nut i`sm

jrmf supbrfirhbt

egidls bxpiladlc

dltm tgb emltdlblt.



Icrdnusdlbss

I``dileb jmr i Crbbl ^bvm-

ùtdml dl Ijrdei (ICÎ),

tgrmucg dts [rmcrif jmr Ij-

rdei—s Ubba Uystbfs ([IUU),

prmvdabs sbbas tm jirfbrs wdtg tgb pmtbl-

tdi` tm dlerbisb tgbdr ydbàs dl Ijrdei ila

sbbhs tm bstin`dsg bjjbetdvb nrbbadlc ila

sbba systbfs iermss tgb emltdlblt. Qgb

prmcrif julas ila tridls `mei` bltrbprb-

lburs tm bstin`dsg ila crmw prdvitb ila

dlabpblablt sbba emfpildbs. ^bbetdlc

tgb sueebss mj tgds eifpidcl, tgb fiomr-

dty mj jirfbrs wgm ieebssba tgb lbw sbbavdi tgb prmcrif givb tm aitb amun`ba tgbdr

prmaueb, ICÎ emlrfs.

@iulegdlc dts mpbritdml dl Fireg >;;3,

tgb [IUU prmcrif gis i RU$92; fd``dml

jula pmm` tm dfprmvb sbba qui`dty ila

pm`dey jrifbwmrhs, wdtg pun`de nrbbadlc

dlstdtutbs ila suppmrt jmr tgb erbitdml mj i

prdvitb sbba dlaustry.

Ijrdeil Icrdnusdlbss

Mppmrtuldtdbs[mmr sbba prmauetdml ila

sgirp e`dfitb egilcbsirb sbt tm bxiebrnitb

il i`rbiay erdtdei` jmma

sgmrticb dl sun-Uigiril

Ijrdei. Ijrdei—s pmpuìtdml

gis nbbl crmwdlc 2;%

jistbr tgil dts ind`dty tm

dlerbisb jmma prmauetdvdty,

ila wdtgmut ietdml

Ijrdei—s jmma abedt ds

prmobetba tm dlerbisb tm :;

fd``dml tmls ila tm RU$91

nd``dml ny >;>;.

‐Sb erbitba i prdvitb Ijrdeil sbba dlaus-

try tgrmucg prmvdadlc stirtup eipdti`, nusd-

lbss tridldlc, ila tbegldei` tridldlc. Qgb

nrbbadlc mj lbw virdbtdbs ds i`` amlb dl tgb

pun`de sbetmr, tgrmucg i abebltri`dzba ip-

prmieg, tm sgdjt tgb nrbbadlc juletdml mut

tm wgbrb tgb jirfbrs irb tm fihb dt fmrb mj

i pirtdedpitmry prmebss. Qgbl, ml tgb mtgbr

sdab, wb ishba gmw wb wmuà cbt i`` mj

tgds lbw tbeglm`mcy tm tgb jirfbrs,‖ siys

Omb AbZrdbs, Adrbetmr mj ICÎ—s [IUU

prmcrif.

Gb iaas tgit mtgbr mrcildzitdmls givb

ulsueebssju``y ittbfptba tgds dl tgb pist

tgrmucg prdvitb nusdlbss, pun`de icbledbs

ila LCMs, ila dl amdlc sm givb tihbl tgb

wrmlc ipprmieg.

‐Sb hlbw nusdlbss pbmp`b gbrb wgm

wmuà gb`p jmeus ml tgb sbba lbbas mj

sfi``br jirfbrs ila nbdlc in`b tm firhbt



^bi` Bstitb



Icrdnusdlbss

sbba it prdebs tgit `mei` jirfbrs eil ij-

jmra. Sb tgbl wmrhba gira tm dlh tgb lbw

sbba bltrbprblbur tm tgb `mei` nrbbabrs.

Sb i`sm jmeusba RU$1; fd``dml ml tgb

tridldlc ila abp`myfblt mj 91,;;; icrm-

abi`brs wgm wbrb sb``dlc sbbas ila jbrtd`-

dzbrs it tgb sfi`` rbtid`br bvb` dl vd`ìcbs.Isdab jrmf tgds wb givb mur adstrdnutdml

sdab.‖

Fr. AbZrdbs bxpìdls tgit icrdeu`turi`

julas dl Ijrdei rbqudrb i abadeitdml mj

nbtwbbl 9; ila 92 ybirs. Qgb `mei` jirf-

brs, gb iaas, givb nbbl tihdlc iavilticb

mj bvbry lbw tbeglm`mcdei` bacb, prmvdaba

tgit dt ds ividìn`b tm tgbf dl wiys tgit irb

ijjmrain`b. Dl tgds sblsb, ICÎ—s [IUU

prmcrif gis nbbl in`b tm nrdlc wmrà eìssrbsmurebs tm nbir ml fily jirfbrs— prmn-

`bfs rbciradlc tbeglm`mcy.

Gmwbvbr, liledlc, Fr AbZrdbs iaas, ds

stmppba it tgb pun`de sbetmr wdtg ebrtidl

emlstridlts, wgd`b gb`p ds ml`y smucgt mut

wdtgdl tgb prdvitb sbetmr jmr adstrdnutdml

ila ab`dvbry.

‐Qgds wis vbry emltrmvbrsdi` it tgb tdfb,

is sbbas irb lmrfi``y emltrm``ba ny cmv-

brlfblts mr LCMs, mr dlstdtutdmls wgm

gia tgb juladlc ividìn`b, i`tgmucg wgbl

tgds ril mut, sm ada tgb sbba, wgdeg ds lm

wiy tm trbit tgb fmst prbedmus dlput jmr

tgbsb jirfbrs, ila wgit ymu wilt ds i vd-

nrilt, emfpbtdtdvb sbba dlaustry.‖

Qgb [IUU prmcrif gis wmrhba wdtg ip-

prmxdfitb`y 7; sbba emfpildbs, wgdeg irb

i`rbiay tgb ircbst sbba supp`dbrs dl Ijrdei,ila dl iccrbcitb tgb prmcrif ds ab`dvbr-

dlc fmrb sbbas tm jirfbrs tgil ily mtgbr

crmup dl Ijrdei.

‐Nbjmrb us tgbrb wis i `biadlc sbba emf-

pily dl Ijrdei, nisba mut mj _dfninwb,

Ubba Em. Nut dl tbrfs mj sei`b wb—rb

rbiegdlc i sticb tgit pbmp`b irb givdlc tm

tihb lmtdeb mj. Ila wb givb i `mt mj rmmf

jmr bxpilsdml rdcgt lmw,‖ Fr. AbZrdbs bx-

pìdls.

‐Sb givb oust stirtba i prmcrif dl em`-

ìnmritdml wdtg tgb RUIDA DIN, tgb R.U.

cmvbrlfblt, wgdeg ds ei``ba tgb Uei`dlc

Ubbas ila Qbeglm`mcy [irtlbrsgdp, dt wd``

mpbritb dl sdx emultrdbs dleùadlc Cgili,

Ublbci`, Btgdmpdi, Qilzildi, Fmzifndqub

ila Fiìwd.‖

ICÎ siys dt ds sbbdlc il dlerbisb dl it-

tbltdml jrmf tgb ndc dltbrlitdmli` sbba

emfpildbs, is wb`` is smfb mj tgb `bssbr

hlmwl emfpildbs dl tgb R.U., Dladi, ila

Burmpb, i sbltdfblt tgit ds bxpbetba tm

crmw, Fr. AbZrdbs siys.

z Cmvbrlfblt Uuppmrt

ICÎ gis rbebdvba strmlc suppmrt jrmf

Ijrdeil cmvbrlfblts dl emlauetdlc dts

prmcrifs, bspbedi``y wgbl cirlbrdlc gb`p

dl blgiledlc tbeglm`mcy jmr icrdeu`turi`

nrbbadlc.

‐Dl fily emultrdbs tgit wb mpbritb dl, 93

dl tmti`, wb givb sbbl pmsdtdvb egilcbs dl

blemuricdlc bltrbprblbursgdp ila fmrb

jirfbr-jrdbla`y triab pm`dedbs jmr cridl

triab. Dj ymu prmvb tgbrb ds viùb dl tgds pirt mj tgb bemlmfy tgbl tgbrb ds wd``dlc-

lbss jrmf tgb Ijrdeil cmvbrlfblts tm df-

prmvb pm`dedbs ila rbsbireg, wgdeg ds erdtd-

ei` jmr tgb `mlc giu`.‖

Dl tgb sgmrt tbrf, Fr. AbZrdbs siys tgit

tgb prmcrif gis wdtlbssba ‐i rbfirhin`b

dlerbisb‖ dl emffmadty triab tihbl up ny

`mei` bltrbprblburs wgm irb sgdjtdlc jmma

jrmf irbis mj prmauetdml tm irbis mj ab-

fila.

‐Sb irb i`sm wmrhdlc wdtg sbvbri` vblturb

eipdti` julas, ila tgbrb irb twm tgit irb

eurrblt`y ietdvb dl tgb sbba dlaustry. Mlb

ds tgb Ijrdeil Ubba Dlvbstfblt Jula, ila

DLOI^M Icrdeu`turi` Eipdti` Gmàdlcs

@dfdtba. Sb irb pirtlbrdlc wdtg sbvbri`

mtgbr crmups dl tgbsb dlvbstfblt julas,

dleùadlc tgb Umrms Bemlmfde Abvb`mp-

fblt Jula, ila sbvbri` mtgbr dlvbstmrsgivb emfb dl tm bxprbss tgbdr dltbrbst, sm

wb gmpb tgds wd`` emltdlub dl tgb ybirs tm

emfb.‖

‐Dl fily emultrdbs

tgit wb mpbritb

dl, 93 dl tmti`,wb givb sbbl

pmsdtdvb egilcbs

dl blemuricdlc

bltrbprblbursgdp

ila fmrb jirfbr-

jrdbla`y triab

pm`dedbs jmr cridl

triab.‖



^bi` Bstitb

Sb gb`p ymu fihb sblsb mj dt i``

>9;9 @ UQ LS Uudtb 7;; | Sisgdlctml, A.E. | >;;53

A.E. Mjeb? (>;>) 52;-1>4; Bxt. 9;1 | Jix? (>;>) 52;-1>49

www.aeancrmup.emf

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EMLUR@QDLC | IAZDUM^T | BWBERQDMLU


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Icrdnusdlbss

IjrdeilUfi``gm`abr

Jirfs? QgbEgi``blcb

^bfidls


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Icrdnusdlbss

Qgb icrdeu`turi` nusdlbss dl Ij-

rdei rbfidls jmr tgb fmst pirt

dl tgb gilas mj sfi``gmàbr

jirfs, ybt jmr tgb fiomrdty mj

Ijrdeil emultrdbs jirfdlc ieemults jmr

3;% mj tgb inmr jmreb ila >2% mj dts CA[,

ieemradlc tm SDBCM, i c`mni` ietdml-rb-

sbireg-pm`dey lbtwmrh. Iaadtdmli``y, ermp

ydbàs dl Ijrdei irb nbtwbbl mlb-tgdra ila

mlb-gi`j mj tgb c`mni` ivbricb. Dj Ijrdeil

emultrdbs eil eipdti`dzb ml tgbdr rbsmurebsila emffmadty-nisba dlaustrdi`dzitdml, dt

wd`` cm i cmma wiy tmwira prmfmtdlc tgb

Ijrdei gmàs :;% mj tgb wmrà—s jbrtd`b ìla, i`tgmucg

tgb fiomrdty mj tgds rbfidls ulabvb`mpba aub tm pmmr

jirfdlc emladtdmls ila rbsmurebs ― ila pbrgips fmst

dfpmrtilt`y, ìeh mj cmvbrlfblt suppmrt.

emltdlblt—s emfpbtdtdvblbss, wgd`b rbaue-

dlc dts gbivy abpblableb ml prdfiry emf-

fmadty bxpmrts.

Gmwbvbr, Ijrdeil cmvbrlfblts irb lmt

supp`ydlc tgb iabquitb fbils tm dlvbst dl

tgb abvb`mpfblt ila prmauetdvdty mj tgb

emltdlblt—s ndccbst sbetmr. Ila tgb jiet

rbfidls tgit wdtgmut tgds fueg-lbbaba

dlvbstfblt dl icrdeu`turi` dljristrueturb

ila rbsbireg, Ijrdei—s sfi``gmàbr jirfswd`` rbfidl dl pmvbrty, ila tgbdr ìlas

nirrbl.

‐Sgit ds rbi``y fdssdlc ds iabquitb dl-

vbstfblts ny Ijrdeil cmvbrlfblts tgbf-

sb`vbs,‖ siys ^mnbrt [iir`nbrc, [rmjbssmr

mj [m`dtdei` Uedbleb it Sb``bs`by Em``bcb.

‐Qgby givb hlmwl jmr ybirs tgit tgby

sgmuà givb nbbl dlvbstdlc fmrb dl tgb ru-

ri` sbetmr ila dl icrdeu`turb abvb`mpfbltdl pirtdeuìr, ila ybt tgby givb lmt amlb

dt. Dl >;;> tgby prmfdsba tm dlvbst 9;%

mj tgbdr pun`de nuacbts dl icrdeu`turi` ab-

vb`mpfblt ny >;;7, ila wgbl >;;7 eifb

fmst cmvbrlfblts wbrb std`` dlvbstdlc 2%

mr `bss.‖

Dljristrueturb nmtt`blbehs wdtgdl tgb Ijrd-

eil icrdeu`turi` sbetmr irb prmvdlc tm nb i

stdehdlc pmdlt. Ila i`tgmucg gucb abvb`-

mpfblt prmobets tgit rbqudrb dltbrlitdmlièipdti` ila bxpbrtdsb prmvb gira tm ie-

emfp`dsg, sfi``br-sei`b egilcbs emuà dl


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Icrdnusdlbss

jiet fihb tgb adjjbrbleb, tgrmucg tgb nisde

nudàdlc mj emllbetdlc rmias ila nrdacbs.

‐Qgbsb irb emultrdbs wgbrb :; tm 3;% mj

tgb pbmp`b irb abpblablt ml jirfdlc jmr

dlemfb ila bfp`myfblt, ila dl tgbsb

pìebs dl tgb emultrysdab tgbrb ds lm b`be-trdedty, ila lm rmias tgit irb pissin`b dl

tgb ridly sbisml, ila lm icrdeu`turi` stmr-

icb. Ila ybt tgb cmvbrlfblts irb jid`dlc

tm put dl tgmsb nisde pun`de cmmas. [rdvitb

dlvbstmrs irb lmt cmdlc tm prmvdab tgds ni-

sde dljristrueturb8 tgby wd`` lmt emfb dl

ultd` tgby eil cbt rb`din`b b`betrdei` pmwbr

dl tgb emultrysdab ila i rmia systbf tgit

tgby eil usb,‖ Fr. [iir`nbrc siys.

Gb iaas? ‐Dt—s i`` nbdlc gbà up ny tgb ìehmj nisde pun`de cmmas, dleùadlc ru`b mj

ìw, ila prmtbetdml jmr dlvbstmrs. Dl Qil-

zildi wgbrb tgby irb prmfmtdlc UICEMQ,

tgb emulty std`` gis i strdet `dind`dty systbf,

wgdeg tblas tm seirb iwiy prdvitb dlvbst-

fblt. Tmu eil nb suba dj ilytgdlc cmbs

wrmlc, bvbl dj ymu mnbyba tgb iw ila jm`-

`mwba nbst prietdebs.‖

zJdliledlc tgb Juturb mj

Ijrdeil Jirfdlc

Fr. [iir`nbrc siys tgit fmst mj tgb dlvbst-

fblts dltm Ijrdei irb emfdlc jrmf smvbr-

bdcl wbi`tg julas, wgd`b smfb bjjmrts irb

nbdlc pusgba ny tgb Smrà Bemlmfde Jm-

ruf tm abvb`mp ifndtdmus icrdeu`turi` emr-

rdamrs dl emultrdbs dhb Qilzildi, wgdeg gis

rbeblt`y ìulegba tgb UICEMQ [rmobet.

UICEMQ wd`` dabltdjy bxdstdlc ila pmtbl-

tdi` prmobet mppmrtuldtdbs dl tgb smutgbrlicrdeu`turi` emrrdamr jmr tgb dljristrueturb

ila icrdeu`turb sbetmrs. Gmwbvbr, abspdtb

bjjmrts tm prdvitb`y lileb tgds prmobet, Fr.

[iir`nbrc siys tgit dt ds `mmhdlc ul`dhb`y.

‐D—f lmt surb tgit tgby—vb gia fueg ùeh8

ila dt `mmhs fmst`y `dhb sun-emffbredi`

dlvbstfblts tgit tgby—rb fippdlc mut,

wgdeg irb gbivd`y rb`dilt ml tgb Smrà

Nilh ila tgb cmvbrlfblt mj Qilzildi,

ritgbr tgil jmr-prmt prdvitb dlvbstfblt.

Nut wgbtgbr tgds wd`` egilcb fiy ìrcb`y

abpbla ml emffmadty prdebs, ila D—f lmt

surb wgbrb tgds ds cmdlc. Qgbrb gis nbbl

i `mlc-tbrf amwlwira trbla dl jmma prde-

bs ultd` tgb fmst rbeblt abeiab, abspdtbdlemfb crmwtg ila pmpuìtdml crmwtg

wmràwdab, sm i `mt mj tgb dltbrbst dl tgb

ieebss tm tgb lbirbst firhbt pìebs wis

ividìn`b. Ieemradlc tm tgb Rldtba Litdmls

Bemlmfde Emffdssdml jmr Ijrdei (RL-

BEjI), mlb-jtg mj jirfdlc surpùsbs irb

`mst aub tm pmmr stmricb ila ìeh mj eml-

lbetdlc rmias. Iaadtdmli``y, tgb ìeh mj

lilebs ividìn`b jmrebs sfi`` jirfbrs tmsb`` `mw ritgbr tgil widt jmr tgb nbst sbi-

smli` prdebs.

