Getting Finance in South Asia 2010: Indicators and Analysis of the Commercial Banking Sector

8/8/2019 Getting Finance in South Asia 2010: Indicators and Analysis of the Commercial Banking Sector

1/351

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Rjutm @sh`>404

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jg tmc Bjeecrbh`aN`fohfk Rcbtjr

Oh`tbm`h Rjpm`sthcfpmjfk

@fje` Oua`tmufk`


2/351

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3/351

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5/351

KctthfkGhf`fbc

hfRjutm @sh`

>404

Hflhb`tjrs `fl @f`ayshs

jg tmc Bjeecrbh`a

N`fohfk Rcbtjr

Oh`tbm`h Rjpm`sthcfpmjfk

@fje` Oua`tmufk`


6/351

>404 \mc Hftcrf`thjfà N`fo gjr cbjfstrubthjf fl Lcvcajpecft / \mc [jral N`fo 0=0= M Rtrcct F[[`smhfktjf LB >44>- 2 < 02 0> 00 04

\mhs vjauec hs ` prjlubt jg tmc st`gg jg tmc Hftcrf`thjfà N`fo gjr ^cbjfstrubthjf `fl Lcvcajp-ecft / \mc [jral N`fo. \mc ffflhfks, hftcrprct`thjfs, `fl bjfbaushjfs cxprcsscl hf tmhs vjauec ljfjt fcbcss`rhay rc cbt tmc vhcws jg tmc Cxcbuthvc Lhrcbtjrs jg \mc [jral N`fo jr tmc kjvcrfecftstmcy rcprcscft.

\mc [jral N`fo ljcs fjt ku`r`ftcc tmc `bbur`by jg tmc l`t` hfbaulcl hf tmhs wjro. \mc njufl`r-hcs, bjajrs, lcfjehf`thjfs, `fl jtmcr hfgjre`thjf smjwf jf `fy e`p hf tmhs wjro lj fjt hepay `fy iulkcecft jf tmc p`rt jg \mc [jral N`fo bjfbcrfhfk tmc ackà st`tus jg fy tcrrhtjry jr tmc cfljrsc-ecft jr `bbcpt`fbc jg subm njufl`rhcs.

^hkmts fl Tcrehsshjfs\mc e`tcrhà hf tmhs punahb`thjf hs bjpyrhkmtcl. Bjpyhfk `fl/jr tr`fsehtthfk pjrthjfs jr àa jg tmhswjro whtmjut pcrehsshjf e`y nc ` vhja`thjf jg `ppahb`nac a`w. \mc Hftcrf`thjfà N`fo gjr ^cbjf-strubthjf `fl Lcvcajpecft / \mc [jral N`fo cfbjur`kcs lhsscehf`thjf jg hts wjro `fl whaa fjr-eàay kr`ft pcrehsshjf tj rcprjlubc pjrthjfs jg tmc wjro prjeptay.

Gjr pcrehsshjf tj pmjtjbjpy jr rcprhft `fy p`rt jg tmhs wjro, pac`sc scfl ` rcqucst whtm bje-pactc hfgjre`thjf tj tmc Bjpyrhkmt Bac`r`fbc Bcftcr Hfb., >>> ^jscwjjl Lrhvc, L`fvcrs, E@408>2, SR@? tcacpmjfc9 8;=-;34-=>->>? c-e`ha9 punrhkmtsDwjraln`fo.jrk.

HRNF9 8;=-4-=>02-=43;-02-=28>-7LJH9 04.0387/8;=-4-=>02-=43;-4;8-=842

Bjvcr haaustr`thjf `fl lcshkf9 [. Lrcw G`shbo, \mc G`shbo Krjup, Hfb.


7/351

v

Bjftcfts

Gjrcwjrl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xh@bofjwaclkecfts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xhhh@njut tmc @utmjrs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xv @brjfyes `fl @nnrcvh`thjfs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xvhh

0. HF\^JLSB\HJF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0

Lcvcajpecft Lhecfshjfs `fl Ehbrj Hflhb`tjrs . . . . . . . . . . . . . . . . . . . . . . . > @bbcss tj Ghf fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>Tcrgjre`fbc `fl Cgffbhcfby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Ghf`fbhà Rt`nhahty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2B`phtà E`roct Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . < E`roct Bjfbcftr`thjf `fl Bjepcththvcfcss . . . . . . . . . . . . . . . . . . . . . . . . .

T@^\ H9 @F@AXRHR

>. T^SLCF\H@A ^CKSA@\HJFR GJ^ N@FOR HF RJS\M @RH@ . . . . . . . . 03B`phtà @lcqu`by . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07Hepacecft`thjf jg tmc N`sca HH B`phtà @lcqu`by Grècwjro . . . . . . . . . . . 0;@ssct Puàhty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>0Hfbjec ^cbjkfhthjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >>[rhtc-Jgg Tjahby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >>Cxpjsurc Ahehts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >>Lhrcbtcl Acflhfk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >2Ahquhlhty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>2Lcnt ^cstrubturhfk Tjahby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >2

Cflfjtcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >3@gkm`fhst`f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>7

@bbcss tj Ghf fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>=Tcrgjre`fbc `fl Cgffbhcfby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >8Ghf`fbhà Rt`nhahty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>8B`phtà E`roct Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 E`roct Bjfbcftr`thjf `fl Bjepcththvcfcss . . . . . . . . . . . . . . . . . . . . . . . . 24


8/351

vh Kctthfk Ghf`fbc hf Rjutm @sh` >404

T`yecft Rystces Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24R`vhfks Ejnhahz`thjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Bjrpjr`tc Kjvcrf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

N`fka`lcsm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

@bbcss tj Ghf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23Tcrgjre`fbc `fl Cgffbhcfby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27Ghf`fbh`a Rt`nhahty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27B`pht`a E`roct Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2; E`roct Bjfbcftr`thjf `fl Bjepcththvcfcss . . . . . . . . . . . . . . . . . . . . . . . . 2;T`yecft Rystces Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2=R`vhfks Ejnhahz`thjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2=Bjrpjr`tc Kjvcrf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Nmut`f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


9/351

Bjftcfts vhh

Tòhst`f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ;3 @bbcss tj Ghf fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .;=Tcrgjre`fbc `fl Cgffbhcfby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ;=Ghf`fbhà Rt`nhahty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .;8

B`phtà E`roct Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =0 E`roct Bjfbcftr`thjf `fl Bjepcththvcfcss . . . . . . . . . . . . . . . . . . . . . . . . =0T`yecft Rystces Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =>R`vhfks Ejnhahz`thjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =2Bjrpjr`tc Kjvcrf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =2

Rrh A`fo` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =; @bbcss tj Ghf fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .=8Tcrgjre`fbc `fl Cgffbhcfby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84Ghf`fbhà Rt`nhahty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80B`phtà E`roct Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8> E`roct Bjfbcftr`thjf `fl Bjepcththvcfcss . . . . . . . . . . . . . . . . . . . . . . . . 82T`yecft Rystces Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82R`vhfks Ejnhahz`thjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83Bjrpjr`tc Kjvcrf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87Cflfjtcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=

@ffuà ^`fohfks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 044R`vhfks Ejnhahz`thjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0>0

Ncfbme`ro Bjep`rhsjf whtm Hflhvhluà Cbjfjehcs . . . . . . . . . . . . . . . . . 0>>

7. GHFLHFKR @FL JNRC^W@\HJFR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0>8@bbcss tj Ghf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 024Tcrgjre`fbc `fl Cgffbhcfby . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 024

Ghf`fbhà Rt`nhahty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .024B`phtà E`roct Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02>


10/351

vhhh Kctthfk Ghf`fbc hf Rjutm @sh` >404

E`roct Bjfbcftr`thjf `fl Bjepcththvcfcss . . . . . . . . . . . . . . . . . . . . . . . . 02>T`yecft Rystces Lcvcajpecft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 022R`vhfks Ejnhahz`thjf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 022Bjrpjr`tc Kjvcrf`fbc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02


11/351

Bjftcfts hx

Fcpà . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0=>Trulcfthà ^ckua`thjfs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0=>Jtmcr Tjahby Lcvcajpecfts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0=

Rrh A`fo` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08>Trulcfthà ^ckua`thjfs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08>Jtmcr Tjahby Lcvcajpecfts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 083Ackhsa`thjf Cf`btcl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08;Cflfjtcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08=

RTCBH@A GC@\S^C

E@F@KHFK \MC HET@B\ JG \MC KAJN@A GHF@FBH@A B^HRHR@FL CBJFJEHB RAJ[LJ[F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 088

@f Jvcrvhcw . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >44\mc Brhshs `fl Rjutm @sh`f Cbjfjehcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . >44

Cbjfjehb Hep`bt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >40Tjahby ^cspjfscs `fl Bmàacfkcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >47

\mc Brhshs `fl Rjutm @sh`f N`fohfk Rcbtjrs . . . . . . . . . . . . . . . . . . . . . . . . >47Hep`bt jf N`fohfk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >4=Tjahby ^cspjfscs `fl Bmàacfkcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >0>Cflfjtcs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >044= . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >07@ppcflhx >. Kctthfk Ghf`fbc Hflhb`tjrs gjr Rjutm @sh`, ny

Bjuftry `fl Xc`r, >4404= . . . . . . . . . . . . . . . . . . . . . . . . . . . >@ppcflhx 2@. Kctthfk Ghf`fbc Hflhb`tjrs gjr Ncfbme`ro Cbjfjehcs,

>4404= . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .>;87@ppcflhx 44= . . . . . . . . . . . . . . >88@ppcflhx 44= . . . . . . . . . . . . . . . . . . . . . . . . 24=

@ppcflhx 3. T`yecft Rystces hf Ta`bc hf Rjutm @sh`f Bjuftrhcs . . . . . . 248@ppcflhx 7. @ffuà ^`fohfks jf tmc Kctthfk Ghf`fbc Hflhb`tjrs

gjr Rjutm @sh`f Bjuftrhcs, >440


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13/351

xh

Gjrcwjrl

\mc fff`fbhà scbtjr hs brubhà tj `fy cbjfjeyht `ggcbts tmc nushfcss bahe`tc,hfvcstecft bahe`tc, `fl cbjfjehb krjwtm. [caa-gufbthjfhfk fff`fbhà systces`rc fjt jfay brhthbà gjr sust`hfhfk mhkm cbjfjehb krjwtm p`tmsejnhahzhfk s`v-hfks grje tmc punahb `fl àajb`thfk tmce tj prjlubthvc hfvcstecftsnut b`fàsj pa`y ` phvjtà rjac hf eòhfk krjwtm ejrc hfbaushvc, àajwhfk ejrc pcjpac

tj bjftrhnutc tj krjwtm fl sm`rc hf tmc ncfcffts, fl prjvhlhfk bbcss tj fff`fbcgjr àa, wmhbm hf turf hs `ssjbh`tcl whtm ejrc r`phl krjwtm, ijn brc`thjf, ncttcrhfbjec lhstrhnuthjf, `fl pjvcrty rclubthjf. Gurtmcrejrc, tmc fff`fbhà scbtjrb`f jpcr`tc `s ` smjbo `nsjrncr jr `s `f èpahffcr jg cxtcrfà jr hftcrfà smjbos,`s tmc rcbcft kajnà fff`fbhà brhshs m`s ncst haaustr`tcl. Ht hs tmcrcgjrc brhthbà tjuflcrst`fl tmc wcòfcsscs fl vuafcr`nhahthcs hf tmc fff`fbhà scbtjr, fl tmcrcnytj ejfhtjr `fl bjep`rc tmc fff`fbhà scbtjrs `brjss cbjfjehcs `fl jvcr thec.Mjwcvcr, tmc `v`ha`nac l`t` `fl `fàythb wjro n`scl jf tmcsc l`t` jgtcf a`bo tmcrjnustfcss fcclcl tj jnicbthvcay `sscss bjuftrhcs fff`fbhà scbtjr lcvcajpecft.Hfgjre`thjf hs sb`ttcrcl, lhsp`r`tc, jgtcf ahehtcl tj ec`surhfk jfay tmc shzc jgtmc fff`fbhà systce, fjt àajwhfk jtmcr lhecfshjfs jg tmc fff`fbhà scbtjr tj ncbjep`rcl jvcr thec jr `brjss bjuftrhcs.

\mcsc l`t` `v`ha`nhahty `fl bjep`r`nhahty hssucs m`vc prjeptcl tmc Tjvcrty^clubthjf, Cbjfjehb E`f`kcecft, Ghf`fbc `fl Trhv`tc Rcbtjr LcvcajpecftLcp`rtecft jg tmc Rjutm @sh` ckhjf jg tmc [jral N`fo tj cen`ro jf rckhjfàhfhth`thvc tj lcvcajp st`fl`rlhzcl hflhb`tjrs tj ec`surc tmc lcptm fl nrc`ltm jgtmc fff`fbhà scbtjr. \mc Kctthfk Ghf`fbc Hflhb`tjrs tm`t m`vc nccf upl`tcl `flcfm`fbcl jvcr tmc p`st ffvc yc`rs fjw cfbjep`ss v`rhjus lhecfshjfs jg fff`f-bhà scbtjr lcvcajpecft hfbaulhfk `bbcss tj fff`fbc, pcrgjre`fbc `fl cgffbhcfby,bjrpjr`tc kjvcrf`fbc, `fl fff`fbhà st`nhahty.

\mhs hs tmc ffgtm jg ` scrhcs jg rckhjfà stulhcs jf Kctthfk Ghf`fbc Hflhb`tjrs

gjr tmc Rjutm @sh` ^ckhjf. @aa Kctthfk Ghf`fbc Hflhb`tjrs bjvcrcl hf tmc gjurtmclhthjf m`vc nccf upl`tcl `fl twj fcw lcvcajpecft lhecfshjfsfècay,p`yecft systces lcvcajpecft `fl s`vhfks ejnhahz`thjfm`vc nccf `llcl tjtmc stuly. @s uflcr prcvhjus clhthjfs, c`bm jg tmcsc lhecfshjfs hs rcprcscftclny shx ehbrjfff`fbhà hflhb`tjrs. \mc bjvcr`kc jg tmc Rjutm @sh`f bjuftrhcs m`snccf cxp`flcl tj hfbaulc @gkm`fhst`f, Nmut`f, `fl tmc Eàlhvcs, wmhac rct`hf-hfk tmc ffvc Rjutm @sh`f bjuftrhcs whtm rca`thvcay ejrc lcvcajpcl fff`fbhà scb-tjrs (N`fka`lcsm, Hflh`, Fcpà, Tòhst`f, `fl Rrh A`fo`), tmus nrhfkhfk àa tmcchkmt Rjutm @sh`f bjuftrhcs uflcr stuly gjr tmc ffrst thec. Rheha`ray, tmc bjvcr`kcjg tmc ncfbme`ro bjuftrhcs m`s nccf nrj`lcfcl tj bjvcr Eà`ysh`, \m`ha`fl,I`p`f, Bmhf`, tmc ^cpunahb jg Ojrc`, Htày, Gr`fbc, Kcre`fy, r`hshfk tmc tjtàfuencr jg ncfbme`ro bjuftrhcs tj 03.