RLBEjI—s >;95 Ijrdei rbpmrt siys tgit dl-

jristrueturb abvb`mpfblt wd`` gb`p tm bisb

tgbsb nmtt`blbehs, wgd`b prmvdadlc bfp`my-

fblt jmr ulshd``ba ila sbfd-shd``ba wmrh-

brs. ‐Dlaustrdi` ila abvb`mpfblt pm`dey dl

Ijrdei sgmuà dleùab stritbcde dlvbstfblt

dl dljristrueturb ila ivmda ‗bleìvb— dljri-

strueturb prmobets ila prmcriffbs idfbaml`y it sitdsjydlc tgb lbbas mj emffmadty

prmauebrs.‖

Dlstbia, tgb rbpmrt urcbs Ijrdeil cmvbrl-

fblts tm usb emffmadty ieebss tm sbeurb

jivmrin`b dljristrueturb liledlc dl tgb

jmrf mj ndìtbri` icrbbfblts, wgd`b i`sm

`bvbricdlc pun`de-prdvitb pirtlbrsgdps ila

rbstrueturdlc dlstdtutdmls tm prmvdab smjt

dljristrueturb.

Ijrdei—s icrdeu`turi` nusdlbss ds i`sm smrb`y

ìehdlc tgb ittbltdml ila bxpbrtdsb mj rb-

sbiregbrs. Fr. [iir`nbrc lmtbs tgit ‐vbry

`dtt`b mj Ijrdei—s jmrbdcl eipdti` ds usba jmr

rbsbireg purpmsbs.‖ Ieemradlc tm tgb I`-

`dileb jmr i Crbbl ^bvmùtdml dl Ijrdei

(ICÎ), il Ijrdei-nisba mrcildzitdml

tgit wmrhs tm dfprmvb prmauetdvdty ila

dlemfbs mj rbsmureb pmmr jirfbrs dl Ij-

rdei, tgb emltdlblt gis oust 3; icrdeu`turi`rbsbiregbrs jmr bvbry mlb fd``dml pbmp`b,

wgd`b tgb wgm`b mj @itdl Ifbrdei gis 22;,

ila Lmrtg Ifbrdei >,:1;. Uueg rbsbireg

ila filpmwbr emuà gb`p cmvbrlfblts

abtbrfdlb icrdeu`turi` pm`dedbs ila lbw

jrifbwmrhs jmr tgb abvb`mpfblt mj tgb

sbetmr. Gmwbvbr, dlstbia mj jmrbdcl eipdti`

nbdlc put dltm rbsbireg, Fr. [iir`nbrc siys

dt ds ‐i advdsdml mj ìnmr‖ dltm mtgbr irbis.

icrdeu`turi` sbetmr dl Ijrdei wis trdccbrba

ny tgb dltbrlitdmli` prdeb spdhbs mj >;;7,

ila D aml—t hlmw dj tgds wd`` nb i sbeurb

jmulaitdml jmr sueg dlvbstfblts mvbr tgb

`mlc rul.‖

Dlabba, jirfbrs emuà pbrgips nbir tgb adp

dl emffmadty prdebs dj sb``dlc tgbdr prm-

aueb it i cmma prdeb wis cuiriltbba ila

Ijrdei—s

icrdeu`turi`

nusdlbss ds i`sm

smrb`y ìehdlctgb ibltdml

ila bxpbrtdsb mj

rbsbiregbrs.

Fr. [iir`nbrc

lmtbs tgit ‐vbry`d`b mj Ijrdei—s

jmrbdcl eipdti` ds

usba jmr tm rbsbireg

purpmsbs.‖



Icrdnusdlbss

‐Qgb Nd`` ila Fb`dlai Citbs Jmulaitdml

puts fmlby tm wmrh dl sbba dfprmvbfblt

ila sbba systbfs jmr sfi``gmàbr jirfbrs.

RUIDA jmeusbs dts fmlby ml viùb egidl

abvb`mpfblt, ila icrdnusdlbss dl Ijrdei.

Qgb Smra Nilh puts i `dtt`b ndt fmrb fml-

by dltm nisde dljristrueturb, nut tgbrb std``ds lmt blmucg fmlby cmdlc dltm ruri` rmias

ila pmwbr, pirtdi``y nbeiusb mj rbsdstileb

jrmf tgb blvdrmlfblti` emffuldty. Qgb

Smrà Nilh gis ìrcb`y cmttbl mut mj tgb

nusdlbss mj ìrcb-sei`b drrdcitdml prmobets

nbeiusb mj i strmlc rbsdstileb jrmf crbbl

crmups ila gufil rdcgts mrcildzitdmls

wgm sbb tgmsb ndc prmobets is adsruptdvb.‖

z Drrdcitdml Dssubs

Ieemradlc tm Fr. [iir`nbrc, mlb ndc mnsti-

e`b stiladlc dl tgb wiy mj abvb`mpdlc Ij-

rdei—s icrdeu`turi` ìlas ila dfprmvdlc dts

nusdlbss ds pun`de mppmsdtdml tm drrdcitdml

prmobets. Irmula 1% mj icrdeu`turi` ìla ds

drrdcitba dl Ijrdei, wdtg i`fmst is fueg rb-

sdstileb tm nudàdlc aifs jmr gyarmb`betrde

pmwbr is tgbrb ds tm fdldlc emi` jmr b`be-

trdedty ila emi`-rba pmwbr pìlts, wgdeg

irb bssbltdi` jmr abvb`mpdlc rmias ila ie-

ebss pmdlts jmr jirfbrs.

‐Dl emultrdbs `dhb Cbrfily tgit cmt rdeg

nurldlc emi`, Crbbl pirty `biabrs irb tb``-

dlc Ijrdei tgby eillmt am tgb sifb tgdlc.

Qgb Egdlbsb irb fihdlc gucb dlvbstfblts

dl blbrcy dl Ijrdei, nut tgby wilt dt fidl-

`y tm nb bxpmrtin`b nieh tm Egdli. Egdli

ds fihdlc tgb hdla mj dlvbstfblts tgit

Sbstbrl icbledbs irb lmt fihdlc, mjtbl

dl emultrdbs tgit irb lmt abfmeritde ila

irb lmt trilspirblt. Iaadtdmli``y, tgby irbfihdlc ìrcb dljristrueturb dlvbstfblts

wdtg ìrcb blvdrmlfblti` emlsbqublebs mj

tgb hdla Sbstbrl ila R.U. icbledbs eillmt

fihb. Fmst jirf ìnmr dl Ijrdei ds amlb

ny wmfbl, ml sfi`` p`mts, usdlc triadtdml-

i` tbegldqubs wdtg lm pmwbr fiegdlbry,

i`fmst lm jbrtd`dzbr, ila usui``y lm drrdci-

tdml,‖ Fr. [iir`nbrc bxpìdls.

‐Ubvblty pbreblt mj tgbsb jirfbrs `dvb it

`bist twm hd`mfbtbrs jrmf tgb lbirbst i``-wbitgbr rmia, ila fmst eillmt rbia mr

wrdtb. Ebrbi` ydbàs irb ml`y inmut mlb-

tbltg is gdcg is dl rdeg emultrdbs, ila

dlemfb ds usui``y lmt fueg fmrb tgil i

am`ìr i aiy. Sdtgmut fueg ìrcbr pun`de

sbetmr dlvbstfblts dl rmias, pmwbr, stmr-

icb, icrdeu`turi` rbsbireg, ruri` segmm`s

ila ruri` e`dldes, tgb jirf sbetmr dl Ijrdei

wd`` emltdlub tm ìc.‖

Bjjbetdvb Gbacb JulQix [rietdebsQgb dlaustry—s fmst emfprbgblsdvb gbacb jula t

emljbrbleb ds nieh!

Fbltdml JF[9:9 jmr 9;% ^bcdstritdml Adsemult

• Qix ila ^bcuìtmry Rpaitb? Sgit Gis Egilcba ila Gmw

• Am Qgbsb Egilcbs Ijjbet Gbacb Julas=• JIQEI ― Jdli` Utbps jmr ^bcdstritdml ila Emfp`dileb ― Dt—s

• Lmt Qmm @itb!

• Crmwdlc Utitb ila Jmrbdcl Qix Dssubs Emljrmltdlc

• Dlvbstfblt Filicbrs Qmaiy

• Qixitdml mj Uwips, Emffmadtdbs ila mtgbr Emltriets

• Bstitb ila Cdjt Qix ― [ìlldlc jmr Dlvbstfblt Filicbrs ila

• Qgbdr Dlvbstmrs

• Tbir-Bla Qix [ìlldlc Utritbcdbs

QM ^BCDUQB^? EI@@ 7;;->7;-711; M^ ZDUDQ RU IQ SSS.JÎ@@E.EMF

Lmvbfnbr 94 - >;, >;95 Qgb [rdlebtml Eùn - Lbw Tmrh,



Icrdnusdlbss

D

l >;;1 tgb Ldcbrdil cmvbrlfblt il-

lmuleba i pm`dey rbqudrdlc i`` wgbit

mur fd``s tm iaa 9;% eissivi mur

tm wgbit mur usba tm nihb nrbia,

ndseudts, slieh jmmas, pisti ila lmma`bs.Is i rbsu`t, Ldcbrdi lmw prmauebs 4 fd`-

`dml fbtrde tmls mj eissivi i ybir, i curb

bxpbetba tm amun`b ny >;>;.

Dj tgb emffbredi`dzitdml mj eissivi prm-

auetdml ambs rbieg dts pbih, dt ds bxpbetba

tgit dt wd`` rbaueb tgb litdml—s wgbit df-

pmrts ny i fdldfuf mj L9>3 nd``dml, ila

dl turl wd`` pmur fmlby nieh dltm tgb Ld-

QgbEissivi

MppmrtuldtyQgb eissivi ermp gis nbemfb i fiomr stip`b jmma prmauet mj sun-Uigiril Ijrdeil

emultrdbs mvbr tgb ìst abeiab, ietdlc is i egbipbr i`tbrlitdvb tm wgbit jmr tgb prmauetdml

mj mur. Emlebrtba bjjmrts irb nbdlc fiab ny tgb emltdlblt—s `mei` cmvbrlfblts tm

dlerbisb eissivi prmauetdml, pirtdeuìr`y dl Ldcbrdi, wgdeg ds lmtmrdmus`y abpblabltml dfpmrtdlc ermps jrmf inrmia tm prmvdab jmr dts jist-crmwdlc pmpuìtdml. Qgb

dlerbisb dl eissivi prmauetdml i`sm prmfdsbs tm gb`p stdfuìtb Ldcbrdi—s icrdeu`turb ila

filujieturdlc dlaustrdbs, wgd`b rbauedlc bxpblsdvb wgbit puregisbs.

cbrdil jirfdlc, prmebssdlc ila nihdlc dl-

austrdbs. Qm spbba tgds prmebss up, tgb cmv-

brlfblt ds suppmrtdlc tgb prdvitb sbetmr dl

il idf tm ieebss egbip liledlc tm dfpmrt

97 ìrcb-sei`b eissivi prmebssdlc pìlts.

@muw Nurcbr, Egdbj Bxbeutdvb Mjebr ila

Filicdlc Adrbetmr mj Qgid Jirf Dltbrli-

tdmli`, i Ldcbrdil emfpily tgit prmebssbs

`mei``y crmwl eissivi tunbrs, siys tgit tgb

eissivi rmmts crmwl dl Ldcbrdi irb usba dl

triadtdmli` jmma-mrdbltba firhbts, ila tgit

vbry `dtt`b ds prmebssba jmr dlaustrdi` ipp`d-

eitdmls.

Fr. Nurcbr iaas tgit, uljmrtulitb`y, tgb

cmvbrlfblt—s pm`dey tm bxpila eissivi

prmauetdml wis ìrcb`y dclmrba, wdtg ml`y

tmhbl emfp`dileb ny i jbw wgbit mur

fd``brs. Gmwbvbr, abspdtb tgb ìehùstbrsuppmrt jmr tgb cmvbrlfblt pm`dedbs, i

lufnbr mj ndseudt emfpildbs ila slieh

jmma prmauebrs givb nbbl usdlc eissivi

prmaueb tm n`bla wdtg tgbdr wgbit mur tm

rbaueb emsts ― eissivi mur sb``s it i 5;%

adsemult tm wgbit mur.

‐Sb sb`` tgb eissivi mur tm ndseudt prm-

auebrs, slieh jmma prmauebrs ila nrbia



Julas Icrdnusdlbss


http://slidepdf.com/reader/full/the-changing-landscape-of-colombias-pension-fund-industry 66/94::

nihbrdbs dl Ldcbrdi ila tgby nuy dt nbeiusb

dt sivbs tgbf fmlby ― jmr bvbry nic mj mur

mur tgit tgby usb tgby sivb mvbr 9;;;

lidri,‖ Fr. Nurcbr siys.

Gmwbvbr, gb iaas tgit tgb cmvbrlfblt—s

eissivi pm`dedbs givb nbbl ‐iccrbssdvb`yrbvdvba‖ wdtg tgb dliucuritdml mj tgb lbw

cmvbrlfblt dl Iprd` >;99, ila tgit tgb

sbetmr ds lmw bxpbrdbledlc strmlc crmwtg.

‐Qgid Jirf—s eipiedty wd`` nb ipprmxd-

fitb`y >;,;;; tmls i ybir wgdeg wd``

trilsìtb dltm ml`y i sfi`` pmrtdml mj tgb

ulsitdsba firhbt abfila. Sb eifb up

wdtg tgb eipdti` tm stirt i jietmry. Mur nusd-

lbss ds vbry sdfp`b. Sb crmw eissivi tm i

`dfdtba bxtblt ila puregisb eissivi jrmfmvbr >;;; `mei` (fidl`y) sfi`` jirfbrs,

wgdeg wb prmebss dltm gdcg qui`dty eissi-

vi mur, mj tgb nbst qui`dty dl tgb firhbt,‖

Fr. Nurcbr siys.

‐@ist ybir, J`mur Fd``s mj Ldcbrdi, i pun-

`de`y dstba emfpily dl Ldcbrdi, nmucgt mut

i`` tgb fdlmrdty sgirbgmàbrs mj mur emf-

pily ila lmw tgby emltrm` mur emfpily.

Sb givb bssbltdi``y usba Qgid hlmw-gmw

ila tbeglm`mcy. Qgidìla prmauebs stireg,

ila lmt mur, sm wb gia tm iaipt tgbdr

tbeglm`mcy s`dcgt`y, nut wdtg tgb gb`p mj i

cmma jmma sedbleb blcdlbbr wb wbrb in`b

tm emfb up wdtg tgb smùtdmls tm prmaueb

mur jrmf i stireg pìlt.‖

z Qgid ^mmts

Qgid Jirf Dltbrlitdmli` tmmh dlspdritdml

jrmf tgb Qgid filujieturdlc prmebss jmreissivi, wgdeg prmauebs irmula >; fd`-

`dml tmls mj eissivi i ybir, ìrcb`y ml

jirfs tgit irb sfi``br tgil 9; gbetirbs.

Qgb emfpily dfpmrtba i eissivi mur

prmebssdlc pìlt jrmf Qgidìla tgit emuà

prmaueb :; fbtrde tmls i aiy, wgdeg wis

tgbl dlsti``ba ila emffdssdmlba it dts jie-

tmry sdtb `meitba dl Msmsi, Ldcbrdi, 9>;

hd`mfbtbrs jrmf @icms. Qm blsurb tgb rb`d-

in`b supp`y mj riw fitbrdi`s, Fr. Nurcbr

siys tgit tgb nusdlbss jirfs eissivi rmmts

ml `bisba ìla ila jirfìla ulabr virdmus

omdlt vblturb jirfdlc prmobets wdtg tgb `m-

ei` emffuldtdbs surrmuladlc tgb prmobet.

Ieemradlc tm Fr. Nurcbr, Qgid eissivi

filujieturbrs ‐givb prmaueba i vbry bj-jbetdvb tbeglm`mcy jmr sfi`` bà jirfdlc.

Qgb rbsu`t ds tgit tgb ruri` irbis rbfidl

ìrcb`y pmpuìtba, wdtg rbìtdvb`y jbw pbm-

p`b nbdlc pusgba mjj tgbdr ila ny ndc sei`b

jirfbrs.‖

Fr. Nurcbr siys tgit jmuladlc tgb nusd-

lbss dl Ldcbrdi crbw mut mj tgb sueebss gb

siw dl Qgidìla—s eissivi filujieturdlc

fmab`. Qgid Jirf Dltbrlitdmli` idfs tm

cdvb tgb ndccbr emfpildbs ìla it `mwbremsts dl mrabr jmr tgbf tm prmaueb ndc vm`-

ufbs ila erbitb tgb fmab` ila tbeglm`mcy

lbbaba, wgdeg ds abrdvba jrmf tgb Qgid

bxpbrdbleb, jmr tgb sfi`` Ldcbrdil jirfbrs

tm jm``mw.

‐Qgb firhbt prdeb mj gdcg qui`dty eissivi

mur gis ìrcb`y stiyba tgb sifb, i`tgmucg

dl Ldcbrdi tgb prdeb mj eissivi tunbrs gis

amun`ba dl tgb ìst 97 fmltgs, ìrcb`y aub

tm i mma tgit wdpba mut il bstdfitba

2;;,;;; gbetirbs mj ìla ulabr eissivi

eu`tdvitdml,‖ Fr. Nurcbr lmtbs.