14/351

xhh Kctthfk Ghf`fbc hf Rjutm @sh` >404

Sshfk tmc Kctthfk Ghf`fbc Hflhb`tjrs gjr tmc pcrhjl >4404=, tmc njjo prj-vhlcs `f `fàyshs jg tmc strcfktms `fl wcòfcsscs jg tmc bjeecrbhà n`fohfkscbtjr jg tmc chkmt Rjutm @sh`f bjuftrhcs. \mc `fàyshs rcvcàs tm`t bjuftrhcs hftmc rckhjf m`vc e`lc shkfhffb`ft lcvcajpecft cggjrts uflcr scvcrà lhggcrcft

`rc`s `fl m`vc kcfcràay nccf cxp`flhfk `bbcss tj fff`fbc `fl heprjvhfk pcr-gjre`fbc `fl cgffbhcfby, e`roct bjfbcftr`thjf `fl bjepcththvcfcss, bjrpjr`tckjvcrf`fbc, `fl s`vhfks ejnhahz`thjf. \mcy `rc thkmtcfhfk prulcfthà fjres hfahfc whtm hftcrf`thjfà st`fl`rls, `fl tmcy `rc lcvcajphfk tmchr b`phtà e`rocts`fl tmchr p`yecft systces, àtmjukm eubm ejrc fccls tj nc ljfc.

\mhs hfhth`thvc m`s jvcr tmc yc`rs scrvcl tj strcfktmcf tmc fff`fbhà rhso `sscss-ecft grècwjro hf tmc rckhjf. \mcsc hflhb`tjrs wjual nc uscgua tj supcrvhsjryùtmjrhthcs tj ejfhtjr fff`fbhà vuafcr`nhahthcs `fl wcòfcsscs, `fl àsj tjlr`w bjep`r`thvc `fàyscs whtm rckhjfà bjuftcrp`rts. \mc spcbhà gc`turc jftmc hep`bt jg tmc kajnà fff`fbhà brhshs jf tmc fff`fbhà scbtjr `lls ` wcàtm jgofjwaclkc jf mjw Rjutm @sh`f bjuftrhcs wcrc `ggcbtcl ny tmhs fff`fbhà ecat-ljwf `fl mjw tmcy rcspjflcl tj ht.

Crfcstj E`y

Rcbtjr Lhrcbtjr, Tjvcrty ^clubthjf, Cbjfjehb E`f`kcecft, Ghf`fbc `flTrhv`tc Rcbtjr LcvcajpecftRjutm @sh` ^ckhjf


15/351

xhhh

@bofjwaclkecfts

\mc ùtmjrs whsm tj `bofjwaclkc tmc hfvàu`nac bjftrhnuthjfs jg e`fyhflhvhluàs.

[c kr`tcguaay `bofjwaclkc tmc cfbjur`kcecft ny Hv`f ^jsshkfja (Rcbtjr E`f-`kcr, R@RGT), bjeecfts fl kuhl`fbc rcbchvcl grje Rhejf B. Ncaa (Rcbtjr E`f`kcrEFRCL), `fl Ijmf G. Rpcòe`f (Ac`l Trhv`tc Rcbtjr Rpcbhàhst, R@RGT). Rcvcrà

ecencrs jg tmc [jral N`fo bjuftry tcès g`bhaht`tcl tmc rcsc`rbm fl jpcr`thjfàvhshts `fl bjeecftcl jf tmc stuly, hfbaulhfk El. ^c`zua Hsaè `fl ^hbm`rl F`smgjr @gkm`fhst`f? Rm`m Fur Pu`yyue, R`lrullhf Eumèe`l Ràe`f, `fl @. O.E. @nluaa`m gjr N`fka`lcsm, O. ^. ^èèjjrtmy gjr Hflh`? Rmèsullhf @me`lRur`f Ob Rmrcstm` `fl R`nhf ^ì Rmrcstm` gjr Fcpà? Heth`z @me`l Rmchom `flOhr`f @gzà gjr Tòhst`f? `fl Rrhy`fh Muaukàac `fl Ajmhtm` O`ruf`scocr` gjr RrhA`fo`. [c jggcr tmce spcbhà tm`fos.

[c tm`fo tmc rcprcscft`thvcs jg bcftrà n`fos `fl jtmcr supcrvhsjry ùtmjrh-thcs wmj p`rthbhp`tcl hf tmhs stuly `fl prjvhlcl `lvhbc `fl hfshkmts n`scl jftmchr cxpcrhcfbc, hfbaulhfk tmc gjaajwhfk9 Ejmèe`l Y`rmhr `fl G`rz`f`^`smhl ^`mheh (L` @gkm`fhst`f N`fo)? El. F`zrua Mul`, R. E. ^`nhua M`ss`f,`fl @smjo O. O`reòcr (N`fka`lcsm N`fo)? Clcf Lce` (^jyà Ejfct`ry@utmjrhty jg Nmut`f) `fl Ljrih Tmuftsmj (^jyà Rtjbo Cxbm`fkc jg Nmut`f)?@mecl Euf`w`r (Eàlhvcs Ejfct`ry @utmjrhty)? Tràm`l \m`p` `fl ^hsmhocsmNm`tt` (Fcpà ^`str` N`fo)? Rurnhr Tùlyà (tmc Rcburhthcs Nj`rl jg Fcpà)? Ihv`F`tm Fcpà (N`fo jg O`tme`flu Atl.)? X`sccf @fw`r, R`ccl @mecl, Aunf`G`rjjq Eàho, Eumèe`l I`v`hl Hse`ha, `fl @nlua Rè`l (tmc Rt`tc N`fojg Tòhst`f)? `fl @f`fl` Rhav`, I`fòhc Eèphthy`, Xvcttc Gcrf`flj, @. @. E.\m`sshe, Lmèeho` F`f`yòo`r`, `fl @riuf` [. Ejmjttà` (tmc Bcftrà N`fojg Rrh A`fo`).

[c ncfcfftcl grje tmc tmjukmtgua `fl mcapgua bjeecfts rcbchvcl lurhfk tmc

pccr rcvhcw prjbcss. [c `rc hflcntcl tj @fiàh Oue`r (Ac`l Cbjfjehst, HCKBK),^`fcc I`yè`m` (gjrecr Lcputy Kjvcrfjr, Bcftrà N`fo jg Rrh A`fo`), W`rsmÈ`r`tmc (Rcfhjr Ghf`fbhà Rcbtjr Rpcbhàhst, R@RGT), Cah`f` B`rljsj (Bmhcg Cbjfj-ehst, R@^), Sarhbm N`rtsbm (Rcfhjr CbjfjehstHflh`, R@RCT), Lccpò Nm`tt`sàh(Ac`l Cbjfjehst, R@RCT), Mhs`fjnu Rmhsmhlj (Rcfhjr CbjfjehstFcpà, R@RCT),R`fi`y O`tmurh` (Ac`l Bjuftry CbjfjehstN`fka`lcsm, R@RCT), \. K. Rrhfhv`s`f(Ac`l Bjuftry Cbjfjehst@gkm`fhst`f, R@RCT), Aubmh` Bmrhtsjv` (Bjfsuat`ft,B@HGH), E`sshej Bhr`shfj (Ac`l Ghf`fbhà Rcbtjr Rpcbhàhst, B@HGH), XjusscgR``l`fh (Bjfsuat`ft, EFRCL), \myr` ^`hacy (Ac`l Ghf`fbhà Rcbtjr Rpcbhàhst,R@RGT), `fl Oyjj-[jf Jm (Bjfsuat`ft, R@RGT) gjr prjvhlhfk hfvàu`nac hfputs,`lvhbc, `fl hfshkmt.

\j lhsscehf`tc tmc e`hf ffflhfks `fl rcbjeecfl`thjfs jg tmc ffgtm clhthjf,tmc [jral N`fo, ijhftay whtm tmc @sh`f Lcvcajpecft N`fo (@LN), jrk`fhzcl `


16/351

xhv Kctthfk Ghf`fbc hf Rjutm @sh` >404

bjfgcrcfbc jf Rjutm @sh` Kctthfk Ghf`fbc Hflhb`tjrs >404 hf E`fha`, Tmhahp-phfcs hf Gcnru`ry >404. \mhs bjfgcrcfbc w`s lcshkfcl tj prjvhlc rckua`tjrs grjebcftrà n`fos, scburhthcs cxbm`fkc bjeehsshjfs, `fl ehfhstry jg fff`fbc rcprc-scft`thvcs hf Rjutm @sh` whtm hfshkmt hftj tmc ocy hssucs gjr tmc lcvcajpecft jg

fff`fbhà scbtjrs hf tmc rckhjf, `f jppjrtufhty tj sm`rc hftr`rckhjfà cxpcrhcfbcs,mc`r `njut @LNs cxpcrhcfbc hf C`st @sh`, `fl lhsbuss jtmcr hftcrf`thjfà ncstpr`bthbcs hf n`fo e`f`kcecft. Ejrc hepjrt`ft, tmhs gjrue prjvhlcl ` pa`tgjregjr tmc cxbm`fkc jg ofjwaclkc `fl cxpcrthsc hf fff`fbhà scbtjr lcvcajpecft. Hf`llhthjf tj [jral N`fo `fl @sh`f Lcvcajpecft N`fo st`gg, tmjsc p`rthbhp`thfk hftmc bjfgcrcfbc hfbaulcl tmc gjaajwhfk9 Eumcnuaa`m R`ff (Ghrst Lcputy Kjvcrfjr,L` @gkm`fhst`f N`fo), O`pha E`fh Rm`re` (Bmhcg Trjkrè Jgffbcr, Tunahb Cftcr-prhsc Lhvhshjf, Ehfhstry jg Ghf`fbc, Nmut`f), Ljrih Tmuftsmj (B.C.J. ^jyà RtjboCxbm`fkc jg Nmut`f), R`fk`y Ljrih (Mc`l, FNGH, ^jyà Ejfct`ry @utmjrhtyjg Nmut`f), El. F`zrua Mul` (Lcputy Kjvcrfjr, N`fka`lcsm N`fo), Rmht`fksmuOue`r Rur Bmjwlmury (Kcfcrà E`f`kcr, Jggshtc Rupcrvhshjf, N`fka`lcsmN`fo), El. X`shf @ah (Ecencr, Rcburhthcs `fl Cxbm`fkc Bjeehsshjf, N`fka`-lcsm), @eàcflu Euomcricc (Ijhft Rcbrct`ry gjr N`fohfk Tjahby, Ghf`fbc Lhvh-shjf, Ehfhstry jg Ghf`fbc, N`fka`lcsm), Er. Tr`sm`ft R`r`f ([mjacthec Ecencr,Rcburhthcs `fl Cxbm`fkc Nj`rl jg Hflh`), @hsm`tm @sf` Mèlh (@sshst`ft E`f-`kcr, Eàlhvcs Ejfct`ry @utmjrhty), M`ww` A`tmccg (@sshst`ft E`f`kcr, Eà-lhvcs Ejfct`ry @utmjrhty), N`m`lur Ehf Rmrcstm` (Bmhcg E`f`kcr, Fcpà ^`str`N`fo), Nheà [`kac (Ijhft Rcbrct`ry, Ehfhstry jg Ghf`fbc, Fcpà), Er. Euoth F`tmRmrcstm` (Rcburhthcs Nj`rl jg Fcpà), Er. X`sccf @fw`r (Lcputy Kjvcrfjr, Rt`tcN`fo jg Tòhst`f), Er. @f`fl` Rhav` (@sshst`ft Kjvcrfjr, Bcftrà N`fo jg RrhA`fo`), `fl Er. Fèà Oèàkjl` (Lhrcbtjr jg ^csc`rbm `fl Tjahby, Rcburhthcs

Cxbm`fkc Bjeehsshjf jg Rrh A`fo`).[c cxprcss jur lccp `pprcbh`thjf tj @ahsjf Rtrjfk gjr mcr cxbcaacft clhtjrhà

suppjrt? Bmhc Hfkvjalst`l `fl E`rhoj O`tsur` gjr tmchr rcsc`rbm suppjrt? `flE`rh` E`rijrhc Csphrhtu gjr mcr tcbmfhbà suppjrt `fl gjr jrk`fhzhfk fl e`f`k-hfk tmc lhsscehf`thjf prjbcss.


17/351

xv

@njut tmc @utmjrs

Oh`tbm`h Rjpm`sthcfpmjfk hs scfhjr fff`fbhà scbtjr spcbhàhst, Tjvcrty ^club-thjf, Cbjfjehb E`f`kcecft, Ghf`fbc `fl Trhv`tc Rcbtjr Lcvcajpecft `t tmc[jral N`fo, Rjutm @sh` ^ckhjf. ^cbcftay Er. Rjpm`sthcfpmjfk m`s acl tmcGhf`fbhà Rcbtjr @sscssecft Trjkrè upl`tc ehsshjf tj Rrh A`fo`? mcapcl tj lcshkf`fl hepacecft rcstrubturhfk `fl n`fo prhv`thz`thjf prjkrès hf N`fka`lcsm,

Fcpà, `fl Tòhst`f? `fl kuhlcl tmc lhàjkuc jf fff`fbhà scbtjr hssucs hf scvcràbahcft bjuftrhcs `t njtm pjahby `fl tcbmfhbà acvcas. Mc m`s lcshkfcl tmc jvcràafff`fbhà scbtjr str`tckhcs gjr tmcsc bjuftrhcs `fl lcvcajpcl ` prjkrè tj hepac-ecft tmce. Ncgjrc ijhfhfk tmc N`fo, mc mcal scfhjr cxcbuthvc pjshthjfs `t tmcN`fo jg \m`ha`fl (tmc bcftrà n`fo) fl twj prhv`tc bjeecrbhà n`fos hf \m`ha`fl.Mc àsj wjrocl `t tmc @sh`f Lcvcajpecft N`fo `s scfhjr fff`fbhà cbjfjehst hftmc ^ckhjfà `fl Rust`hf`nac Lcvcajpecft Lcp`rtecft. Hf `llhthjf tj tmc Kct-thfk Ghf`fbc scrhcs, mc rcbcftay bjùtmjrcl tmc njjo Rjutm @sh`f Njfl E`rocts9Lcvcajphfk Ajfk-\cre Ghf`fbc gjr Krjwtm (punahsmcl ny tmc [jral N`fo). Mhsrcsc`rbm hftcrcsts hfbaulc n`fo rcstrubturhfk `fl prhv`thz`thjf, bjrpjr`tc lcntrcstrubturhfk, `fl njfl e`roct lcvcajpecft. Mc rcbchvcl ` N@ `fl `f E@ hfcbjfjehbs grje tmc Sfhvcrshty jg Bènrhlkc, Sfhtcl Ohfklje.

@fje` Oua`tmufk` hs ` TmL b`flhl`tc `t tmc Kcjrkc [`smhfktjf SfhvcrshtyNushfcss Rbmjja hf [`smhfktjf, LB, `fl ` bjfsuat`ft `t tmc [jral N`fo. Ncgjrcuflcrtòhfk mcr ljbtjrà stulhcs, Es. Oua`tmufk` m`l wjrocl gjr tmc BcftràN`fo jg Rrh A`fo` gjr 03 yc`rs. Rmc rcbchvcl `f E@ hf fff`fbc grje tmc Kcjrkc[`smhfktjf Sfhvcrshty fl f EN@ grje tmc Sfhvcrshty jg Rrh I`ycw`rlcfcpur`,Rrh A`fo`. Rmc hs `f `ssjbh`tc ecencr jg tmc Bm`rtcrcl Hfsthtutc jg E`f`kc-ecft @bbjuft`fts, S.O. Hf `llhthjf tj tmc Kctthfk Ghf`fbc scrhcs, smc rcbcftaybjùtmjrcl ` bm`ptcr hf Hsaèhb Ghf`fbc9 \mc ckua`tjry Bmàacfkc (punahsmcl ny

Ijmf [hacy & Rjfs). Mcr rcsc`rbm hftcrcsts hfbaulc fff`fbhà scbtjr lcvcajpecft,Hsaèhb n`fohfk, wjrocr rcehtt`fbcs, `fl hftcrf`thjfà n`fohfk.