‐It tgb sifb tdfb, tgb cmvbrlfblt iaaba

autdbs ml rdeb ila wgbit sm i `mt mj pbmp`b

swdtegba tm tgb triadtdmli` eissivi jmma,

wgdeg ds ei``ba cirrd, jbrfbltba eissivi

mur tgit ds rmistba. Qgb abfila jmr eis-

sivi tunbrs wblt tgrmucg tgb rmmj nut it tgb

sifb tdfb tgb supp`y armppba nbeiusb mj tgbmmas. Qgb rbsu`t wis i fueg gdcgbr eis-

sivi tunbr prdeb. Nut nbeiusb mj tgds prdeb dl-

erbisb, tgbrb gis nbbl il dlerbisb dl eissivi

pìltdlc, ila sm wb nb`dbvb wb wd` smml sbb

i situritba firhbt ila, mj emursb, tgb prdebs

swdlcdlc dl tgb mppmsdtb adrbetdml. D tgdlh wb

wd`` sbb i emltdludlc pittbrl mj tgds ila prde-

bs swdlcdlc qudtb wdà`y ultd` tgb eissivi

crmwdlc ila prmebssdlc dlaustry nbemfbs

fmrb bstin`dsgba ila stin`b.‖

z Qgb Cùtbl Jietmr

Sdtg fily emljbetdmlbry emfpildbs dl-

vbstdlc dl tbeglm`mcdbs tm prmaueb cùtbl-

jrbb prmauets, tgb eissivi dlaustry gis tgb

egileb tm eisg dl ml ùeritdvb mppmrtuld-tdbs. Fr. Nurcbr bxpìdls tgit eissivi mur

ds il iaadtdvb, ila wgbtgbr cùtbl ds iaaba

mr rbfmvba tgrmucg tgb egidl, tgb pbr-

eblticb mj eissivi dleùaba eil dlerbisb.

Qgbrbjmrb, jmr fily emultrdbs tgit lbba

dlaustrdi` abvb`mpfblt, dt prbsblts i cmma

prmspbet, is `mlc is tgb rbcuìtdmls irb dl

pìeb tm jied`dtitb dlvbstfblt dl tgb sbetmr.

‐Mur mur prmauet ambsl—t emltidl prm-

tbdl (cùtbl) wgdeg ds smfbtgdlc bla usbrsgivb tm iaa tm fidltidl tgb ‗`djt— dl tgbdr

nrbia mr ndseudts. I`sm, wdtg tgb crmwtg

dl cùtbl jrbb-prmauets dl tgb abvb`mpba

bemlmfdbs, aub tm i``brcdbs, wb wd`` nb

abvb`mpdlc tbeglm`mcdbs tm prmaueb mur

eissivi mur dl i wiy tgit bla usbrs aml—t

givb tm dleùab tgb cùtbl, is ds nbdlc amlb

ny bla usbrs tmaiy. Ila wb wd`` idf tm am

tgds wdtgmut ily sierdeb tm tgb qui`dty mj

tgb prmauet,‖ Fr. Nurcbr siys.

‐@mmhdlc jmrwira tm tgb juturb mj eissivi

mur, tgbrb ds lm rbisml wgy pmmr emul-

trdbs tgit aml—t givb tgb lbebssiry e`dfitbs

tm crmw emrl mr, bspbedi``y, wgbit, eillmt

abvb`mp eissivi mur is il i`tbrlitdvb,

ila tgit tgb prmauet eillmt rbieg jir-ulc

pìebs. D givb nbbl ipprmiegba ny dlvbs-

tmrs dl emultrdbs sueg is Cudlbi, Rcilai,

ila tgb Isdil [iede rbcdml. Lmlb mj

tgbsb irbis givb i eissivi mur dlaustry, nut tgby eu`tdvitb eissivi is i sunsdstbleb

jmma ila wilt tm sbt up jietmrdbs. D sbb ndc

crmwtg pmtbltdi` dl tgds sbetmr cmdlc jmr-

wira.‖

Icrdnusdlbss



Gmwbvbr, abspdtb rbebltulebrtidltdbs, Nrizd` gis

emltdluba tm abfmlstritb

i strmlc pbrjmrfileb ila

gis stbppba up tm nbemfb tgb emltd-

lblt—s ndccbst icrdeu`turi` pìybr. Qgb

emultry amfdlitbs tgb sucir, mrilcb

oudeb ila emjjbb firhbts ila ds i`sm mlb

mj tgb wmrà—s ndccbst smynbil bxpmrt-

brs, i trbla tgit emltdlubs tm cidl pieb.

@itIfIcrdnusdlbssJmeusDlvbstdlc dl Umutg Ifbrdei—s icrdeu`turi` sbetmr

eil nb i rdshy nusdlbss. I`tgmucg tgbrb irb fily

adjjbrblt wiys tm dlvbst dl tgb emltdlblt—s icrdeu`turi`

nusdlbss, fmst irb sunobet tm sgmrt-tbrf vmìtd`dty.

C`mni` supp`y ila abfila, pìltdlc eye`bs, wbitgbr

virditdmls, ila blbrcy ila sgdppdlc emsts givb

emltrdnutba tm prdeb spdhbs mvbr tgb ìst abeiab,

abtbrrdlc dlvbstmr sbltdfblt.

Dlabba, Nrizd`—s icrdeu`turi` nusdlbssgis prmvdaba tgit fueg-lbbaba nmmst

ifda tgb emultry—s bemlmfde s`mwamwl

mj ìtb.

Dlvbstfblt dl Nrizd`—s icrdeu`turb gis

dlerbisba tgds ybir ml tgb nieh mj i jmrb-

eistba rbemra girvbst, wdtg eipdti` nbdlc

dlobetba dltm tgb puregisb mj emlstruetdml

fitbrdi`s, truehs ila fiegdlbry, ila jbr-

td`dzbrs. Icrdeu`turb crbw 4.3% dl tgb sbe-

mla quirtbr mj tgds ybir emfpirba wdtg tgb

prbvdmus quirtbr, up 93% jrmf tgb sifb

pbrdma dl >;9>.

^mnbrtm Zdtml, jmulabr ila pirtlbr mj

Zi`mri` Iavdsmrs, i ldegb iavdsmry rf

tgit jmeusbs ml Umutg Ifbrdeil icrdnusd-

lbss dlvbstfblts, siys tgit tgbrb gis nbbl

i sgirp ipprbeditdml dl jirfìla viùbs

iermss Umutg Ifbrdei. Qgds ds pirtdeuìr`y

bvdablt, gb siys, dl emultrdbs sueg is Rru-

cuiy ila Nrizd` tgit bxpbrdbleba ìrcb

eipdti` dlmws dltm tgb jirfìla sbetmr.

‐Qgds ds emfndlba wdtg il bxpbetitdml mj

`mwbr prdebs iermss tgb icrdeu`turi` emf-

fmadty emfp`bx is c`mni` cridl stmehs irb

rbp`bldsgba, i`sm it i tdfb wgbl bfbrcdlc

firhbts irb fmrb prmlb tm eipdti` mutmws

ila eurrbley dlstind`dty rbsu`tdlc jrmf tgb

bxpbetba sgdjt dl R.U. fmlbtiry pm`dey,‖

Fr. Zdtml siys.

Icrdnusdlbss



Julas



Zi`mri` Iavdsmrs suppmrts dlvbstfblt

rfs, i`tbrlitdvb issbt filicbrs ila prd-

vitb bqudty julas, wgd`b i`sm iavdsdlc

jifd`y mjebs ila prdvitb nilhdlc rfs.

Dl >;9; Fr. Zdtml jmulaba Zi`mri` tm gb`p

e`dblts bxpila tgbdr bxpmsurb tm tgb c`mni`

icrdnusdlbss issbt eìss.

‐I`tgmucg mur rbsbireg eipind`dtdbs ila

lbtwmrhs irb c`mni`, wb fmst`y jmeus ml

Umutg Ifbrdei. Dt—s dltbrbstdlc tgit bvbl

tgmucg wb `dvb dl i c`mni` bemlmfy, fmst

pbmp`b jrmf Burmpb ila mtgbr rbcdmls dl

cblbri` irb std`` uljifd`dir wdtg Umutg

Ifbrdei. Qgby aml—t hlmw tgb ìlcuicb,

wgmf tm trust, mr tgb wiy tgdlcs wmrh

tgbrb, sm tm il bxtblt tgbrb ds std`` i crbit

abi` mj wmrh igbia tm erbitb iwirblbssinmut tgb icrdnusdlbss mppmrtuldtdbs dl tgb

rbcdml,‖ Fr. Zdtml siys.

‐Dl tgb ìst twm ybirs wb givb wmrhba

wdtg jula filicbrs wgm irb typdei``y dl

tgb bir`y sticbs mj ìulegdlc lbw julas,

wgdeg eil dleùab i`` smrts mj dlvbstfblt

dlstrufblts. Sb gb`p tgbf tm nudà tgb dl-

vbstfblt stritbcy, tm dabltdjy ila bviùitb

mppmrtuldtdbs ila tm abvb`mp pirtlbrsgdps

wdtg `mei` mpbritmrs.‖

z Juturb Mppmrtuldtdbs

Ijtbr i abeiab mj strmlc julaifblti`s,

jm``mwba ny crmwdlc eipdti` dlmws ila

gbi`tgy rbturls dl fmst issbts ila cbmcri-

pgdbs, Fr. Zdtml bxpbets i pbrdma mj stind-`dzitdml ila emlsm`daitdml dl tgb viùb mj

icrdnusdlbss rbìtba issbts. Ila tm i ìrcb

bxtblt tgds rbbets i fmabritdml dl smfb

mj tgb fiomr crmwtg ardvbrs mj tgb ìst ab-

eiab.

Dt ds tgbrbjmrb `mcdei`, gb siys, tm sbb fmrb

eiutdml ifmlc dlvbstmrs, bspbedi``y tgmsb

wgm irb lmt ybt dlvbstba dltm tgb rbcdml

mr irb lmt bxpbrdbleba dl tgb icrdnusdlbss

sbetmr. Nut jmr tgmsb dlvbstmrs wdtg i `mlc-tbrf vdbw, Fr. Zdtml nb`dbvbs tgit tgby eil

pmsdtdml tgbfsb`vbs ila prbpirb jmr tgb

lbxt wivb mj dlvbstfblts dltm tgb sbetmr.

‐D tgdlh tgbrb wd`` emltdlub tm nb mp-

pmrtuldtdbs dl tgb icrdnusdlbss sbetmr

dl Umutg Ifbrdei dl tgb lbxt vb tm 9;

ybirs is tgb c`mni` strueturi` trblas dl

tgb sbetmr irb rmnust ila pmdlt tm i egi`-

`blcdlc jmma supp`y ila abfila seblir-

dm. D tgdlh tgbrb ds viùb gbrb ila tgbrb ds

Icrdnusdlbss

i wdlamw mj mppmrtuldty jmr tgmsb wgm

irb wd``dlc tm bltbr tgb firhbt. Dt—s i``

inmut ulabrstiladlc tgb mppmrtuldtdbs

ila rdshs iermss issbts ila cbmcripgdbs,

ila D—f tgdlhdlc fmrb ml tgb prdvitb bq-

udty sdab.‖

‐Mj emursb, eipdti`dzdlc ml tgb emfpbtd-

tdvb iavilticbs mj tgb rbcdml wd`` emltdl-

ub tm nb i fiomr dlvbstfblt tgbfb. Umutg

Ifbrdei gis il blvdin`b pmsdtdml dl tbrfs

mj tgb sei`b, qui`dty, advbrsdty ila emf-

pbtdtdvblbss mj dts icrdeu`turi` sbetmr tgit

emuà pmsdtdml dtsb`j tm jbba fmrb mj tgb

wmrà dl tgb lbxt abeiabs. Sb emltdlub

tm sbb viùb dl Em`mfndi ila [bru jmr

dltblsdvb prmauetdml mj gdcg viùb trmpd-

ei` jrudts, wb `dhb eitt`b ridsdlc dl Rru-cuiy, wgdeg gis il bxeb``blt rbputitdml

dl c`mni` firhbts, ila wb nb`dbvb tgit

sustidlin`b abvb`mpfblt mj litdvb ìla

iermss tgb rbcdml wd`` emltdlub ittrietdlc

dlvbstfblts ― gbrb wb emltdlub tm sbb tgb

jrmltdbr bxpiladlc dl Nrizd`, ila i`sm dl

[iricuiy ila Nm`dvdi. Ila Dj wb tgdlh

inmut i`` tgb sbrvdebs ila dljristrueturb

rbqudrba tm dfp`bfblt tgbsb prmobets, wb

eil qudeh`y vdsui`dzb tgb mppmrtuldtdbs dl

tgb prdvitb bqudty irbli.‖



Julas

Umynbil

Emfpbtdtdvblbss I @mmh it BxpmrtEmst Eurvbs &Ubismli`dty

z Hy`b Sbla`dlc

Umynbils wbrb rst amfbstdeitba dl Lmrtgbrl Egdli irmula tgb 99tg ebltury N.E.

Gmwbvbr, dt wis lmt ultd` tgb 97tg ebltury I.A. tgit tgb ermp fiab dts wiy tm Burmpb

ila tgb Lbw Smrà, ila bvbl `mlcbr nbjmrb dts ju`` pmtbltdi` wis rbi`dzba. Jmr fily

ybirs ijtbr dts dltrmauetdml tm tgb Sbst, nmtg smynbil emlsufptdml ila prmauetdml

sti``ba. Dl 94>:, tgb bltdrb R.U. smynbil ermp wis pìltba ml `bss tgil > fd``dml ierbs

ila ydbàba lm fmrb tgil 955,;;; fbtrde tmls ― i fdluseu`b ifmult emfpirba wdtg tgb

R.U. emrl ermp mj tgb sifb ybir, wgdeg wis ipprmxdfitb`y 44 fd``dml ierbs ila ydbàba

fmrb tgil 21 fd``dml fbtrde tmls.



Icrdnusdlbss

$>29.19$594.31

$>79.94

$73.4:

$72.1;$99;.13

$9:1.32$94.52

$93.5;

$-

$9;;

$>;;

$5;;

$1;;

$2;;

$:;;

Nublms IdrbsN.Nìlei - I^C

GbirtìlaCu`j mj Fbxdem

^dm ZbrabUiltms - NÎ

R U $ / F Q

Emst Eurvb - Umynbils Ab`dvbrba tm EgdliUmureb? RUAI BÛ, DFBI, EMLIN, Dlabpt. Jirfbrs, CID ^&D Ili`ysds

[rmauetdml Qrilspmrtitdml Qirdjjs

Mvbr tgb ìst sbvbri` abeiabs,

smy prmauetdml ila eml-

sufptdml gis crmwl stbiad`y

irmula tgb wmrà. Eurrblt`y,

tgb ermp ds crmwl dl fmrb tgil 2; emultrdbs,

ila tgb tmp tgrbb prmauebrs irb tgb R.U.,

Nrizd` ila Ircbltdli. Ny jir tgb ircbst smynbil emlsufbr ds Egdli, wgdeg emlsufba

ipprmxdfitb`y 3: fd``dml fbtrde tmls dl

>;9> ― >: fd``dml fmrb tgil tgb R.U., tgb

sbemla-ìrcbst emlsufbr. Gmwbvbr, Egd-

li—s illui` smynbil prmauetdml ds i fbrb

91 fd``dml fbtrde tmls, rbsu`tdlc dl i :9 fd`-

`dml fbtrde tml abedt. Qgds abedt ds ``ba

ny dfpmrts, prdfird y jrmf tgb tgrbb ìrcbst

bxpmrtbrs ― tgb R.U., Nrizd` ila Ircbltdli.

Qgds ridsbs twm dfpmrtilt qubstdmls? Sgit

ds tgb rbìtdmlsgdp nbtwbbl R.U. ila UmutgIfbrdeil (Nrizd`dil ila Ircbltdlb) nbils=

Ila, irb tgby sunstdtutb mr emfp`bfbltiry

prmauets= Dl il ittbfpt tm ilswbr tgbsb

qubstdmls, tgb jm``mwdlc ili`ysds bxifdlbs

tgb adjjbrblebs dl tgb bxpmrt emst eurvbs ila

sbismli`dty mj tgbsb twm prmauetdml rbcdmls.

z Bxpmrt Emst Eurvbs

Qm ulabrstila tgb bemlmfde adjjbrblebs

nbtwbbl prmauetdml rbcdmls, rbprbsbltitdvb

bxpmrt emst eurvbs givb nbbl emlstruetba

jrmf >;99/9> ermp ybir aiti jmr tgb R.U.,

Nrizd` ila Ircbltdli. Ny bxifdldlc tgbsbemst eurvbs, wb eil abtbrfdlb wgdeg emul-

try gis il dlgbrblt iavilticb dl bxpmrt

prdedlc. Jdcurb 9 d`ùstritbs tgb adjjbrblebs

nbtwbbl bieg emultry—s prmauetdml emsts,

trilspmrtitdml emsts ila tirdjjs. Dt ds e`bir

jrmf tgb cripg tgit Ircbltdli gis tgb `mw-

bst emst mj prmauetdml ila tgb R.U. gis tgb

gdcgbst, wdtg Nrizd` smfbwgbrb dl tgb fda-

a`b. Gmwbvbr, dlsujedblt trilspmrtitdml

dljristrueturb dl tgb Umutg Ifbrdeil emul-

trdbs rbauebs tgbdr emfpbtdtdvblbss. Qgbgdcgbst trilspmrtitdml emst ds dl Nrizd`, wdtg

Ircbltdli dl tgb fdaa`b, ila fmrb e`msb`y

i`dclba wdtg tgb R.U. Is Nrizd` ila Ircbl-

tdli emltdlub tm abvb`mp tgbdr dltbrli` dljri-

strueturb, tgb R.U.—s `mcdstdei` iavilticbs

wd`` abtbrdmritb mvbr tdfb. Iaadtdmli``y, dl

tgb fbaduf tm `mlc tbrf, tgb bxpilsdml mj

tgb [ilifi Eili` wd`` fmst `dhb`y rbaueb

tgb trilsemltdlblti` sgdppdlc emsts mj i``

mrdcdls emlsdabrba dl tgds ili`ysds. Dt sgmuà

nb lmtba tgit tgb bxpilsdml mj tgb eili` wd `

fmst `dhb`y givb i abtrdfblti` ijjbet ml tgb

emfpbtdtdvblbss mj R.U. nbils bxpmrtba mutmj tgb [iede Lmrtgwbst.