18/351


19/351

xvhh

@brjfyes `fl @nnrcvh`thjfs

@@ `rthbacs jg `ssjbh`thjf`/b `bbjuft@LN @sh`f Lcvcajpecft N`fo @g @gkm`fhs@KE `ffuà kcfcrà eccthfk

@^ `ffuà rcpjrt@\E ùtje`tcl tcaacr e`bmhfcNN N`fka`lcsm N`fo NHR N`fo gjr Hftcrf`thjfà RcttacecftsNJL nj`rl jg lhrcbtjrsB@^ b`phtà `lcqu`by r`thjBNRA Bcftrà N`fo jg Rrh A`fo`BL bcrthffb`tc jg lcpjshtBCJ bmhcg cxcbuthvc jgffbcrBGJ bmhcg fff`fbhà jgffbcrBH\R bmcbo he`khfk `fl trufb`thjf systceBEL@ B`phtà E`roct Lcvcajpecft @utmjrhty (Eàlhvcs)B^ bjfbcftr`thjf r`thjB^HN brclht hfgjre`thjf nurcùB^^ b`sm rcscrvc rcquhrcecftBRC Bjajenj Rtjbo Cxbm`fkcL@N L` @gkm`fhst`f N`fo LGH lcvcajpecft fff`fbc hfsthtuthjfCB@H cxtcrfà brclht `sscssecft hfsthtuthjfCBR cacbtrjfhb bac`rhfk scrvhbcGRW gjrbcl sàc vàuc

K-= Krjup jg ChkmtK-04 Krjup jg \cfK->4 Krjup jg \wcfty K@@T kcfcràay `bbcptcl `bbjufthfk prhfbhpacsKLT krjss ljecsthb prjlubtKFH krjss f`thjfà hfbjecMMH Mcrfffl`ma-Mhrsbme`f Hflcx H@R Hftcrf`thjfà @bbjufthfk Rt`fl`rlsH@RB Hftcrf`thjfà @bbjufthfk Rt`fl`rls BjeehttccHB@N Hfsthtutc jg Bm`rtcrcl @bbjuft`fts jg N`fka`lcsmHGB Hftcrf`thjfà Ghf`fbc Bjrpjr`thjf ([jral N`fo Krjup)HG^R Hftcrf`thjfà Ghf`fbhà ^cpjrthfk Rt`fl`rlHEG Hftcrf`thjfà Ejfct`ry GuflHTJ hfhthà punahb jggcrhfk


20/351

xvhhh Kctthfk Ghf`fbc hf Rjutm @sh` >404

oe ohajectcroe > squ`rc ohajectcrsORC O`r`bmh Rtjbo Cxbm`fkcEHB^ e`kfcthb hfo bm`r`btcr rcbjkfhthjf

EE@ Eàlhvcs Ejfct`ry @utmjrhty EJG Ehfhstry jg Ghf`fbcFCBR F`thjfà Cacbtrjfhb Bac`rhfk RcrvhbcFCG\ f`thjfà cacbtrjfhb gufl tr`fsgcrFCTRC Fcpà Rtjbo Cxbm`fkcFHG\ F`thjfà Hfsthtuthjfà G`bhaht`thjf \cbmfjajkhcs (fctwjro)FTA fjfpcrgjrehfk aj`fF^N Fcpà ^`str` N`fo F^s Fcpàcsc rupccsFu Nmut`fcsc fkuatrueJCBL Jrk`fhs`thjf gjr Cbjfjehb Bj-jpcr`thjf `fl LcvcajpecftJGH jtmcr fff`fbhà hfsthtuthjfTHBK Tòhst`f Hfsthtutc jg Bjrpjr`tc Kjvcrf`fbcT^HRE Tòhst`f ^cà \hec Hftcrn`fo Rcttacecft Ecbm`fhseT^s Tòhst`f rupccsTRL T`yecft Rystces Lcp`rtecft^NH ^cscrvc N`fo jg Hflh`^g Eàlhvh`f ruffy``Ê@ ^jyà Ejfct`ry @utmjrhty jg Nmut`f^JRB ^cpjrt jf tmc Jnscrv`fbc jg Rt`fl`rls `fl Bjlcs^s Hflh`f rupccs

^\KR rcà-thec krjss scttacecftR@@^B Rjutm @sh`f @ssjbh`thjf gjr ^ckhjfà Bjjpcr`thjfRNT Rt`tc N`fo jg Tòhst`fRC@FY@ Rjutm C`st @sh`, Fcw Ycà`fl, `fl @ustràh`RCNJF Rcburhthcs Nj`rl jg FcpàRCB Rcburhthcs `fl Cxbm`fkc BjeehsshjfRCBT Rcburhthcs `fl Cxbm`fkc Bjeehsshjf jg Tòhst`fRAHTR Rrh A`fo` Hftcrn`fo T`yecft RystceRA ^s Rrh A`fo` rupccsREC seàa `fl eclhue-shzc cftcrprhscR[HG\ Rjbhcty gjr [jralwhlc Hftcrn`fo Ghf`fbhà \cacbjeeufhb`thjfs\o N`fka`lcsm tò`\J^ tcres jg rcgcrcfbc

Cxbm`fkc r`tcs gjr Rjutm @sh`f burrcfbhcsBjuftry SR$0 cquhvàcft@gkm`fhst`f 34.44 @gkm`fhs (@g)

N`fka`lcsm 7=.=4 tò` (\o)

Nmut`f


21/351

0

0Hftrjlubthjf

\mc rcbcft kajnà fff`fbhà ecatljwf w`s ` rcvca`thjf hf jfc scfsc. Ncgjrc tmcbrhshs tmcrc m`l nccf ` ncahcg tm`t n`fos bjual fcvcr g`ha, ` ncahcg tm`t cfbjur-`kcl jvcracvcr`khfk `fl cxbcsshvc rhso tòhfk. \mc bjepacxhty jg fff`fbhàhfstruecfts, jp`qucfcss jg tr`fs`bthjfs, `fl sjpmhsthb`thjf jg ejlcahfk tcbm-fhqucs uscl ny lcvcajpcl bjuftry fff`fbhà hfsthtuthjfs àa bjenhfcl tj bjf-bcà tmc mjaajwfcss jg tmchr subbcss. E`fy fff`fbhà hfsthtuthjfs a`rkcay hkfjrclrckua`tjry rcquhrcecfts jr prcceptcl tmce tmrjukm tmc usc jg bjepacxhfstruecfts fl ectmjls, wmhac rhso tòhfk bùscl prjffts tj rjboct tj ufhe`k-hf`nac acvcas. ckua`tjry rnhtr`kc ncbèc rèp`ft hf tmhs cfvhrjfecft. [mhacfff`fbhà hfsthtuthjfs wcrc hf ` ejlc jg jvcrcxp`fshjf, rckua`tjrs vhshnay g`hacl

tj cfgjrbc rckua`thjfs`fl tmc fff`fbhà hfsthtuthjfs tjjo `lv`ft`kc jg tmcrckua`tjry `f`rbmy. @aa tmhs w`s `f cyc-jpcfcr gjr rckua`tjrs hf Rjutm @sh`, `srckua`tjry a`pscs `fl a`bo jg cfgjrbcecft b`f ac`l tj pjtcfthà hfst`nhahty hffff`fbhà systces.