I`tgmucg Ircbltdli gis tgb mwbst prmaue-

tdml emsts, tgb cmvbrlfblt gis dfpmsba i

52% adjjbrbltdi` bxpmrt tix. Qgb tix ds

dltblaba tm prmtbet Ircbltdli—s smynbil

erusgdlc dlaustry. Dj tgb cmvbrlfblt wbrb

tm rbaueb mr b`dfdlitb tgds tix, Ircbltdli

wmuà rbi`dzb i sdcldeilt dlerbisb dl tgb

emfpbtdtdvblbss mj dts smynbil bxpmrts.

z Ubismli`dty

Egdli ds ila wd`` emltdlub tm nb tgb fmst

dfpmrtilt firhbt jmr smynbil bxpmrts

jrmf tgb R.U., Nrizd` ila Ircbltdli.

Is tgb ìrcbst smynbil dfpmrtbr dl tgb



Icrdnusdlbss

wmrà, Egdli ds in`b tm bxbrt dts fmlmp-

smly pmwbr mvbr tgb firhbt tm bxtriet tgb

crbitbst prmts jrmf dts smynbil dfpmrts.

Emlsdstblt wdtg dts pmsdtdml dl tgb wmrà

dfpmrt firhbt, Egdli egmmsbs tm dfpmrt

smynbils jrmf fu`tdp`b `meitdmls, rbaue-

dlc prdeb rdsh. Jurtgbr ili`ysds sgmws tgittgds advbrsdba smuredlc stritbcy gis i`sm

i``mwba bxpmrtdlc emultrdbs tm abvb`mp i

emfp`bfbltiry rbìtdmlsgdp jmr tgbdr bx-

pmrts.

Qgb R.U. ila Umutg Ifbrdei givb mp-

pmsdlc girvbst sbismls, wgdeg nblbt i``

stihbgmàbrs (d.b. Egdlbsb dfpmrtbrs ila

R.U. ila Umutg Ifbrdeil bxpmrtbrs). Dl

Lmrtg Ifbrdei, ermps irb pìltba dl ìtb

Iprd` mr bir`y Fiy ila girvbstba irmulaUbptbfnbr mr Metmnbr. Emlvbrsb`y, Umutg

Ifbrdei—s pìltdlc sbisml ds irmula Ubp-

tbfnbr mr Metmnbr, ila girvbst nbcdls dl

Iprd` mr Fiy. Qgbsb i`tbrlitdlc girvbsts

i``mw Egdli tm dfpmrt jrbsg`y girvbstba

nbils, wdtgmut dleurrdlc iaadtdmli` stmr-

icb emsts. Dt ds e`bir jrmf tgb msed`ìtdmls

dl triab mws tgit Egdli ds bisd`y in`b tm

swdteg nbtwbbl mrdcdls nisba ml tgb eur-

rblt supp`y ila prdeb mj nbils. Dl mtgbr

wmras, ny bxbrtdlc dts fmlmpsmly pmwbrs

ila mrdcdlitdlc smynbils jrmf tgb `mwbst

emst supp`dbr, Egdli ds in`b tm fixdfdzb

tgb viùb abrdvba jrmf dts smynbil df-

pmrts.

Iaadtdmli``y, wgbl tgb triab mws irb

fippba icidlst prdeb swdlcs jrmf tgb

twm mrdcdls, wb sbb tgit tgb prdeb aiti

suppmrts tgb tgbmry tgit dt ds fmst emst bj-

edblt jmr Egdli tm givb fu`tdp`b supp`d-brs ila swdteg mrdcdls nisba ml prmauetdml

sbismli`dty. Is e`dfitb egilcb emltdlubs

ila ulsbismlin`b wbitgbr ijjbets icrdeu`-

turi` prmauetdml, tgb ind`dty mj dfpmrtbrs tm

mrdcdlitb prmauets ml i sbismli` nisds fiy

nb rbaueba. Dl tgb lbir tbrf, sbismli`dty

wd`` emltdlub tm nb il dfpmrtilt jietmr jmr

smynbil dfpmrtbrs.

z Emleùsdml

Jrmf tgb inmvb ili`ysds, wb eil ariw tgb

jm``mwdlc emleùsdmls?

• Umynbil prmauetdml emsts irb tgb `mwbst

dl Ircbltdli, nut aub tm dts adjjbrbltdi`

bxpmrt tirdjj systbf dts nbils irb prdeba

inmvb tgb wmrà—s rbsbrvb prdeb. Qgds ds i

fbisurb dfp`bfbltba ny tgb Ircbltdlb

cmvbrlfblt tm suppmrt amfbstde smynbil

erusgbrs.

• Qgb R.U. prbsblt`y rbi`dzbs il iavilticb

dl dltbrli` trilspmrtitdml emsts. Gmwbvbr,

tgbdr iavilticb ds `dhb`y tm aberbisb is

Nrizd` ila Ircbltdli emltdlub tm dlvbst dltgbdr trilspmrtitdml dljristrueturbs.

• Qgb ìrcbst smynbil dfpmrtbr, Egdli, ds

in`b tm bxbrt sdcldeilt firhbt pmwbr

mvbr dts supp`dbrs. Egdli usbs dts fmlmp-

smly pmsdtdml tm fixdfdzb dfpmrt prmts.

• Aub tm Egdli—s prdeb rdsh fdtdcitdml strit-

bcy ila tgb sbismli`dty mj c`mni` smy-

nbil prmauetdml, R.U. ila @itdl Ifbrd-

eil nbils irb emfp`bfbltiry prmauets.

Sgbl mlb rbcdml—s girvbst pbrdma blas,

tgb mtgbr—s girvbst sbisml nbcdls. Qgds

i``mws Egdli tm dfpmrt nbils jrmf nmtg

rbcdmls wdtgmut dleurrdlc iaadtdmli` stmr-

icb egircbs.

Hy`b Sbla dlc ds Ubldmr Ili`yst &

Nusdlbss Abvb`mpfblt Filicbr jmr

tgb C`mni` IcDlvbstdlc ^bsbireg &

Dlsdcgt ( &D) pìtjmrf it GdcgYubst

[irtlbrs, i c`mni` jmma ila icrdnusd-

lbss emlsu`tiley. Dl tgds rm`b, Fr.

Sbla dlc gis rbspmlsdnd dty jmr tgb

prmauetdml mj i`` ^&D pun`deitdmls,

dleùadlc sbttdlc tgb icblai jmr rb-

sbireg dldtditdvbs, filicdlc tgb ^&D

tbif dl tgb em`betdml ila iliysds mjaiti, ila wrdtdlc rbpmrts.

Dl iaadtdml tm nbdlc tgb badtmr mj

tgb ^&D pun`deitdmls, C`mni` IcAb-

vb`mpfblts ila C`mni` IcDlvbst-

dlc Yuirtbr`y, Fr. Sbla`dlc ds

rbspmlsdn`b jmr tgb firhbtdlc ila

pmsdtdmldlc mj tgb &D pìtjmrf, is

wb`` is abvb`mpdlc lbw nusdlbss

ila wmrhdlc wdtg gds lbtwmrh mj dl-

austry bxpbrts tm ab`dvbr dl-abptg,

sbetmr jmeusba rbsbireg.

Fr. Sbla`dlc gis i N.U. dl Icrd-

eu`turi` Bemlmfdes jrmf [uraub

Rldvbrsdty. Gb eil nb rbiegba it

hwbla`dlcKgdcgqubstpirtlbrs.

emf mr (437) 773-77;; bxt.

9>1.

Inmut tgb Iutgmr



[rdvitb Bqudty

N

rizd`—s prdvitb bqudty fir-

hbt wis sida tm fihb up ip-

prmxdfitb`y 3;% mj Umutg

Ifbrdei—s abi` ietdvdty dl tgbrst gi`j mj tgds ybir. Gmwbvbr, tgds emuà

smml egilcb, wdtg dlvbstmrs nbemfdlc dl-

erbisdlc`y tblsb is tgb emultry—s nuymut

firhbt ds mvbrgbitdlc ila emsts irb rds-

dlc. Iaadtdmli``y, il bemlmfde s`mwamwl

ila tgb abprbeditdml mj tgb Nrizd`dil rbi`

icidlst tgb am`ìr givb `ba fily tm turl tm

tgb fmrb fiturb @itdl Ifbrdeil firhbts

jmr mppmrtuldtdbs, sueg is Em`mfndi, [bru

ila Fbxdem.

Gmwbvbr, c`mni` prdvitb bqudty ila wbi`tg

filicbr Yud`vbst nb`dbvbs tgit Nrizd` gis

fmrb abptg dl tbrfs mj C[s ila sei`b jmr

sbetmr spbedi`dzitdml tgil ily mtgbr UmutgIfbrdeil emultry.

‐Bvbl dl tgb s`mwbr pbrdma wb irb sbbdlc

lmw tgbrb irb smfb sbetmr-spbede mppmr -

tuldtdbs. Umfb sbetmrs sueg is Icrdnusd-

lbss ila DQ sbrvdebs ila smjtwirb std`` givb

niehwdlas ila sdcldeilt mppmrtuldtdbs

jmr sbetmr-jmeusba C[s tm bxp`mdt,‖ lmtbs

Aildb` Irdppm`, [rdledpi` it Yud`vbst—s Uåm

[iu`m mjeb.

Bfbrcdlc Firhbt[rdvitb Bqudty

Gdcg`dcgtsNrizd`-jmeusba prdvitb bqudty julas givb gia i gira

tdfb ridsdlc eipdti` mj ìtb. Emffdtfblts jb`` 52% tm

RU$327 fd``dml dl tgb rst gi`j mj >;95 jrmf tgb sifbpbrdma tgb ybir nbjmrb, ieemradlc tm tgb Bfbrcdlc

Firhbts [rdvitb Bqudty Issmeditdml. Is i rbsu`t,

bemlmfdsts givb eut Nrizd`—s crmwtg jmrbeists tm

>.>9% ila >.2% jmr >;95 ila >;91, rbspbetdvb`y.

‐Fily icrdeu`turi` dlvbstfblts dl Nri-

zd` givb tgb nblbt mj nbdlc ardvbl ny

abfila jrmf nmtg tgb amfbstde ila tgb

dltbrlitdmli` sdab, wgdeg fdtdcitbs smfb

mj tgb rdsh mj bxtbrli` mr dltbrli` abfila

sgmehs. I`tgmucg DQ sbrvdebs ila smjtwirb

sbetmrs irb fmst`y ardvbl ny amfbstde ab-

fila, wb—rb std`` sbbdlc sdcldeilt crmwtg

i`` iermss tgb viùb egidl.‖

Yud`vbst gis ipprmxdfitb`y RU$>> nd``dml

dl issbts ulabr filicbfblt, ila prdvitb

bqudty dl pirtdeuìr gis nbbl i emrb jmeus

jmr tgb crmup, wdtg dts rst prdvitb bqudty

dlvbstfblt dl Umutg Ifbrdei nbdlc fiabmvbr 1; ybirs icm. Qmaiy tgb rf fil-

icbs ipprmxdfitb`y RU$1.2 nd``dml dl prd-

vitb bqudty tgrmucg nmtg jula ila adrbet

dlvbstfblt ietdvdtdbs c`mni``y, ila wdtgdl

tgit curb tgb bfbrcdlc firhbts rbprbsblt

e`msb tm RU$9 nd``dml mj tgb prdvitb bqudty

issbts dt filicbs ml dts niìleb sgbbt ila

ml nbgi`j mj tgdra-pirty dlvbstmrs. @itdl

Ifbrdei gis nbbl i emrb ila stritbcde sbc-

fblt jmr Yud`vbst, rbprbsbltdlc ipprmxd-



[rdvitb Bqudty

fitb`y >2% tm 52% mj dts bfbrcdlc firhbt

bxpmsurb.

Sdtg tgb rf—s niehcrmula ila bxpbrtdsb

`ydlc wdtgdl Umutg Ifbrdeil dlvbstfblts,

Yud`vbst wis il bir`y pìybr dl tgb prdvitb

bqudty firhbt ila nbcil dts nusdlbss ny niehdlc i ‐gdcg`y sueebssju` filicbr‖

dl tgb ìtb 944;s. Udleb tgbl, tgb rf gis

nrmiablba ila advbrsdba dts bxpmsurb is

tgb firhbt gis abvb`mpba, bxpiladlc dltm

Em`mfndi, [bru ila Egd`b tm eisg dl ml

tgb ‐ìrcb firhbt mppmrtuldty‖ ila ìeh

mj emfpbtdtdml. Qmaiy gmwbvbr, Yud`vbst

eitbcmrdzbs irmula gi`j mj dts issbts wdtg-

dl Nrizd` ― wdtg i jmeus ml tgb fdaa`b tm

`mwbr fdaa`b firhbt ― ila gi`j wdtgdl tgb

Ilabil rbcdml ila Fbxdem.

‐Dl tbrfs mj mutsmuredlc mj DQ sbrvdebs, dt

ds std`` ul`dhb`y tm gippbl ml i sdcldeilt

sei`b, is ìnmr emsts dl Nrizd` irb gdcg,

ila fily sbrvdebs irb lmt mutsmurein`b.

Nrizd` cblbri``y ambs lmt givb is fueg

ermss-emultry DQ mutsmuredlc mppmrtuldty

is smfb mtgbr emultrdbs am,‖ Fr. Irdppm`

siys.

Eir`ms Gblbdlb, [irtlbr ila Em-Gbia

mj bfbrcdlc firhbts it Yud`vbst, iaas,

‐@itdl Ifbrdei cblbri``y gis i `dfdtba

lufnbr mj [B filicbrs tgit givb i `mlc

trieh rbemra, sm`da gdstmry, uldqub ilc`b

ila ritdmli` jula sdzb. Qgbrbjmrb dt fiy nb

bisdbr dl @itdl Ifbrdei tm lirrmw amwl tm

tgb sfi`` `dst mj crmups mlb wmuà `dhb tm

wmrh wdtg cdvbl tgit wb irb ti`hdlc inmut

92 tm >; lifbs tgit fiy t dltm tgds eit-

bcmry. Cbttdlc prdvd`bcba ieebss ila sdz-in`b i``meitdmls tm tgmsb crmups ds pirt mj

tgb egi``blcb fily lbw dlvbstmrs tm @itdl

Ifbrdei fiy jieb.‖

Yud`vbst—s e`dblts emlsdst mj sgirbgmàbrs

ila tgdra-pirty dlvbstmrs, wgd`b cbmcripgd-

ei``y dt gis i ìrcb dlvbstmr nisb dl Burmpb

ila tgb Fdaa`b Bist, wdtg fmrb rbeblt dl-

vbstmrs emfdlc jrmf @itdl Ifbrdei ila

Isdi. Fr. Gblbdlb siys tgit jifd`y mjebs,

RGLSD, ila ìrcb ila sfi`` dlstdtutdmls

irb i`` cblbri``y sbbhdlc tm dlerbisb tgbdr

bxpmsurb tm tgb bfbrcdlc firhbts, mr it

`bist mutsdab mj tgbdr gmfb cbmcripgdbs.

Gb iaas tgit tgb ulabr`ydlc ardvbrs irb

advbrsdeitdml dltm gdcg crmwtg firhbts,bxpmsurb tm tgb crmwdlc emlsufdlc fda-

a`b eìss, ila tgb lbba tm iegdbvb gdcgbr

‐Qgds ds fidl`y aub tm mur rbsm`vb tm stiy

rdcgt-sdzba dl mrabr tm rbfidl jmeusba ml

tgb rbi` pbrjmrfdlc dlvbstfblt mppmrtuld-

tdbs, ila tgbsb irb lmt lbebssird`y tgb ndc

c`mni` fbci-julas,‖ gb bxpìdls.

Sgbl dt emfbs tm trilspirbley dl tgb fir-hbt, Fr. Gblbdlb siys tgit dlvbstmrs fust

ieebpt i adjjbrblt `bvb` mj bxpbetitdml

wgbl abi`dlc wdtg tgb bfbrcdlc firhbts.

‐Abpbladlc ml tgb firhbts ila tgb `bvb`s

mj smpgdstdeitdml wb—rb wmrhdlc wdtg, wb

la tgit i `mt mj tgb filicbrs wb givb dl-

vbstba wdtg wmrh bxtrbfb`y gira tm nb vbry

trilspirblt wdtg tgbdr ipprmieg, prmebssbs

ila ieebss tm tgbdr pmrtjm`dm emfpildbs.