\mc cfsuhfk brhshs prjeptcl `f heeclh`tc rc`sscssecft jg tmc rckua`tjrygrècwjro `fl pjahbhcs kjvcrfhfk fff`fbhà systces. @ bjfscfsus cecrkcl tm`tkrc`tcr e`roct lhsbhpahfc `fl prj`bthvc supcrvhsjry rckhecs wcrc csscfthà tjrcstjrc st`nhahty `fl bjffflcfbc hf fff`fbhà systces `fl ehfhehzc systcehb rhsostj f`thjfà cbjfjehcs `fl tmc kajnà cbjfjey.

Gjr fff`fbhà systces hf lcvcajphfk cbjfjehcs, cvcf tmjsc fjt lhrcbtay`ggcbtcl ny tmc brhshs, tmc jpcr`thfk cfvhrjfecft m`s bm`fkcl shkfhffb`ftay. @slcvcajpcl bjuftrhcs jvcrmùa tmchr rckua`tjry `fl supcrvhsjry systces, tmcy `rcbm`fkhfk hftcrf`thjfà st`fl`rls fl pr`bthbcs. Hf rcspjfsc tj tmc kajnà bm`fkcstòhfk pa`bc, lcvcajphfk bjuftrhcs tjj rc rclcshkfhfk rckua`tjry grècwjros flrcvèphfk pjahbhcs. \mus, cvcf tmc ac`st `ggcbtcl fff`fbhà systces `rc uflcrtò-hfk systcehb bm`fkcs tj rcàhkf whtm tmc kajnà e`roct. Ghf`fbhà rckua`tjrs hf tmclcvcajphfk wjral m`vc cxp`flcl tmchr rcsjurbcs `fl sm`rpcfcl tmchr tjjas. \mcy`rc cvàu`thfk tmchr supcrvhsjry systces, thkmtcfhfk tmchr kuhlcahfcs, ejfhtjr-hfk tmc st`nhahty jg tmc fff`fbhà systce, `fl tòhfk prjept bjrrcbthvc ec`surcswmcrc fcbcss`ry.

@k`hfst tmhs n`bolrjp, tmc ffgtm clhthjf jg Kctthfk Ghf`fbc hf Rjutm @sh`

prjvhlcs ` wcàtm jg hfgjre`thjf gjr pjahby eòcrs cfk`kcl hf e`f`khfk tmcfff`fbhà brhshs `fl gjreua`thfk `pprjprh`tc rcspjfscs. \mhs scrhcs stces grje` rckhjfà hfhth`thvc jg tmc [jral N`fo tj lcvcajp st`fl`rlhzcl hflhb`tjrs gjr


22/351

> Kctthfk Ghf`fbc hf Rjutm @sh` >404

ec`surhfk tmc pcrgjre`fbc `fl sjuflfcss jg fff`fbhà scbtjrs hf Rjutm @sh`.\mc prcvhjus clhthjfs hfbaulcl ehbrj hflhb`tjrs tj `sscss tmc lcvcajpecft jgtmc bjeecrbhà n`fohfk scbtjr tmrjukm shx lhecfshjfs`bbcss tj fff`fbc,pcrgjre`fbc `fl cgffbhcfby, fff`fbhà st`nhahty, e`roct bjfbcftr`thjf `fl

bjepcththvcfcss, b`phtà e`roct lcvcajpecft, `fl bjrpjr`tc kjvcrf`fbc. \mcc`rahcr clhthjfs àsj prjvhlcl ` thec-scrhcs `fàyshs, r`fohfks ny hflhb`tjrs jgfff`fbhà sjuflfcss, fl tjja gjr ncfbme`rohfk k`hfst scacbtcl mhkm-hfbjecJrk`fhs`thjf gjr Cbjfjehb Bj-jpcr`thjf `fl Lcvcajpecft (JCBL) ecencr`fl fjfecencr cbjfjehcs `fl ` bjep`r`tjr krjup jg @sh`f cbjfjehcs (scc[jral N`fo >44443n, >447l? Rjpm`sthcfpmjfk `fl Oua`tmufk` >44=).

\mhs ffgtm clhthjf, hf `llhthjf tj upl`thfk tmc cxhsthfk Kctthfk Ghf`fbc Hflh-b`tjrs, prjvhlcs ` ncttcr `sscssecft jg fff`fbhà st`nhahty `fl lcvcajpecft hftmc rckhjf ny hftrjlubhfk twj `llhthjfà lhecfshjfsp`yecft systces lcvca-jpecft `fl s`vhfks ejnhahz`thjf. Ejrc hepjrt`ft, ht hfbaulcs l`t` gjr tmrcc`llhthjfà bjuftrhcs@gkm`fhst`f, Nmut`f, `fl Eàlhvcs`fl tmus gjr tmcffrst thec cfbjep`sscs tmc cfthrc Rjutm @sh`f rckhjf. \mc rcpjrt cvàu`tcs ocyprulcfthà kuhlcahfcs hssucl ny tmc rckua`tjry ùtmjrhty jg c`bm bjuftry tj `sscsstmc bjep`r`nhahty jg l`t` `s wcaa `s tj smcl ahkmt jf tmc bjuftrys acvca jg rckua`-tjry lcvcajpecft. Ht àsj cxp`fls tmc krjup jg ncfbme`ro cbjfjehcs tj àajwbjep`rhsjf whtm lhvcrsc cbjfjehcs hf @sh` `s wcaa `s tmc [cstcrf mcehspmcrc.@fl ht hfbaulcs ` spcbhà wrhtc-up jf mjw Rjutm @sh`f bjuftrhcs `fl bjeecr-bhà n`fohfk scbtjrs `rc e`f`khfk tmc hep`bt jg tmc kajnà fff`fbhà brhshs `flcbjfjehb sajwljwf.

Lcvcajpecft Lhecfshjfs `fl Ehbrj Hflhb`tjrs

\mc stuly `fàyzcs hflhb`tjrs uflcr chkmt lcvcajpecft lhecfshjfs`bbcss tjfff`fbc, pcrgjre`fbc `fl cgffbhcfby, fff`fbhà st`nhahty, b`phtà e`roct lcvcajp-ecft, e`roct bjfbcftr`thjf `fl bjepcththvcfcss, p`yecft systces lcvcajp-ecft, s`vhfks ejnhahz`thjf, `fl bjrpjr`tc kjvcrf`fbc. Gjr tmc ffrst scvcflhecfshjfs, `kkrck`tc fff`fbhà r`thjs `rc bjaacbtcl jvcr chkmt yc`rs, >4404=,grje tmc bjeecrbhà n`fohfk scbtjr jg c`bm bjuftry. C`bm jg tmcsc lhecfshjfshs rcprcscftcl ny shx ehbrj hflhb`tjrs. Gjr tmc chkmtm lhecfshjf, bjrpjr`tc kjv-crf`fbc, ` qucsthjff`hrc w`s lcvcajpcl tj cvàu`tc subm hssucs `s jwfcrsmhpstrubturc `fl hf ucfbc jg cxtcrfà stòcmjalcrs, hfvcstjr rhkmts `fl rca`thjfs,tr`fsp`rcfby `fl lhsbajsurc, `fl nj`rl strubturc `fl cggcbthvcfcss.

Bjep`r`nhahty jg tmc l`t` hs cfsurcl tj sjec cxtcft ny ` bjepha`thjf kuhlcsctthfk jut lcfffhthjfs `fl bjfbcpts gjr bjephacrs `s wcaa `s gjr rc`lcrs (sccbm`ptcr ;). \mc lcfffhthjfs `fl r`thjfàc gjr tmc hflhb`tjrs uscl hf prcvhjus clh-thjfs rce`hf tmc sèc.

@bbcss tj Ghf`fbc

@bbcss tj fff`fbhà scrvhbcs hs hepjrt`ft hf r`hshfk tmc st`fl`rl jg ahvhfk jg pjjrpcjpac `fl uflcrscrvcl sckecfts jg sjbhcty. Hf àejst cvcry p`rt jg tmc wjral,ahehtcl `bbcss tj fff`fbc hs bjfshlcrcl ` ocy bjfstr`hft tj prhv`tc scbtjr krjwtm(scc Ncbo, Lcehrk-Ouft, `fl E`rthfcz Tcrh` >443). \mhs hs cspcbhàay truc hf

lcvcajphfk bjuftrhcs, wmcrc pjjr pcjpac m`vc ahttac hf ucfbc jvcr pjahbyrcgjres `fl fff`fbhà scbtjr lcvcajpecft tmus jgtcf lhsprjpjrthjf`tcay ncfcfftstmc rhbm.


23/351

Hftrjlubthjf 2

Hf bjuftrhcs sccohfk tj lcvcajp fff`fbhà e`rocts, ht hs hepjrt`ft tj ec`surc`fl ejfhtjr tmc acvca jg `bbcss tj fff`fbc. \mc rcsuathfk ofjwaclkc prjvhlcs èjrc nà`fbcl phbturc jg fff`fbhà jutrc`bm `fl, tmus, mcaps pjahby eòcrs `flrckua`tjry ùtmjrhthcs ncttcr t`rkct tmchr lcvcajpecft cggjrts.

Hfhthàay, tmc stuly hs `fàyzhfk `bbcss tj fff`fbc ushfk l`t` rca`thfk tj prjvhl-crs jg fff`fbc (suppay-shlc l`t`). Nuhalhfk ` ejrc bjepactc sct jg l`t` wjualrcquhrc bjaacbthfk lce`fl-shlc l`t` `s wcaa, nut tmhs m`s nccf ruacl jut ny thec`fl rcsjurbc bjfstr`hfts. @bbcss tj fff`fbc hs ec`surcl ushfk tmc gjaajwhfk shxehbrj hflhb`tjrs9 0

Lcejkr`pmhb nr`fbm pcfctr`thjf (nr`fbmcs pcr 044,444 pcjpac) Lcejkr`pmhb @\E pcfctr`thjf (ùtje`tcl tcaacr e`bmhfcs _@\EsU pcr

044,444 pcjpac) Lcpjsht `bbjufts pcr 0,444 pcjpac Aj`f `bbjufts pcr 0,444 pcjpac Kcjkr`pmhb nr`fbm pcfctr`thjf (nr`fbmcs pcr 0,444 squ rc ohajectcrs) Kcjkr`pmhb @\E pcfctr`thjf (@\Es pcr 0,444 squ`rc ohajectcrs)

Lcejkr`pmhb pcfctr`thjf hflhb`tcs tmc `v`ha`nhahty jg fff`fbhà scrvhbcs tj` khvcf fuencr jg pcjpac. Kcjkr`pmhb pcfctr`thjf hflhb`tcs pmyshbà `bbcss tjfff`fbhà scrvhbcs hf ` khvcf kcjkr`pmhb `rc`. @fl lcpjsht `fl aj`f r`thjs smjwtmc usc jg subm scrvhbcs.

Tcrgjre`fbc `fl Cgffbhcfby

\mc cgffbhcfby jg n`fos hs hepjrt`ft gjr tmc rjnustfcss `fl rcshahcfbc jg tmc

fff`fbhà scbtjr. \mc stuly uscs tr`lhthjfà ec`surcs jg n`fo cgffbhcfby tj `sscssrcturfs cgffbhcfby `fl bjst cgffbhcfby.\wj jg tmc ejst pjpua`r ec`surcs jg cgffbhcfby `rc uscl tj `sscss tmc sbjpc

gjr n`fos c`rfhfks tj jggsct ajsscs rca`thvc tj b`phtà jr sscts, tmc sust`hf`nhahty jgtmchr b`phtà pjshthjf, `fl tmchr cgffbhcfby hf ushfk b`phtà jr `sscts9

^cturf jf cquhty ^cturf jf `sscts

\wj r`thjs ec`surc n`fos cgffbhcfby hf tcres jg st`gg `fl jpcr`thfk cxpcfscs9

Rt`gg bjst r`thj (pcrsjffca cxpcfscs `s pcrbcft`kc jg jpcr`thfk cxpcfscs)

Jpcr`thfk bjst r`thj (jpcr`thfk cxpcfscs `s ` pcrbcft`kc jg fct hftcrcstc`rfhfks)

Hf `llhthjf, twj r`thjs ec`surc tmc c`rfhfk strcfktm `fl jvcràa jpcr`thfkcgffbhcfby jg tmc n`fohfk scbtjr9

Fct hftcrcst e`rkhf (fct hftcrcst c`rfhfks `s pcrbcft`kc jg tmc vcr`kc vàucjg tjtà `sscts)

^cburrhfk c`rfhfk pjwcr (prcprjvhshjf prjffts s ` pcrbcft`kc jg tmc vcr`kcvàuc jg tjtà `sscts)

Ghf`fbhà Rt`nhahty E`hft`hfhfk st`nhahty hf ` fff`fbhà systce hs ocy tj `bmhcvhfk prhbc st`nhahty `flsust`hf`nac cbjfjehb krjwtm. Hf ` st`nac fff`fbhà systce, e`rocts gufbthjf


24/351

< Kctthfk Ghf`fbc hf Rjutm @sh` >404

whtmjut lhsrupthjfs, fff`fbhà hfsthtuthjfs b`f jpcr`tc cgffbhcftay, fl ssct prhbcs`rc rcàhsthb. \j ec`surc tmc st`nhahty jg fff`fbhà systces, tmc stuly uscs r`thjs jfb`phtà `lcqu`by, `ssct quàhty, `fl ahquhlhty.

\mc twj b`phtà `lcqu`by r`thjs ec`surc tmc b`p`bhty jg fff`fbhà hfsthtuthjfs

tj `nsjrn ajsscs `fl tmus hflhb`tc tmchr fff`fbhà strcfktm9 B`phtà `lcqu`by r`thj (rckua`tjry b`phtà gufls `s ` pcrbcft`kc jg rhso-

wchkmtcl sscts) Acvcr`kc r`thj (tjtà cquhty `s pcrbcft`kc jg tjtà jfnà`fbc smcct `sscts)

\wj r`thjs ec`surc n`fos `ssct quàhty hf tcres jg brclht rhso9

Krjss fjfpcrgjrehfk aj`fs (FTAs) r`thj (krjss FTAs `s ` pcrbcft`kc jg tjtà`lv`fbcs)

Trjvhshjfs tj fjfpcrgjrehfk aj`fs r thj (aj`f ajss prjvhshjfs `s pcrbcft`kcjg krjss FTAs)

Ghfàay, twj r`thjs ec`surc n`fos vuafcr`nhahty tj ajss jg gufls `fl ahquhlhtyehse`tbm hf tcres jg ahquhlhty rhso9

Ahquhl `sscts r`thj (ahquhl sscts `s pcrbcft`kc jg tjtà `sscts) Ahquhl `sscts tj ah`nhahthcs r`thj (ahquhl `sscts s ` pcrbcft`kc jg ahquhl ah`nhahthcs)

\mc stuly ljcs fjt `ttcept tj ec`surc e`roct rhso, ` tmhrl sjurbc jg vuafcr`-nhahty, ncbùsc jg tmc a`bo jg l`t` brjss bjuftrhcs fl jvcr rc`sjf`nac pcrhjl` prjnace cfbjuftcrcl hf bjephahfk l`t` gjr prcvhjus clhthjfs.