[irt mj tgds trilspirbley ds ardvbl tgrmucgi rbi`dzitdml tgit tgby givb tm spbla i `mt

mj tdfb baueitdlc dlvbstmrs inmut tgbdr

pirtdeuìr firhbts cdvbl tgb dlgbrblt shbp-

tdedsf mr pbrebptdmls tgit fiy bxdst. Qgby

rbi`dzb tgit tgds ds i fust, bspbedi``y dj tgby

irb dl tgbdr bir`y sticbs mj abvb`mpfblt.‖

Fr. Irdppm` iaas, ‐Mur bxpbrdbleb dl

@itdl Ifbrdei gis nbbl pmsdtdvb . . . wdtg

tgb crmups wb givb purpmsbju``y egmsbl tm

wmrh wdtg. Qgit nbdlc sida, tgbrb ds i`wiys

i gdcgbr abcrbb mj emlebrl inmut tgb ul-

abr`ydlc pmrtjm`dm emfpildbs— nmmhs ila

rbemras. Qgbrb givb nbbl dlstilebs wgbrb

lufnbrs fiy givb nbbl fdsrbprbsbltba

ny il ulabr`ydlc pmrtjm`dm emfpily, nut

wb givb jmrtulitb`y lmt emfb iermss i

sdtuitdml wgbrb tgit gis trilsìtba dltm ily

btgdei` emlebrls inmut tgb filicbrs wb

givb egmsbl tm wmrh wdtg.‖

z Qgb Mut`mmh jmr Isdi ila

Mtgbr Bfbrcdlc Firhbts

Qurldlc tm Isdi, sm jir Egdli ila Dladi

givb nbbl tgb prdfiry rbedpdblts mj prdvitb

bqudty eipdti` iermss Isdi, is wb`` is tgb

bfbrcdlc firhbts cblbri``y. Fild Uiùoi,

[irtlbr ila Em-Gbia mj bfbrcdlc firhbts

it Yud`vbst, siys tgit mvbr tgb ìst twm tm

rbturls tgil wgit eil nb iegdbvba tgrmucg

tgbdr xba dlemfb pmrtjm`dms.

z Jularidsdlc

Fr. Gblbdlb bxpìdls tgit tgb rf—s jul-

aridsdlc ietdvdtdbs ebltbr irmula nmtg dts

jula mj jula vbgde`bs ila adrbet dlvbst-

fblt ietdvdtdbs. Gmwbvbr, tgb nusdlbss ds

i`sm jmeusba ml prmvdadlc ieebss tm tgb

fdaa`b firhbt, vbbrdlc iwiy jrmf ridsdlc

ìrcb pmm`s mj eipdti` tgit wmuà nb it maas

wdtg dts ulabr`ydlc stritbcy.

‐Dl tbrfs mj

mutsmuredlc mj

DQ sbrvdebs, dt

ds std`` ul`dhb`ytm gippbl ml

i sdcldeilt

sei`b, is ìnmr

emsts dl Nrizd`

irb gdcg,

ila fily

sbrvdebs irb lmt

mutsmurein`b.‖



[rdvitb Bqudty

tgrbb ybirs tgb emfpily gis nbbl eiutdmus

inmut dlvbstdlc dl nmtg mj tgbsb firhbts,

cdvbl tgb fierm adsruptdml is wb`` is tgb

riadei``y sgdjtdlc prdvitb bqudty ìlaseipb.

Dt gis, tgmucg, nbbl vbry prmietdvb dl tgb

sbemlairy firhbts aub tm tgb dltbrbstdlc

mppmrtuldtdbs tgit prbsblt tgbfsb`vbs aur-dlc ily s`mwamwl.

‐Egdli ila Dladi givb nbbl tgb prdfiry

rbedpdblts mj prdvitb bqudty eipdti` iermss

Isdi (ila tgb bfbrcdlc firhbts cblbr-

i``y). Mvbr tgb pist twm tm tgrbb ybirs, wb

givb nbbl eiutdmus inmut dlvbstdlc dl nmtg

mj tgbsb firhbts cdvbl tgb fierm adsrup-

tdml is wb`` is tgb riadei``y sgdjtdlc prd-

vitb bqudty ìlaseipb. Sb givb, gmwbvbr,

nbemfb vbry prmietdvb dl tgb sbemlairyfirhbts cdvbl tgb dltbrbstdlc mppmrtuldtdbs

tgit prbsblt tgbfsb`vbs aurdlc ily s`mw-

amwl,‖ Fr. Uiùoi siys.

Fr. Gblbdlb iaas tgit abspdtb tgb eurrblt

fiermbemlmfde blvdrmlfblt, crmwtg mp-

pmrtuldtdbs irb std`` ividìn`b. Ila jmr

Yud`vbst, dt ds fmrb inmut tgb dfpmrtileb

mj `meitdlc tgb rdcgt pìybrs, wgm irb

‐gilas ml, ila tgit tgit eil am gilas ml mr

emltrm` trilsietdmls tgit irb `mw- mr fda-

firhbt jmeus.‖ Qgds wiy, tgb dlvbstmr ds

std`` `dhb`y tm sbb vbry emfpb``dlc rbturls,

ila fmrb dfpmrtilt`y adstrdnutdmls, gb bx-

pìdls.

Mutsdab mj Egdli ila Dladi, tgb rf gis

tihbl bxpmsurb tm Umutgbist Isdi, spbed-

ei``y Dlamlbsdi, Qgidìla ila Zdbtlif,

wgbrb dt gis sbbl fmrb eiptdvb ila prm-

prdbtiry abi` mw aub tm tgb `mwbr lufnbr

mj sustidlin`b prdvitb bqudty crmups tgit

bxdst dl bieg rbspbetdvb firhbt. Sdtgdl tgb

fmrb abvb`mpba pirts mj Isdi, Hmrbi gis

pirtdeuìr`y nbbl mj crbit dltbrbst jmr prd-

vitb bqudty mppmrtuldtdbs, Fr. Uiùoi siys.

Iermss tgb bfbrcdlc firhbts, Yud`vbst gis

`mmhba it i lufnbr mj jrmltdbr ila ldegb

sbetmr-spbede irbis dl sbetmrs dleùadlc

gbi`tgeirb, fdldlc, blbrcy mr vblturb jm-

eusba julas, i`tgmucg dts emffdtfblts

tm ilytgdlc ldegb-mrdbltba irb prbfdsba

ml ladlc tgb rdcgt crmups tm wmrh wdtg,

Fr. Uiùoi siys. Bviùitdlc tgbsb ldegb

mppmrtuldtdbs, sueg is Fmlcm`dil fdldlc,

prmfdsbs tm nb fmrb emfp`bx, ila i sm`da

rbvdbw mj i emfp`btb`y adjjbrblt rdsh prm-

`b lbbas tm nb ulabrtihbl.

‐Sb typdei``y wmuà wmrh wdtg dlaustry

bxpbrts tm gb`p us bviùitb ebrtidl sbe-

tmrs,‖ Fr. Uiùoi siys. ‐Sb i`sm `dhb tmwmrh i`mlcsdab tgb filicbr ml mlb mr twm

em-dlvbstfblts tm cidl i abbpbr ulabr-

stiladlc mj tgb ulabr`ydlc pmrtjm`dm rdshs

nbjmrb emffdttdlc tm i n`dla pmm`.‖

Sdtg i vdbw tm Ijrdei, Yud`vbst nrmia-

blba dts bxpmsurb tm tgb emltdlblt tgrbb

ybirs icm, ila gis jmula tgb firhbts tm nb

cblbri``y `bss emfpbtdtdvb emfpirba wdtg

fily mj tgb mtgbr bfbrcdlc firhbts.

Fr. Uiùoi siys, ‐Sb irb qudtb mptdfdstde

inmut tgb prmspbets mj [B dl sun-Uigiril

Ijrdei ila irb `mmhdlc tm dlerbisb mur bx-

pmsurb . . . i`tgmucg wb irb e`msb`y fmld-

tmrdlc ila rbvdbwdlc tgb dlerbisdlc `bvb`s

mj emfpbtdtdml dl ebrtidl sbcfblts mj tgb

firhbt rbìtdvb tm tgb lufnbr mj ittrietdvb

dlvbstfblt mppmrtuldtdbs tgit bxdst.‖



Julas

‐Sdtg md` las

dl Bist Ij-

rdei nmmstdlc

crmwtg D tgdlh

wb wd`` i`sm sbb Hblyi ila spbedei``y

Lidrmnd nbemfdlc i gun jmr dltbrlitdmli`

emfpildbs fmvdlc dltm sun-Uigiril Ij-rdei. I`rbiay emfpildbs sueg is DNF ila

Cmmc`b givb mpblba mjebs, ila tgb lbw

Hblyil cmvbrlfblt gis prmvba tm nb nusd-

lbss jrdbla`y.‖

Dlspirm ìulegba dts rst jula dl >;;7, tgb

Ijrdei ila Fdaa`b Bist Jula, i fu`td-stritb-

cy jula tgit dlvbsts iermss issbt eìssbs, nmtg

dl gira ila `mei` eurrbley abnt ila jmrbdcl

bxegilcb, is wb`` is bqudty. Dl >;99 tgb rf

ìulegba i pil-Ijrdeil bqudty jula, wgdegbxeùabs Umutg Ijrdei, is wb`` is il Ijrdeil

xba dlemfb filaitb jula. Dl rbspmlsb tm

Ijrdei—s dlerbisdlc dlvbstmr dltbrbst, Fr.

I``smpp emlrfs, tgb rf gis ippmdltba i

prdvitb bqudty spbedi`dst tm mmh it tgb sfi` br

emrpmritb bla mj tgb ul`dstba spieb, fihdlc

dt mlb mj tgb jbw jula filicbfblt emfpi-

ldbs tgit eil mjjbr ieebss tm Ijrdeil bqudty,

erbadt ila prdvitb bqudty julas.

‐Qgbrb ds tgb rbi`dty vbrsus pbrebptdml cip

wgbl dt emfbs tm Ijrdei. Qgbrb gis nbbl

i `mt fmrb vmìtd`dty rbeblt`y dl smfb mj

tgb Ijrdeil firhbts, nut tgb crmwtg mut-

`mmh rbfidls pmsdtdvb,‖ Fr. I``smpp siys.

‐Qgb Irin Uprdlc ila pmst-b`betdml _df-

ninwb givb fuaadba tgb pm`dtdei` witbrs,

nut dj ymu `mmh it emultrdbs sueg is Hblyi,

wgdeg gis sueebssju``y eirrdba mut pbieb-

ju` b`betdmls wgd`b dts bemlmfy ds crmw-

dlc it :.2%, ila Ldcbrdi wdtg 3% crmwtg,tgbrb ds i p`blty tm nb ìuaba.‖

Gb iaas tgit mvbr tgb ìst vb ybirs tgb

emltdlblt—s ji``dlc dlitdml gis pmsdtdvb`y

dfpietba emlsufbrs. Ijrdei—s ymulc ila

prmauetdvb wmrhjmreb lmt ml`y abfilas

cmmas ila sbrvdebs, nut ds i ìrcb ila bj-

jbetdvb ìnmr crmup jmr emfpildbs fmvdlc

mut mj fmrb abvb`mpba pirts mj tgb wmrà.

Qihdlc i@mmh it

IjrdeilBqudty

JulasQgb Ijrdeil bemlmfdbs givb ulabrcmlb i gucb

trilsjmrfitdml tgrmucg pruablt fiermbemlmfde

pm`dedbs, dlerbisdlc jmrbdcl adrbet dlvbstfblt, i ymulc

ila prmauetdvb pmpuìtdml ila tgb abvb`mpfblt mjtbeglm`mcy. Iaadlc wbdcgt tm Ijrdei—s dlvbstfblt

ippbi`, Burmpb—s ulstin`b bemlmfdbs ila gdcg wicb

emsts irb bxpbetba tm pusg emrpmritbs tm rb`meitb tm

Lmrtg Ijrdei, spbedei``y Fmrmeem, ieemradlc tm Oifdb

I``smpp, Ijrdei [mrtjm`dm Filicbr it issbt filicbfblt

emfpily Dlspirm.



Julas

z Ijrdeil Gbacb Julas

Dlspirm—s Ijrdei ila Fdaa`b Bist Jula ds

in`b tm gbacb pmsdtdmls ila givb mutrdcgt

sgmrts. Qgb jula ds filicba dl i fmrb ie-

tdvb fillbr tgil dts bqudty jula, Fr. I``-

smpp siys, wgd`b dts sgmrtdlc uldvbrsb eml-

sdsts mj eurrbledbs, dladebs ila EAU, i`mlc

wdtg mtgbr abrdvitdvbs.

‐Dl tgb Ijrdeil bqudty jula wb givb i vbry

fueg fmrb `mlc-ndisba ipprmieg. Ijrdeilfirhbts, bxeùadlc Umutg Ijrdei, irb jrml-

tdbr firhbts, ila dqudadty ds mw emfpirba

tm fidlstrbif bfbrcdlc firhbts8 emfpi-

ldbs eil nb dlbjedblt`y prdeba ila wd``

triab ml vbry sfi`` vmùfbs. Dt ds mjtbl

d``bci` tm sgmrt bqudtdbs ml fily Ijrdeil

firhbts, ila tgb ml`y pìeb ymu eil cbt

`dquda nmrrmw ds dl Umutg Ijrdei.‖

Qgb rf bxeùabs Umutg Ijrdei jrmf dts

Ijrdeil bqudty jula ila ml`y `mmhs tmgbacb dl tdfbs mj strbss, usdlc emrrbìtba

issbts sueg is dladebs ila eurrbledbs tm

iegdbvb tgds. Fr. I``smpp siys tgit Dlspi-

rm ijjmras dtsb`j tgb bxdnd`dty mj nbdlc i

gbacb jula nut rbfidls vbry fueg `mlc-

ndisba, lmtdlc tgit tgbrb irb eurrblt`y lm

gbacbs ml tgb bqudty jula. ‐Qgb `mlc-tbrf

stmry ds dlerbadn`y pmsdtdvb,‖ gb iaas.



Julas

Dlspirm—s e`dblts emlsdst fidl`y mj gdcg-

lbt-wmrtg dladvdaui`s, jifd`y mjebs ila

liledi` dlstdtutdmls, i`tgmucg dt ds eur -

rblt`y sbbdlc fueg fmrb dltbrbst jrmf tgb

R.U. tgil jrmf ilywgbrb b`sb dl tgb wmrà.

Blamwfblts ml tgb Bist ila Sbst Emist

mj tgb R.U. givb pdehba up emlsdabrin`ywdtgdl tgb Ijrdeil bqudty jula dlvbstfblt

spgbrb, i`tgmucg dltbrbst jrmf dlstdtutdmls

dl Burmpb ds i`sm dlerbisdlc, Fr. I``smpp

emlrfs.

‐Dt—s i prmebss mj baueitdml8 sun-Uigiril

bqudtdbs ds i liseblt firhbt, nut dt—s nb-

dlc emvbrba ny tgb fbadi i crbit abi`, ila

tgbrb ds sdcldeilt crmwtg ila i`sm ydbà.

@ircbr dlstdtutdmls givb nbemfb fmrb dl-

vm`vba dl Ijrdei, wdtg CBF julas dlvbst-dlc dl tgb ìrcbr sun-Uigiril stmeh bx-

egilcbs sueg is Ldcbrdi ila Hblyi. Qgbsb

firhbts givb pbrjmrfba vbry wb`` mvbr tgb

ìst 9> fmltgs ila std`` givb fueg fmrb dl

tgbf. Qgds fmfbltuf gis ittrietba tgb it-

tbltdml mj ìrcbr julas ila emfpily rmia

sgmws, ila emljbrblebs irb cbttdlc fueg

nusdbr.‖

Qgb Ijrdeil stmeh bxegilcbs lmw dleùab

i wdab rilcb mj `mei``y `dstba emlsufbr

jiedlc emfpildbs, wgdeg irb sunsdadirdbs

mj fiomr fu`td-litdmli`s sueg is Lbst`b,

CìxmUfdtgH`dlb, Eianury ila Gbdlbhbl.

Qgb pirblt emfpildbs abrdvb i sfi`` pbr-

eblticb mj tgbdr birldlcs jrmf tgb rbcdml,

Fr. I``smpp siys, ila tgbrbjmrb tgbrb ds

`dtt`b emrrbìtdml wdtg tgb Ldcbrdil `dstba

bltdty. Gmwbvbr, dlvbstdlc adrbet`y dl bx-

pmsurbs ds tgb crbit crmwtg stmry mj dltbr-

litdmli` stilairas mj systbfs ila cmvbr-lileb, gb bxpìdls.

‐S[[ gis oust nmucgt i 29% stihb dl i

Hblyil iavbrtdsdlc icbley wdtg i pil-Ij-

rdeil rbieg. Qgds ds gippbldlc iermss tgb

rbcdml is pirblt emfpildbs sbbh crbitbr

bxpmsurb tm Ijrdei, ritdjydlc mur dlvbst-

fblt stritbcy. Qgbrb ds i emlebrl, gmw-

bvbr, tgit tgby irb rbauedlc tgb ividìn`b

stmeh, sm ittbltdml ds pida tm fihb surb tgit

cmma cmvbrlileb wdtg rbcira tm fdlmrdtdbs

ds mnbyba ila tgb rdcgt prdeb ds iegdbvba.‖

zFdaa`b Eìss Crmwtg dl

Ijrdei

C`mni` emlsu`tdlc rfs Ab`mdttb ila

FeHdlsby bstdfitb tgb sdzb mj tgb Ijrdeil

fdaa`b eìss nbtwbbl >;; fd``dml ila 5;;

fd``dml pbmp`b, wgd`b C`mni` [iede stitbs

tgit ml`y 2% mj Ijrdeils birl blmucg tm

qui`djy jmr tgb ‐c`mni` fdaa`b eìss,‖

nrdlcdlc tgb lufnbr amwl tm 2; fd``dml,

Fr. I``smpp siys.

‐Qgb Ijrdeil Abvb`mpfblt Nilh ablbs

i ‗mitdlc `mwbr fdaa`b eìss— wdtg pbr

eipdti emlsufptdml `bvb`s nbtwbbl RU$>

ila RU$1 i aiy. Gmwbvbr, tgb R.U. egir-

ietbrdzbs jifd`dbs tgit irb `dvdlc ml RU$>

mr `bss i aiy is `dvdlc dl bxtrbfb pmvbrty.

Um wb aml—t givb i crbit abi` mj icrbbfblt

ila i wdab spbetruf jrmf 2; tm 5;; fd`-

`dml wdtg i`fmst bvbrytgdlc dl nbtwbbl,‖

Fr. I``smpp lmtbs.

Gb iaas tgit dl sun-Uigiril Ijrdei i`mlb

tgbrb irb 7;; fd``dml pbmp`b dfpmrtdlc

RU$5; nd``dml-wmrtg mj cmmas i ybir, wdtg

92 fd``dml pbmp`b rbfdttdlc RU$1; nd``dml

tm rbìtdvbs bvbry ybir. Iaadlc tm tgds, 2%

mj Ijrdei—s tmti` CA[ mvbr tgb ìst abeiab

gis nbbl abrdvba jrmf emlsufbr-rbìtba

sbetmrs. Gmwbvbr, emlsufbr ippbtdtb ds

std`` `bjt ulsitdsba ny tgb ulabrabvb`mpba

`mei` rbtid` firhbt. ^btid`br-mwlba em-

mpbritdvb Ugmprdtb gis sida tgit i`tgmucg

tgbrb irb tgrbb supbrfirhbts dl @icms, Ld-cbrdi, tgb rbi`dzba eipiedty stilas it 947.

Jrbleg rbtid`br Eirrbjmur ds i`sm eisg-

dlc dl ml tgb mppmrtuldtdbs ividìn`b ml

tgb emltdlblt, rbeblt`y illmuledlc tgit dt

wd`` mpbl dl bdcgt emultrdbs dl Sbst ila

Ebltri` Ijrdei. Qgb ìrcbst egidls wd`` nb

Eirrbjmur, Ugmprdtb ila Si`firt, ila tgb

fmvb sgmuà i``bvditb emlsufbrs— emf-

pìdlts mj pmmr sb`betdml ila gdcg prdebs dl

sun-Uigiril Ijrdei. 5C fmnd`b ila nbr

mptde ein`b emllbetdvdty irb bxpbetba tm

nb bltbrdlc tgb emltdlblt—s rbtid` irbli dl

tgb sgmrt tbrf tmm, ila ‐mppmrtuldtdbs jmr

tgb rm``mut mj dllmvitdvb dltbrlbt rbtid`brs

inmula,‖ Fr. I``smpp siys.

‐@uxury nrilas sueg is [mrsegb ila Br-

fblbcdàm _bcli givb sbt mut tgbdr sti``

dl @icms. _bcli ds tgb rst ùxury jisgdml

gmusb tm mpbl, wdtg tgb jmulabr abeìr-

dlc tgit gds Ijrdeil emlsufbrs spbla ml

ivbricb 2;% fmrb tgil tgb typdei` _bcli

sgmppbr. Girrmas mj @mlaml wmuà emleur,

is ml i pbr eipdti nisds Ldcbrdils spbla

fmrb tgil i`` litdmli`dtdbs nut tgb Uiuad

Irindils dl tgb upfirhbt stmrb.‖

‐Iafdttba`y tgds ds gira`y rbprbsbltitdvb

mj il bfbrcdlc emlsufbr, nut Umutg Ij-

rdei ambs givb i gdcg prmpmrtdml mj ùxury

nrila sgmppbrs. Qgbrb irb 17,;;; R.U.

am`ìr fd``dmlidrbs dl Umutg Ijrdei, >5,;;;

dl Bcypt ila 92,4;; dl Ldcbrdi. Qgb bs-

tin`dsgfblt mj tgb nìeh fdaa`b eìss dl

Umutg Ijrdei ds wb`` ameufbltba, ila rb-

tid`brs `dstba ml tgb Omgillbsnurc stmeh

bxegilcb givb pbrjmrfba dlerbadn`y wb``

mvbr tgb ìst abeiab, wdtg tgb sgirb prdeb

mj i emfpily sueg is tgb e`mtgdlc rbtid`br

Qruwmrtgs rdsdlc 9;;;%.‖



Julas

U

mutg Ijrdei—s BQJ firhbt dl

pirtdeuìr gis prmvba tm nb i

sueebssju` sbetmr. Qgb emultry—s

rst BQJ wis ìulegba lbir`y

95 ybirs icm, ila wdtg tgb lufnbr lmw tm-ti`dlc 12, dt gis dl 9; ybirs iegdbvba wgit

Umutg Ijrdei—s futui` jula dlaustry ada dl

fmrb tgil 5;.

Gmwbvbr, tgb c`mni` vmùfb mj BQJs, is

wb`` is tgmsb dl tgb bfbrcdlc firhbts,

givb stirtba tm s`dp ijtbr tgb Jbabri` ^b-

sbrvb rbeblt`y illmuleba dt wd`` eurtid`

dts nmla-nuydlc prmcrif. Udleb Oulb tgds

UmutgIjrdeil

BQJ

Firhbt

Qgb c`mni` BQJ dlaustry

gis sbbl dlerbadn`b sueebss,

wdtg issbts jrmf nmtg

dlstdtutdmli` ila dladvdaui`dlvbstmrs nmmstdlc lufnbrs

mj ìtb. Um jir tgds ybir,

c`mni` BQJ dlmws jmr i``

julas ila prmauets givb

rbiegba RU$4:.5 nd``dml,

adppdlc nb`mw tgb pieb

mj ìst ybir, wgdeg gdt

RU$9;2.2 nd``dml ny fda-

>;9>.

ybir, dlvbstmrs givb wdtgariwl RU$:.:

nd``dml jrmf BQJs `dlhba tm tgb bfbrcdlc

firhbts, dl wgit wmuà nb i abe`dlb jmr tgb

jtg emlsbeutdvb fmltg.

Ieemradlc tm tgb Jdliledi` Qdfbs, issbt

filicbr Nìeh^meh gis iavdsba dts e`dblts

tm tbfpmrird`y eut nieh ml tgbdr bfbrc-

dlc firhbts bxpmsurb ultd` tgb bla mj tgb

ybir. Qgb iavdeb wis iafdldstbrba wdtg i

pirtdeuìr bfpgisds nbdlc pìeba ml Umutg

Ijrdei, is mutmws jrmf nmtg cmà ila

bfbrcdlc firhbt issbts givb eiusba tgb

BQJ dlaustry tm ìc nbgdla.

Gmwbvbr, tgb dlvbstfblt nilhdlc advdsdml

mj Insi Nilh, Insi Eipdti`, ìulegba dts

sueebssju` pìtdluf-niehba BQJ ml Iprd`

>:. Qgb BQJ rmsb tm inmvb gi`j i fd``dml

mulebs wdtgdl 9; wbbhs, firhdlc i turl-dlc pmdlt jmr Ijrdeil BQJs. Qgb jula lmw

ieemults jmr mlb-quirtbr mj i`` c`mni` pìtd-

luf BQJ rbsbrvbs, wdtg dts Lbw[ìt BQJ

gmàdlc 2;5,:95 mulebs mj pìtdluf, wgd`b

dts dlmws tmti` lbir`y 3:,;;; mulebs, mr

RU$44.4: fd``dml.

Qgb jula gis sbbl gdcg abfila, is dlvbs-

tmrs irb egmmsdlc pgysdei` bxpmsurb ml fmrb



Julas

ila fmrb meeisdmls. Iaadtdmli``y, dl i nda tm

bxpila dts prbsbleb dl tgb Ijrdeil firhbts,

Insi `dstba dts LbwCmà BQJ ml tgb Fiurd-

tdus Utmeh Bxegilcb (UBF) ml Ou`y >:.

z BQJ Ippbtdtb

Ar. Zìafdr Lbabòhmvde, [rdledpi` ila

Gbia mj Dlvbstfblt it Insi Eipdti`, siys

tgit tgb nilh—s ìuleg mj dts pìtdluf BQJ

wis smfbtgdlc tgit gis nbbl wmrhba ml

jmr twm ybirs ― i `mlcbr tdfb jrifb tgiltgb ivbricb, aub tm rbcuìtmry dssubs.

‐Qgbrb gia nbbl i strmlc ila emlsdstblt

abfila jrmf mur dlstdtutdmli` dlvbstmrs

jmr tgds prmauet, tgrmucgmut tgb abvb`mp-

fblt prmebss. Nbeiusb mj tgit, wb ada

bxpbet strmlc abfila jmr dt upml `dstdlc,

nut wb wbrb surprdsba ny tgb bxtblt mj tgit

abfila.‖

Qgrbb fmltgs ijtbr dts `dstdlc, tgb Lbw[ìt

BQJ gis mvbr RU$32; fd``dml dl issbts

ila ds niehba ny mvbr 93 tmls mj pìtdluf

nu``dml, fihdlc dt tgb sbemla ìrcbst pìtd-

luf BQJ c`mni``y.

Ieemradlc tm Fdhb Nrmwl, Filicdlc Ad-

rbetmr mj BQJ pìtjmrf btjUI, ‐Sgit ymu

eil am gbrb ds dlvbst adrbet`y dl pìtdluf

mr cmà fbti` ritgbr tgil dl cmà fdl-

dlc sgirbs mr pìtdluf fdlbs, bte., wgdeg

givbl—t nbbl cmma dlvbstfblts jmr smfbtdfb nbeiusb mj ìnmr adsturnilebs ila

mtgbr dssubs dl tgb fdldlc dlaustry.‖

Aub tm Umutg Ijrdei—s bxegilcb emltrm` rb-

strdetdmls, i`` mj tgb BQJs, dleùadlc tgb cmà

ila pìtdluf, rbqudrb pgysdei` em`ìtbri`.

Ila is Umutg Ijrdei ds std`` wdtgmut i juturbs

firhbt, dt rbqudrbs dlvbstmrs tm puregisb tgb

cmà mr pìtdluf dl tgb spmt firhbts.

‐Umutg Ijrdei ds mlb mj tgb wmrà—s ìrc-

bst prmauebrs mj fdlbri`s ila emffmadtdbs

nut wb std`` aml—t givb i `mei` fbti`s fir-

hbt tm triab tgbf ml, ila tgb rbisml ds nb-

eiusb mj bxegilcb emltrm`, ymu lbba tm ìy

ymur rdsh mjj dltbrlitdmli``y ila ymu lbba

tm nb in`b tm tihb jmrbdcl eurrbley gbacbs

tm am tgds,‖ Fr. Nrmwl siys.

Aub tm tgbsb bxegilcb emltrm` rbstrdetdmls

dl Umutg Ijrdei, Fr. Nrmwl bxpìdls tgit

tgb `mei` cmvbrlfblt wmuà ritgbr sb`` dtsemffmadtdbs dltbrlitdmli``y dl @mlaml

ila b`sbwgbrb, ila nrdlc dl tgb eurrbley,

ritgbr tgil triab tgbf dl rilas ml tgb

Umutg Ijrdeil firhbt.

z @iulegdlc BQJs

Fr. Lbabòhmvde bxpìdls tgit tgbrb irb

twm fidl wiys tm sb`bet gmw il BQJ ds



mj Julas

Em`mfndi—s pblsdml jula

firhbt ds bxpbetba tm sur-

piss RU$9>9 nd``dml ny

>;91. Qgds irtde`b idfs tm

bxp`mrb tgb pmtbltdi` abvb`mpfblts eml-

trdnutdlc tm tgb sueebss mj Em`mfndi—s

pblsdml jula dlaustry ila pmtbltdi` df-

piets pblsdml rbjmrfs wd`` givb ml pmrt-

jm`dms mj pblsdml jula emfpildbs, wdtg

pirtdeuìr emlsdabritdml idfba it egilc-

bs dl issbt i``meitdml tmwira tgb prdvitb

bqudty sbetmr.

z Em`mfndil [blsdmlJulas [msdtdmlba jmr

Crmwtg

Jdcurbs rb`bisba ny @itdl Issbt Filicb-

fblt ila Ebru``d Issmeditbs prbadet tgit

dlmws dltm Em`mfndi—s emfpu`smry pbl-

sdml systbf wd`` surpiss RU$9>9 nd``dml dl

>;91. Fmrb dfpmrtilt`y, RU$5: nd``dml ds

bxpbetba tm nb dlvbstba mjjsgmrb, ila wd``

ittriet jmrbdcl issbt filicbrs hbbl tm cbt

tgbdr jbbt wbt dl tgds qudeh`y crmwdlc fir-

hbt. Abspdtb dts sfi`` sdzb rbìtdvb tm fiomr

pìybrs sueg is Nrizd` ila Fbxdem, Em-

`mfndi ds gmfb tm mlb mj tgb jistbst crmw-

dlc prdvitb pblsdml jula dlaustrdbs dl tgb

@itIf rbcdml, wdtg eurrblt issbts ulabr

filicbfblt (IRF) mj RU$7;.7 nd``dml.

Fiomr rbjmrfs emup`ba wdtg i stin`b rbcuì-

tmry blvdrmlfblt ila i crmwdlc bemlmfy

givb emltrdnutba tm tgb ripda crmwtg mj Em-

`mfndi—s pblsdml dlaustry. [blsdml rbjmrfs

sueg is tgb dltrmauetdml mj fu`tdjulas dl

>;9; givb gb`pba wdabl tgb rilcb mj sbr-vdebs tgit Em`mfndi—s pblsdml emfpildbs,

hlmwl is IJ[s, eil mjjbr emltrdnutmrs.

Fu`tdjulas rbprbsblt i ‐nidt tgb gmmh tm

sudt tgb sg‖ typb mj systbf, wgbrbny bieg

pirtdedpilt emltrdnutbs tm i pblsdml jula

rilcdlc jrmf i gdcg-rdsh jula tm i rbtdrb-

fblt jula, wgdegbvbr nbst sudts tgbdr rdsh

prm`b.

Em`mfndi—s [blsdml

Jula Dlaustry

QgbEgilcdlc

@ilaseipbz Tisdl Bnrigdf



^bcu`itdmlJulas



Tmulcbr pirtdedpilts— emltrdnutdmls irb `dhb-

`y tm nb dlvbstba dl i gdcg-rdsh jula gbivd`y

emlebltritba dl bqudty ila jmrbdcl dlvbst-

fblt dl mrabr tm fixdfdzb tgbdr pblsdml

it rbtdrbfblt. Emlvbrsb`y, emltrdnutdmls mj

màbr pirtdedpilts ila tgmsb e`msb tm rbtdrb-

fblt wd`` nb dlvbstba dl tgb fmabritb jula,emlsbrvitdvb jula mr rbtdrbfblt jula, tgb jm-

eus ml tgb ittbr nbdlc eipdti` prbsbrvitdml.

zFiomr [ìybrs dl tgb

Em`mfndil [blsdml

Jula Dlaustry

Em`mfndil prdvitb pblsdml jula IRF dl-

erbisba ny 93.2% aurdlc >;9> tm RU$7;.7

nd``dml, ieemradlc tm curbs rb`bisba ny -

liledi` sbrvdebs rbcuìtmr Uupbrliledbri.

Qgb dlerbisb dl issbts wis fidl`y aub tm

il dlerbisb dl tgb issbt viùitdml mj pmrt-

jm`dms. Qgb : fiomr pblsdml jula emfpi-

ldbs, bieg wdtg IRF dl bxebss mj RU$9

nd``dml, ieemult jmr 12% mj i`` dlstdtutdmli`

dlvbstfblt. Qgbrbjmrb, tgb dfpmrtileb mj

Em`mfndil pblsdml julas tm tgb amfbstde

eipdti` firhbts eil—t nb dclmrba. Jmrbdcl

issbt filicbrs suppmrt tgds vdbw ila irb

ietdvb`y sbbhdlc tm cbt dlvm`vba dl tgds

qudeh`y crmwdlc sbcfblt.

Uemtdinilh, mlb mj Lmrtg Ifbrdei—s prb-

fdbr liledi` dlstdtutdmls, gis tihbl tgb

mppmrtuldty tm nmtg dlerbisb dts jmmtprdlt

dl Em`mfndi ila nudà upml tgb sueebss

mj Em`mfndil pblsdml julas ny iequdr-

dlc i fiomrdty stihb dl Em`jmlams, Em-

`mfndi—s jmurtg-ìrcbst pblsdml emfpily,

wdtg RU$4.>2 nd``dml dl IRF. Nrdil [mr-

tbr, Crmup Gbia mj Dltbrlitdmli` Nilhdlcit Uemtdinilh, rbi`dzbs tgb pmtbltdi` jmr

ripda crmwtg dl tgb firhbt emup`ba wdtg

il dfprmvdlc bemlmfy is rbismls tm cidl

bxpmsurb.

‐Bxpiladlc C`mni` Sbi`tg Filicbfblt—s

jmmtprdlt dl @itdl Ifbrdei ds i stritbcde

prdmrdty jmr Uemtdinilh, ila tgb iequdsd-

tdml mj i fiomrdty stihb dl Em`jmlams wd``

dlerbisb mur rbcdmli` prbsbleb dl tgds sbc-

fblt. Em`jmlams gis iegdbvba i crbit abi`

mj sueebss, ila wdtg mur pirtlbrs it Fbr-

eiltd` Em`pitrdi, wb `mmh tm emltdlub tgb

crmwtg ila bxpilsdml mj tgds nusdlbss.‖

Ml tgb amfbstde jrmlt, [mrvbldr, mlb mjEm`mfndi—s `biadlc pblsdml jula filic-

brs, rbeblt`y illmuleba pìls tm nuy IJ[

Gmrdzmltb, i Em`mfndil sunsdadiry mj

Upidl—s sbemla-ìrcbst nilh, NNZI, wdtg

i vdbw tm eipdti`dzb ml tgb crmwtg mppmr-

tuldtdbs ila nmmst tgbdr eustmfbr nisb ny

inmut 51% tm 2.5 fd``dml.

Fmvbs wdtgdl Em`mfndi—s pblsdml jula

sbetmr ny nmtg amfbstde ila jmrbdcl issbt

filicbrs e`bir`y ulabr`dlb tgb abfila jmrbxpmsurb tm tgb sbetmr is wb`` is tgb absdrb

tm rbfidl emfpbtdtdvb. Emfpbtdvblbss ds il

dlerbisdlc emlebrl ifda pìls ny tgb cmv-

brlfblt tm iaoust gmw tgb fdldfuf prmt

pbreblticbs tgit prdvitb pblsdml julas givb

tm rbpmrt bieg ybir irb eièuìtba.

Qgb cmvbrlfblt pìls tm iaoust tgb pmrt-

jm`dm emfpmsdtdml `dfdts rbqudrba ny pbl-

sdml julas wdtg i ndis tmwira mvbrsbis dl-

vbstfblt ifda emlebrls tgit pblsdml jula

pmrtjm`dms irb tmm emlebltritba dl pbsms,

ieemradlc tm Em`mfndi—s Jdlileb Fdldstbr

Fiurdedm Eirablis. ‐Sb lbba i fmrb ad-

vbrsdba pblsdml pmrtjm`dm, wgdeg dleùabs

fmrb am`ìrs,‖ Fr. Eirablis rbeblt`y lmt-

ba. ‐^dcgt lmw tgby irb tmm emlebltritba

dl pbsms. Qgby—vb put i`` tgbdr bccs dl tgb

sifb nishbt.‖

Qgb rbvdsba fbtgma jmr abtbrfdldlc fdld-fuf prmt `bvb`s tmcbtgbr wdtg advbrsd-

eitdml emlebrls wd`` dlebltdvdzb pblsdml

jula filicbrs tm bxpila tgbdr mvbrsbis

bxpmsurb is wb`` is cblbritb am`ìr pur-

egisbs mj ipprmxdfitb`y RU$1 nd``dml dl

tgb `mei` jmrbdcl bxegilcb firhbt.

I hby sbetmr sbt tm nblbt ds prdvitb bqudty,

wdtg i pirtdeuìr jmeus ml dlaustrdbs sueg

is dljristrueturb, blbrcy, rbi` bstitb ila

cblbri` sbrvdebs.

z [msdtdvb ml [rdvitb

Bqudty

[rdvitb bqudty trilsietdmls ulabrtihbl ny`mei` mr dltbrlitdmli` prdvitb bqudty julas

irb rbjbrrba tm is [BJs dl Em`mfndi. Qgb

dfp`bfbltitdml mj hby `bcdsìtdml dl >;;3

i``mwba Em`mfndil pblsdml julas tm dl-

vbst up tm 2% mj tgbdr issbts dl tgb `mei`

prdvitb bqudty ila vblturb eipdti` julas.

Qgb ieebssdnd`dty mj `mei` eipdti` spurrba

crmwtg dl Em`mfndi—s prdvitb bqudty dlaus-

try, ila dt ds eurrblt`y mlb mj tgb jbw bemlm-

fdbs sgmwdlc i stbiay dlerbisb dl dts [B

blvdrmlfblt, is sgmwl ny tgb @itdl Ifbrd-eil Zblturb Eipdti` Issmeditdml (@IZEI)

semrbeira.

Em`mfndi ds tgb eurrblt`y rilhba jmurtg

ifmlc @itIf emultrdbs dl tbrfs mj dts [B/

ZE blvdrmlfblt. Emltdludlc rbcuìtmry

dfprmvbfblts dleùadlc jula jmrfitdml

ila mpbritdml mj `mei` dlstdtutdmli` dlvbs-

tmrs sueg is pblsdml julas wd`` emltdlub

tm nb Em`mfndi—s strblctg wgbl emfpirba

wdtg tgb rbcdml.

Eurrblt`y, RU$:.1 nd``dml ds ividìn`b jmr dl-

vbstfblt dl mei` ila mjjsgmrb prdvitb bqudty

julas wdtg ml`y RU$>.4 nd``dml (12%) mj tgb

tmti` RU$:.1 nd``dml ividìn`b givdlc nbbl

dlvbstba. Is i rbsu`t tgbrb ds crmwdlc ippb-

tdtb ifmlc mjjsgmrb dlvbstfblt filicbrs

ietdvb`y sbbhdlc emffdtfblts jrmf pblsdml

julas tm ridsb julas dl mei` firhbts.

Iavilebfblts wdtgdl tgb fiermbemlmf-

de, pm`dtdei` ila smedmbemlmfde emladtdmls

sueg is i crmwdlc ymulc pmpuìtdml wd``

rbsu`t dl fmrb emltrdnutmrs, dlbvdtin`y

`biadlc tm il dlerbisb dl tgb IRF mj Em-

`mfndi—s pblsdml julas.

Cdvbl tgb ìeh mj pun`de`y triaba dlvbst-

fblt mppmrtuldtdbs ila tgb lbba tm rbfidl

Julas



advbrsdba, pblsdml julas wd`` nb dlebl-

tdvdzba tm bxp`mrb i`tbrlitdvb dlvbstfblt

mppmrtuldtdbs, dleùadlc prdvitb bqudty.

[rdvitb bqudty ds sbt tm nbemfb dlerbis-

dlc`y ittrietdvb ifmlc dlvbstmrs, ieemra-

dlc tm i rbeblt Bfbrcdlc Firhbts [rdvitb

Bqudty Issmeditdml (BF[BI) rbpmrt, ‐Qgbcrmwtg dl ary pmwabr bxebbas tgb supp`y

mj pun`de`y triaba dlvbstfblt mppmrtuld-

tdbs, pusgdlc tgbf dltm i`tbrlitdvb issbts,

dleùadlc prdvitb bqudty.‖

Dljristrueturb julas irb i hby irbi sbt tm it-

triet prdvitb bqudty juladlc is il bvbr bx-

piladlc pmpuìtdml, i rdsdlc fdaa`b eìss

ila pm`dtdei` stind`dty erbitb tgb lbba jmr

dlvbstfblts dl virdmus pun`de wmrhs (tm``

rmias, idrpmrts, pmrts, trilspmrtitdml, bte.).

I e`msbr `mmh it tgb jularidsdlc bjjmrts mj

[B filicbrs ml`y gdcg`dcgts tgb dlerbisdlc

emffdtfblt jrmf dlvbstmrs tmwira tgb sbe-

tmr, is >3% mj tmti` julas ridsba givb nbbl

i``meitba tm dljristrueturb. Dljristrueturb dl-

vbstfblt wd`` rbfidl tmpdei` jmr tgb jmrbsbb-

in`b juturb, is dfprmvbfblts tm tgb emultry—s

sunwiys, rmias, pmrts ila idrpmrts irb rb-

qudrba tm suppmrt tgb dlerbisba amfbstde ila

bxpmrt abfila jmr dts fdldlc, icrdeu`turb, md`

wb``s ila mtgbr dlaustry sbetmrs.

Dl tgb lbirbr tbrf, sbetmrs sblsdtdvb tm eml-

sufbr adserbtdmliry spbladlc sueg is tmur-

dsf, gmspdti`dty ila bltbrtidlfblt wd`` sbb i

gbi`tgy dlux mj eipdti` aub tm i ripda`y bx-

piladlc fdaa`b eìss, blgileba fierm ila

smedi` emladtdmls, rbcuìtmry dfprmvbfblts

ila pm`dtdei` stind`dty. Qgbsb iavilebfblts

gia i jivmrin`b dfpiet ml Em`mfndi—s erbadtritdlc is dt wis ridsba tm dlvbstfblt criab ila

wd`` surb`y spur dlvbstfblts jrmf inrmia.

I`tgmucg tgb mut`mmh ds pmsdtdvb, tgbrb i`-

wiys rbfidl ulabr`ydlc rdshs sueg is tgb

cmvbrlfblt—s pìls tm eurn tgb strblctg

mj tgb pbsm icidlst tgb am`ìr, wgdeg fiy

`bia tm adfdldsgba ietdvdty ny prdvitb bq-

udty julas ila fmrb ietdvdty ny stritbcde

dlvbstmrs dl tgb sgmrt tbrf.

Gmwbvbr, tgmsb jifd`dir wdtg Em`mfndil

prdvitb bqudty irb mptdfdstde tgit Em`mf-

ndi wd`` rbfidl ittrietdvb tm dltbrlitdmli`

filicbrs. ‐Em`mfndi ds ny jir tgb fmst

mpbl firhbt dl @itdl Ifbrdei tm i``meitb

dltbrlitdmli``y, ila tm fbbtdlc dltbrlitdml-

i` filicbrs ila advbrsdjy tgbdr pmrtjm`dm‖ieemradlc tm Fixdfd`dilm Ab` Zbltm, Zdeb

[rbsdablt it [irtlbrs Crmup.

z Em`mfndi ― Il

Mppmrtuldty Smrtg

Bxp`mrdlc

Cmlb irb tgb aiys wgbl rifpilt strbbt

erdfb, jbir jmr pbrsmli` sijbty ila aruc

eirtb`s wbrb blabfde iermss Em`mfndi.

Mvbr tgb ìst abeiab Em`mfndi gis strdvbatm tieh`b tgbsb dssubs wgd`b ab`dvbrdlc i

pm`dtdei`, fierm ila smedi` blvdrmlfblt tm

ittriet jmrbdcl dlvbstmrs ila spur crmwtg

mppmrtuldtdbs e`msbr tm gmfb.

Is i rbsu`t Em`mfndi ds tgb tgdra fmst

‐nusdlbss jrdbla`y‖ litdml dl @itdl Ifbrd-

ei ila nmists mlb mj tgb `mwbst rdsh prbfd-

ufs dl tgb rbcdml. [ìllba ifblafblts tm

rbcuìtdml is wb`` is `mmsbr rbstrdetdmls ml

tgb pmrtjm`dms mj dlstdtutdmli` dlvbstmrs, dl-

eùadlc pblsdml julas, wd`` `bia tm i p`btg-

mri mj eipdti`, erbitdlc dlvbstfblt mppmr-

tuldtdbs dl tgb pun`de ila prdvitb bqudty

firhbts nmtg amfbstdei``y ila inrmia.

[rdvitb bqudty dl Em`mfndi ds jidr`y lbw,

wdtg 59 e`msba julas ila 92 lbw julas

eurrblt`y tircbtdlc i tmti` mj RU$7;5

fd``dml. Abspdtb tgb liseblt stitb mj Em-

`mfndi—s prdvitb bqudty firhbt, dt gis bxpilaba ripda`y dl i sgmrt pbrdma, is eipdti`

emffdtfblts givb crmwl illui``y it i

ritb mj 39% ieemradlc tm i rbpmrt rb`bisba

ny Nilemàbx Eipdti`, i stitb-mwlba emf-

fbredi` nilh.

Qgb jiet tgit pblsdml jula issbts irb prb-

adetba tm surpiss RU$9>9 nd``dml ny >;91

nmabs wb`` jmr prdvitb bqudty, is tgbrb ds

i trbla ifmlc pblsdml julas tm dlvbst dl

filicbrs wdtg cmma trieh rbemras.

Abspdtb hby emlebrls sueg is i strmlc

pbsm, ìeh mj bltrbprblbur mr filicbr

iwirblbss mj prdvitb bqudty ila tgb lbba

tm bstin`dsg i prdvitb bqudty firhbt wdtgi sm`da trieh rbemra, dlvbstmrs sbbhdlc bx-

pmsurb tm i ripda`y crmwdlc fdaa`b eìss,

dfprbssdvb CA[ crmwtg ila i numyilt

stmeh firhbt sgmuà emlsdabr il i``meitdml

tmwira Em`mfndi. Qgds wd`` lmt ml`y bl-

gileb tgbdr advbrsdeitdml rbqudrbfblts it

i tdfb wgbl tgb ‐N^DEU‖ irb `msdlc fm-

fbltuf, nut blin`b bxpmsurb tm i emultry

sbt tm nbemfb il ‐i`pgi cblbritmr‖ dl tgb

juturb pmrtjm`dms mj dlvbstmrs.

Julas

Tisdl Bnrigdf ds il dlvbstfblt

prmjbssdmli` rbsbiregdlc abvb`-

mpfblts dl tgb i`tbrlitdvb dlvbst-

fblt spieb tgrmucg bxpmsurb dl

triadtdmli` ila smedi` fbadi. Gds

niehcrmula dl rdsh ila dlvbstfblt

filicbfblt emup`ba wdtg `bia-

dlc dlaustry qui`djdeitdmls prmvdab

gdf wdtg i smula niehcrmula tm

bxp`mrb i`tbrlitdvb dlvbstfblts.

Inmut tgb Iutgmr



Sbi`tg Filicbfblt

Qgb pìllba iequdsdtdml ny Ipm``m Qyrbs mj Emmpbr

Qdrb & ûnnbr (LTUB?EQN) jiebs dlerbisba tdfdlc

ulebrtidlty jmur fmltgs igbia mj il bxpdritdml mj tgb

abi`—s fbrcbr icrbbfblt ila liledlc.

Dladil fbadi rbpmrts tgit tgb ^bsbrvb Nilh mj Dladi (^ND) pìls

tm rbvdbw tgb RU$>.2 nd``dml trilsietdml is pirt mj lbw rbcuì-

tdmls tgit rbqudrb rbvdbw mj adrbet mvbrsbis dlvbstfblt ny Dladil

emfpildbs crbitbr tgil 9;;% mj tgbdr lbt viùb. Qgb Emmpbr abi`

ds ipprmxdfitb`y 12;% mj Ipm``m—s viùitdml, ieemradlc tm lbws

rbpmrts.

Sgbl Emmpbr rbiegba i abi` tm sb`` tm Ipm``m dl Oulb, tgb emfpi-

ldbs irb ulabrstmma tm givb lmt iltdedpitba i rbvdbw ny tgb ^ND.Dt emuà lmt nb `birlba dj Ipm``m eil emltbst tgb rbpmrtba rbvdbw

ml tgb crmulas tgit dt rbiegba i abi` nbjmrb tgb rbcuìtdmls wbrb

illmuleba.

Qgb eisg-nisba trilsietdml fiy lmt nb emfp`bx, nut i R.U.-nisba

ittmrlby sida gb wmuà iavdsb e`dblts lmt tm usb i sgmrt e`msdlc

tdfb`dlb dl sueg i abi` dlvm`vdlc fu`tdlitdmli` emfpildbs, i omdlt

vblturb dl Egdli, ila gdcg `bvbricb.

Qgb Emmpbr fbrcbr icrbbfblt ila emffdttba abnt ila bqudty -

liledlc i`` bxpdrb ml Abebfnbr 59. Qgb rst ittmrlby qubstdmlba

wgdeg pirty dl tgb Emmpbr abi` ishba jmr tgb ircuin`y sgmrt armp-

abia aitb. Gb sida tgb jitb mj tgb abi` wd`` u`tdfitb`y emfb amwl

tm Ipm``m—s emffdtfblt tm tgb trilsietdml.

^bpmrtba`y, tgbrb emltdlubs tm nb i strmlc stritbcde ritdmli`b jmr

tgb fbrcbr, ila liledlc firhbts rbfidl strmlc. Emmpbr ila

Ipm``m ada lmt rbspmla tm rbqubsts jmr emffblt.

Qgb ^ND emuà tihb tgrbb tm jmur wbbhs tm rbvdbw tgb Emmpbr abi`,

il Dladi-nisba ittmrlby bstdfitba. Gmwbvbr, tgds ittmrlby eiu-

tdmlba tgit tgb abi` wd`` `dhb`y nb tgb rst trilsietdml tgb ^ND rb -

vdbws, ila dt fiy tihb fmrb tdfb tm bxifdlb tgb trilsietdml dl `dcgtmj tgb ji``dlc viùb mj tgb rupbb ila pmssdn`b pm`dtdei` prbssurb.

‐Qgb ^ND ipprmiegbs bieg ipp`deitdml jmr ipprmvi` ml i

eisb-tm-eisb nisds,‖ sida i sbemla ittmrlby nisba dl Dladi. ‐Dt

wmuà nb adjjdeu`t tm isebrtidl it tgds sticb tgb ipprmxdfitb

tdfb tgit tgb ^ND fdcgt tihb tm cdvb sueg ipprmvi` dl tgb

Ipm``m eisb.‖

Emmpbr Qdrb/Ipm``m Qdfdlc Rle`birml ^ND ^bvdbw ―

Ili`ysdsJrbly [itb` dl Fufnid, Eìuadi Fmltmtm dl Jmrt @iuabrai`b ila ^bunbl Fd``br dl

Sisgdlctml, wdtg iaadtdmli` rbpmrtdlc ny Nrilaml Gifd`tml dl Lbw Tmrh



Sbi`tg Filicbfblt

lby abserdnba tgb gbirdlc is i ‐sgmw-eiusb‖ tgit fiy lmt prmvdab

fueg eìrdty ml tgb fittbr.

Ily emurt ietdml ds `dhb`y tm tihb smfb tdfb tm prmebss, sida tgb

sbemla R.U. ittmrlby, lmtdlc tgit tgb fbrcbr ds `dhb`y tm e`msb

igbia mj i abldtdvb emurt abedsdml. Gb bstdfitba i ìwsudt emuà

tihb mlb tm twm ybirs tm rul dts emursb.

Dt ds ule`bir dj Egblcsgil rbi``y wilts tm eut tdbs wdtg Emmpbr

sdleb tgb emfpildbs givb wmrhba jmr sdx ybirs tm abvb`mp tgb OZ,

tgb sbemla R.U. ittmrlby sida.

@d Ydilc, bxbeutdvb adrbetmr mj Egdli @inmr Siteg, sida gb ambs

lmt nb`dbvb Egblcsgil wilts tm nb nmucgt mut mj tgb OZ. Egblc-

sgil ds lmt emfp`btb`y stitb-mwlba, nut tgbrb ds cmvbrlfblt dltbr-

bst dl tgb emfpily, Ydilc sida.

Utrdhbs irb d``bci` dl Egdli, ila tgb Egblcsgil wmrhbrs— uldml ds pirt mj tgb Emffuldst [irty, sm tgb cmvbrlfblt ds `dhb`y dlvm`vba

dl tgb strdhb, Ydilc sida. Emmpbr gis sida dl i stitbfblt tm Dladil

fbadi tgit wmrhbrs givb rbturlba tm tgb Egblcsgil jietmry ila dt

gis stirtba tm rbsufb mpbritdmls.

I jmrfbr Emmpbr bxbeutdvb, Adeh Utbpgbls, tmà Qgb Emurdbr

lbwspipbr dl Jdlaìy, Mgdm, tgit gb nb`dbvbs mlb mj Ipm``m—s prd-

firy rbismls jmr nuydlc Emmpbr ds tm iequdrb tgb Egblcsgil ji-

ed`dty. Dj tgb OZ ds adssm`vba, Utbpgbls sida gb nb`dbvbs tgb egilebs

mj tgb abi` e`msdlc wmuà armp sdcldeilt`y.

Ipm``m ds juladlc tgb trilsietdml wdtg RU$>.532 nd``dml dl

abnt liledlc tgit ds ml`y cuiriltbba ny Emmpbr ila Ipm``m—s

Burmpbil mpbritdmls. Qgb bqudty pmrtdml mj tgb abi` ds prm-

vdaba ny i RU$12; fd``dml Utilaira Egirtbrba jied`dty tgit

ds rbemursb tm Ipm``m Qyrbs ila strueturba vdi i sunsdadiry dl

Fiurdtdus.

Il Dladi-nisba dlaustry nilhbr sida Dladil emfpildbs typdei``y

ridsb julas jmr mvbrsbis iequdsdtdmls ny `bvbricdlc tgb niìleb

sgbbt mj tgb tircbt, sm tgb ND—s ru`bs sgmuà givb i dfdtba dfpiet

ml trilsietdmls ul`bss i tircbt emfpily—s niìleb sgbbt eillmt

suppmrt i abi`.

Qgb abvb`mpfblt dl Dladi emfbs is Emmpbr ila Ipm``m givb nbbl

emljrmltba wdtg emlebrls ny wmrhbrs ila bxbeutdvbs it Emmpbr—s

:2% mwlba Egdlbsb omdlt vblturb wdtg Egblcsgil Qdrb.

Egblcsgil gis `ba sudt icidlst Emmpbr dl Egdli jmr tgb ads- nilafblt mj tgb OZ. Qgb emfpìdlt, Eisb Amehbt Lm. (>;95) Sbd

Ugilc Egu _d Lm. :4, i``bcbs tgit tgb prmpmsba si`b mj Emmpbr gis

eiusba tgb omdlt vblturb—s inmr uldml tm strdhb ila wd`` sunobet tgb

omdlt vblturb tm mpbritdmli` rdshs.

Rlabr Egdlbsb emrpmritb ìw, sgirbgmàbrs wdtg fmrb tgil i 9;%

stihb dl i emfpily eil nrdlc ietdml icidlst tgb emrpmritdml dj

tgbrb irb emlebrls inmut i viùb-abstruetdvb trilsietdml. Qgb rst

gbirdlc dl tgb Egblcsgil sudt ds segbau`ba tm tihb pìeb Ubptbf-

nbr >1 dl Sbdgid Dltbrfbaditb [bmp`b—s Emurt. Qgb sbemla ittmr-

Qgb [m`dey ila ^bcuìtmry ^bpmrt ([i^^) ds il dltb``dcbleb ila ili`ytdei` lbws sbrvdeb tgit jmeusbs ml tgb abvb`mpfblt

ila iaiptitdml mj emfpbtdtdml iw irmula tgb wmrà. Dts emvbricb spils Lmrtg Ifbrdei, Umutg Ifbrdei, Burmpb, tgb Fdaa`b

Bist, Ijrdei ila tgb Isdi-[iedjde rbcdml. [i^^ jmeusbs ml tgb dltbrsbetdml mj c`mni` emfpbtdtdml ìw wdtg dltb``betui` prmp-

brty, triab ila sbetmr spbedjde egilcb dl wgdeg tgbrb ds i adrbet dfpiet ml tgb jidr firhbt prietdebs mj cmvbrlfblts ila

emrpmritdmls wmràwdab. Qm birl fmrb inmut [i^^ vdsdt www.[i^^-C`mni`.emf. Jmr dljmrfitdml ml nbemfdlc i sunserdnbr

mr tm irrilcb i jrbb trdi`, emltiet si`bsK[i^^-C`mni`.emf.

Abi`rbpmrtbr ds il ml`dlb sunserdptdml sbrvdeb tgit prmvdabs prmprdbtiry jmrwira-`mmhdlc dltb``dcbleb ml fbrcbrs ila ie-

qudsdtdmls, bvblt-ardvbl spbedi` sdtuitdmls, emlvbrtdn`b irndtricb is wb`` is Bqudty Eipdti` Firhbt ila Abnt Eipdti` Firhbt

trilsietdmls.

Inmut tgb Iutgmrs



Edtdcrmup rbpmrtba dl Fiy tgds

ybir tgit Ldcbrdi, i`mlc wdtg

Rldtba Irin Bfdritbs, Nu`cir-

di, Hblyi, Urd @ilhi, [ihdstil

ila Zdbtlif, ds mlb mj tgb tmp 3 pbrjmrf-

dlc jrmltdbr firhbts mj >;95. Gmwbvbr, tgb

emultry ds lmt wdtgmut dts prmn`bfs. ^bcu-

ìtmry rbstrdetdmls ila pm`dtdei` rdshs ùrh it

bvbry turl, ila tgrmwdlc ilmtgbr spillbr dl

tgb wmrhs ds tgb lbws tgit Jdlileb Fdldstbr

Lcmzd Mhmlom-Dwbiì wd`` emltdlub tdcgt-

bldlc Ldcbrdi—s fmlbtiry pm`dey.

z ^dsdlc îtbs

Qgb Ebltri` Nilh mj Ldcbrdi ds hbbpdlc dts

gdcg nblegfirh dltbrbst ritbs, wgdeg wbrb

dfp`bfbltba dldtdi``y tm gb`p nmmst tgb

emultry—s bemlmfde crmwtg ila eurn dli-

tdml, bvbl tgmucg dlitdml ds lmw amwl.

Iabtmì Mauhmyi, Gbia mj Dlvbstfblt b-

sbireg it Ldcbrdi-nisba dlvbstfblt gmusb

Aull @mrbl Fbrrdbà, nb`dbvbs tgit tgb

Cbttdlc tm Crdps

wdtg tgb LdcbrdilFirhbtQgb eisb jmr dlvbstdlc dl tgb Ijrdeil jrmltdbr firhbts rdcgt lmw ds strmlc, ila

Ldcbrdi dl pirtdeuìr wdtg dts gdcg crmwtg pmtbltdi` ds `mmhdlc `dhb mlb mj tgb

emltdlblt—s strmlcbst emltblabrs. Qgb emultry ds bxpbetba tm crmw ripda`y mvbr tgb

lbxt 9; ybirs, ila is fily mtgbr firhbts emltdlub tm `mmh ulebrtidl, dlvbstmrs irb

lmw `mmhdlc it Ldcbrdi is tgb lbxt ndc tgdlc.

Ebltri` Nilh wd`` emltdlub tm jmeus ml

prdeb stind`dty ila bxegilcb ritbs ritgbr

tgil ml amfbstde crmwtg, jmr tgb tdfb

nbdlc. Ilmtgbr rbisml tgb cmvbrlfblt ds

hbbpdlc ritbs it il i``-tdfb gdcg ds tgb bx-

pbetitdml mj gdcgbr cmvbrlfblt spbladlc,

ila nmrrmwdlc, ijtbr tgb ìuleg mj fd`dtiry

mpbritdmls icidlst Dsìfde dlsurcblts dl

Ldcbrdi—s lmrtgbist. Gmwbvbr, Fr. Mau-

hmyi siys tgit gdcg ritbs fiy ietui``y gb`p

nmmst jmrbdcl-eurrbley rbsbrvbs.

‐Qgbrb gis nbbl il bxpilsdml dl cmvbrl-

fblt spbladlc aub tm fd`dtiry mpbritdmlsdl tgb lmrtgbrl pirt mj tgb emultry, ila

tgb fmlbtiry iutgmrdtdbs irb lmt vbry bi-

cbr tm rbaueb tgb nblegfirh ritb aub tm

tgb dlerbisb dl cmvbrlfblt spbladlc.‖

z Ldcbrdi—s Dlerbisb dl

Sbi`tg

Qgb rdsb dl Ldcbrdi—s fdaa`b eìss pmpuìtdml

wd`` i`sm pìy i ìrcb pirt dl dts dlvbstfblt

ippbi` is i jrmltdbr firhbt abstdlitdml. Qgb

rdsb dl rbìtdvb wbi`tg, ila tgbrbjmrb tgb rdsb

dl sivdlcs, erbitbs mppmrtuldtdbs jmr tgmsb is-

sbt filicbfblt rfs tgit givb tgb absdrb tm

dlvbst. Ijrdei—s fdaa`b eìss ds bstdfitba tm

nb 595 fd `dml pbmp b, ila nilh abpmsdts is

i pbreblticb mj CA[ ifmult tm >:.5%. Ld-

cbrdi—s fdaa`b eìss lmw ieemults jmr irmula

>5% mj tgb pmpuìtdml ― wdtg dlemfbs nb-

twbbl L9f ila L9.>f (RU$:,;;;-3,;;;) i

ybir, ieemradlc tm tgb Ijrdeil Abvb`mpfblt

Nilh.

Qgb Smrà Nilh aiti sgmws tgit sun-Ui-giril Ijrdei—s (UUI) issbts ulabr fil-

icbfblt (IRF) (eìssdba is pblsdml

julas ila futui` julas) is i pbreblticb

mj CA[ ds eurrblt`y 55%. Umutg Ijrdei gis

tgb ìrcbst IRF tm CA[ pbreblticb wdtg

mvbr 57.4%, ila Ldcbrdi trid`s wdtg 3%.

‐Qgb sempb mj crmwtg ds sticcbrdlc wgbl

tgbsb curbs irb emfpirba wdtg Burmpb—s

IRF tm CA[ pbreblticb mj 9;1%,‖ Fr.

Mauhmyi siys.

Sbi`tg Filicbfblt



Fmnd`b Fmlby Ijrdei—s Nbst Emltrdnutdmltm Dllmvitdml Um Jir=

z Jbabrdem Egdrdem



Sbi`tg Filicbfblt

Qgb bvmùtdml mj fmnd`b fmlby dl Ijrdei ds i e`bir bx-

ifp`b mj i nusdlbss dl wgdeg tgb emltdlblt ds `bia-

dlc ila lmt ìccdlc. Nbsdabs tgb fmlby trilsjbr sbr-

vdebs i`rbiay prbsblt jmr ybirs, fily prmvdabrs irb

lmw bxpiladlc tgbdr sbrvdebs ny bltbrdlc tgb nilhdlc dlaustry

ila mpbldlc up tm dltbrbstdlc seblirdms sm jir ulbxp`mrba ny tgb

‐abvb`mpba‖ bemlmfdbs. Qgbrb irb mj emursb smfb dssubs tm nb ia-arbssba dl mrabr tm jurtgbr blgileb tgb pmtbltdi` mj tgds nusdlbss,

nut tgb eurrblt fmnd`b pblbtritdml tmcbtgbr wdtg sbvbri` mtgbr jie-

tmrs pmdlt tm p`blty mj mppmrtuldtdbs igbia.

Sgbl dt wis rst ìulegba sbvbri` ybirs icm, fmnd`b fmlby wis

oust i trilsjbr tmm` jmr fdermlileb dlstdtutdmls tm gb`p nmrrmwbrs

rbebdvb ila rbpiy `mils dl i fmrb emlvbldblt fillbr. Lmwiaiys,

dt ds i nusdlbss tgit eil rbprbsblt il dlerbadn`b mppmrtuldty tm eml-

lbet pbmp`b pirtdedpitdlc dl tgb jmrfi` ila dljmrfi` bemlmfy. Ie-

emradlc tm CUFI—s Fmnd`b Bemlmfy >;95 rbpmrt, ‐fmrb tgil >.2

nd``dml iau`ts am lmt givb ieebss tm i jmrfi` nilh ieemult ila irblmt in`b tm ieebss nisde liledi` sbrvdebs dl mrabr tm sivb, nmrrmw

mr trilsiet.‖

Fmst dfpmrtilt`y, dt rbprbsblts mlb mj tgb fmst dltbrbstdlc dl-

lmvitdmls emltrdnutba ny tgb Ijrdeil emltdlblt, nbeiusb dt ds dl

Hblyi tgit dt i`` stirtba dl >;;3 tgrmucg tgb ìuleg mj tgb rst

pìtjmrf? F-[bsi. Udleb tgbl, tgb fmnd`b fmlby sbrvdeb prmvdabr

emltrm``ba ny Uijirdemf gis nbbl ripda`y bxpiladlc ila ds eur-

rblt`y il dfpmrtilt emlaudt jmr Hblyil pbmp`b—s aid`y bxpblsbs.

Dts mpbritdmls irb lmw emlsm`daitba dl mtgbr Ijrdeil emultrdbs

sueg is Qilzildi ila Umutg Ijrdei, wgd`b sbvbri` mtgbr fmnd`b

mpbritmrs givb lmw omdlba tgb nusdlbss ny tippdlc fiomr firhbts

sueg is Cgili ila Ldcbrdi. Qgb emltdluba emlsm`daitdml mj tgds

nusdlbss ds lm `mlcbr lbws8 wgit ds fmrb dltbrbstdlc it tgds pmdlt

ds tgb bxpilsdml mj sbrvdebs.

Emst euttdlc ila `dqudadty dlerbisbs irb twm dfpmrtilt trblas?

nbsdabs nbdlc in`b tm piy b`betrdedty nd``s ila segmm` jbbs, lmw

eustmfbrs dl Cgili eil i`sm nuy `djb dlsurileb tgrmucg FQL.Fmrbmvbr, F-[bsi eustmfbrs eil lmw piy jmr rbtid` cmmas jmr i

emffdssdml mj 9.2% pbr trilsietdml egircba bxeùsdvb`y tm tgb

sb``br ― i emfpbtdtdvb ritb emfpirba wdtg mtgbr `bss ieebssdn`b

ila fmrb bxpblsdvb dlstrufblts sueg is erbadt eiras, eurrblt`y

egircdlc nbtwbbl 5% ila 2% emffdssdml. Ilmtgbr stbp jmrwira

dl tbrfs mj liledi` dleùsdvblbss ds rbìtba tm nmrrmwdlc? Uiji-

rdemf ds bltbrdlc tgb Hblyil sivdlcs ila `mil nusdlbss tgrmucg

i sbrvdeb ei``ba F-Ugwird dl em`ìnmritdml wdtg Ebltri` Nilh mj

Ijrdei, iegdbvdlc vbry prmfdsdlc rbsu`ts sm jir.

Qgb CUFI—s rbpmrt i`sm wirls inmut pmtbltdi` pdtji``s tgit sgmuà nb emlsdabrba dl issbssdlc fmnd`b fmlby sbrvdebs? mpbritdmli`

egi``blcbs, ìeh mj rbcuìtdml ila i lbba jmr emlsufbr bauei-

tdml emuà `dfdt tgb adjjusdml mj fmnd`b fmlby. Lbvbrtgb`bss,

`mwbr-emst trilsietdmls, gdcgbr `dqudadty ila liledi` dleù-

sdvblbss tmcbtgbr wdtg tgb dlerbisdlc `bvb`s mj fmnd`b pbl-

btritdml ml tgb emltdlblt rbprbsblt il dltbrbstdlc mppmrtuldty.

Dl smfb dlstilebs tgds systbf gis bvbl abfmlstritba nbttbr rbì-

tdvb sijbty tgil emlvbltdmli` nilhdlc? dl tgb >;;7 pmst-b`betdml

vdm`bleb, Hblyils rbciraba F-[bsi is i sijbr pìeb tm stmrb tgbdr

sivdlcs tgil liledi` dlstdtutdmls wgdeg wbrb, gbivd`y emfprm-

fdsba dl btglde adsputbs it tgb tdfb.

Jbabrdem Egdrdem ds tgb jmulabr ila badtmr mj ‐Qgb Ijrdeil Jrmltdbr,‖ i n`mc abad-

eitba tm tgb adsemvbry mj Ijrdeil jdliledi` firhbts. Gb stirtba gds eirbbr it RNU

Dlvbstfblt Nilh dl >;;3, ila gb tgbl fmvba tm Cgili jmr i jbw ybirs, wgbrb wb

wmrhba is nusdlbss ili`yst jmr i Cgilidil nisba jdliledi` nmutdqub ei``ba Eili`

Eipdti`. Eurrblt`y, Fr Egdrdem wmrhs jmr i ìrcb fbadi ila dljmrfitdml emfpilyis jdliledi` firhbts bxbeutdvb, ila ds i EJI bvb` > eiladaitb.

www.tgbijrdeiljrmltdbr.wmraprbss.emf

Inmut tgb Iutgmr



Sdlb

The Changing Landscape of Colombia’s Pension Fund Industry

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