B`phtà E`roct Lcvcajpecft

\mc lcvcajpecft jg b`phtà e`rocts hs ` pjwcrgua hflhb`tjr jg tmc lcptm jg tmc fff`f-bhà scbtjr. Ny àajb`thfk gufls gjr vh`nac hfvcstecft prjicbts, mcàtmy b`phtà e`roctslhvcrshgy tmc bm`ffcas jg fff`fbhà hftcreclh`thjf, prjvhlhfk ` bjuftcrwchkmt tj tmcn`fohfk nushfcss. Njfl e`rocts prjvhlc `f àtcrf`thvc sjurbc jg ajfk-tcre fff`fbcgjr njrrjwcrs `fl àajw acflcrs tj bjfvcrt haahquhl `sscts hftj tr`l`nac scburhthcs. @f`bthvc njfl e`roct àajws brclht rhso tj nc sprc`l jvcr ` whlc r`fkc jg hfvcstjrs `flprjvhlcs up-tj-l`tc hfgjre`thjf njut e`roct pa`ycrs brclhtwjrtmhfcss. @f bthvcstjbo e`roct sukkcsts strjfk cbjfjehb fl hfsthtuthjfà guflècftàs.

\j ec`surc tmc acvca jg b`phtà e`roct lcvcajpecft hf tcres jg lcptm, cgff-bhcfby, `fl ahquhlhty, tmc stuly uscs tmc gjaajwhfk r`thjs9

Ljecsthb njfl e`roct tj cquhty e`roct b`phtàhz`thjf r`thj Ljecsthb punahb njfls jutst`flhfk tj KLT r`thj \r`lhfk vàuc jg tjp 04 stjbos r`thj (tr`lhfk vàuc jg tjp 04 stjbos `s ` pcr-

bcft`kc jg tjtà vàuc jg sm`rcs tr`lcl) Rtjbo e`roct b`phtàhz`thjf tj KLT r`thj Rtjbo tr`lhfk vàuc tj KLT r`thj Rtjbo e`roct turfjvcr r`thj (tjtà vàuc jg sm`rcs tr`lcl `s ` pcrbcft`kc jg

`vcr`kc stjbo e`roct b`phtàhz`thjf)

E`roct Bjfbcftr`thjf fl Bjepcththvcfcss \mc stuly cxèhfcs tmc e`roct strubturc jg tmc n`fohfk scbtjr tj cvàu`tc tmcn`fohfk systces prjfcfcss tj hfst`nhahty fl brhshs. Krc`tcr bjfbcftr`thjf hf tmc


25/351

Hftrjlubthjf 3

n`fohfk hflustry, ny rclubhfk bjepcththjf `fl hfbrc`shfk bjst, ac`ls tj ajwcrcgffbhcfby `fl tmus mhkmcr jnst`bacs tj rcbchvhfk n`fo fff`fbhfk. Xct ` mhkmaybjepcththvc n`fohfk scbtjr ehkmt nc ejrc prjfc tj brhshsncbùsc jg hfbrc`sclgr`khahty rcsuathfk grje hftcfsc bjepcththjftm`f ` ejrc bjfbcftr`tcl jfc.

\mus strhohfk tmc rhkmt nà`fbc e`ttcrs gjr tmc jptheà gufbthjfhfk `fl st`nhahtyjg tmc fff`fbhà scbtjr.\j ec`surc e`roct bjfbcftr`thjf `fl bjepcththvcfcss, tmc stuly uscs tmc

Mcrfffl`ma-Mhrsbme`f Hflcx (MMH) `fl tmrcc bjfbcftr`thjf r`thjs. @s p`rt jgkuhlcahfcs gjr mjrhzjftà ecrkcrs, tmc S.R. Lcp`rtecft jg Iusthbc `fl Gclcrà\r`lc Bjeehsshjf (088;) hssucl MMH st`fl`rls tm`t `rc uscl `s ` ec`surc jge`roct bjfbcftr`thjf ny tmc Sfhtcl Rt`tcs `fl e`fy jtmcr bjuftrhcs `s wcaa `s tmcCurjpc`f Sfhjf. > \mc stuly uscs tmrcc v`rh`thjfs jg tmc O-n`fo bjfbcftr`thjfr`thj, wmhbm, gjr rc`sjfs jg shepahbhty `fl ahehtcl l`t` rcquhrcecfts, hs èjfk tmcejst grcqucftay uscl ec`surcs jg bjfbcftr`thjf hf tmc cephrhbà ahtcr`turc (scc@a-Eum`rrèh, E`ttmcws, `fl Om`n`rh >447). Ghfàay, tmc stuly uscs twj r`thjsec`surhfk tmc rca`thvc `bthvhty `fl hepjrt`fbc jg tmc bjeecrbhà n`fohfk scbtjr.

\mc shx ehbrj hflhb`tjrs uscl tj ec`surc e`roct bjfbcftr`thjf `fl bjepcth-thvcfcss `rc `s gjaajws9

Mcrfffl`ma-Mhrsbme`f Hflcx (MMH) O-n`fo bjfbcftr`thjf r`thj ( o 5 2), n`scl jf `sscts O-n`fo bjfbcftr`thjf r`thj ( o 5 2), n`scl jf lcpjshts O-n`fo bjfbcftr`thjf r`thj ( o 5 2), n`scl jf aj`fs Trhv`tc brclht cxtcflcl ny n`fos tj KLT r`thj Bjeecrbhà n`fohfk `sscts tj KLT r`thj

T`yecft Rystces Lcvcajpecft

R`gc `fl cgffbhcft p`yecft systces `rc brhthbà tj tmc cggcbthvc gufbthjfhfk jg tmcfff`fbhà systce. T`yecft systces `rc tmc ec`fs ny wmhbm gufls `rc tr`fsgcrrclnctwccf n`fos. \mc ejst shkfhffb`ft jfcs, rcgcrrcl tj ny tmhs stuly `s systceh-bàay hepjrt`ft p`yecft systces, `rc ` eìjr bm`ffca gjr tmc tr`fsehsshjf jgsmjbos `brjss ljecsthb `fl hftcrf`thjfà fff`fbhà systces `fl e`roctshg tmcsystces `rc fjt prjpcray lcshkfcl, e`f`kcl, `fl rckua`tcl. [caa-lcshkfcl p`y-ecft systces, ny bjftr`st, b`f bjft`hf tmc tr`fsehsshjf jg smjbos `fl aheht tmc`lvcrsc bjfscqucfbcs jg vuafcr`nhahthcs hf sjec p`rthbhp`thfk n`fos jr jtmcr sys-tces. 2 ^jnust p`yecft systces `rc tmcrcgjrc ` ocy tj e`hft`hfhfk `fl prjejt-hfk fff`fbhà st`nhahty. Hf tmc p`st gcw yc`rs ` nrj`l hftcrf`thjfà bjfscfsus m`slcvcajpcl jf tmc fccl tj strcfktmcf p`yecft systces ny prjejthfk hftcrf`-thjfàay `bbcptcl st`fl`rls `fl pr`bthbcs gjr tmchr lcshkf `fl jpcr`thjf (BTRR>440). \mc shx hflhb`tjrs scacbtcl tj ec`surc tmc lcvcajpecft jg p`yecft sys-tces `rc st`fl`rl jfcs uscl ny tmc Bjeehttcc jf T`yecft `fl Rcttacecft Rys-tces jg tmc N`fo gjr Hftcrf`thjfà Rcttacecfts (BTRR v`rhjus yc`rs).

\mc ffrst twj r`thjs ec`surc tmc hepjrt`fbc jg b`sm `fl n`shb ejfct`ryhfstruecfts `s ` ec`fs jg scttacecft uscl ny fjfn`fos rca`thvc tj tmc shzc jg tmccbjfjey9

Fjtcs `fl bjhfs hf bhrbua`thjf tj KLT r`thj F`rrjw ejfcy suppay (E0) tj KLT r`thj


26/351

7 Kctthfk Ghf`fbc hf Rjutm @sh` >404

\mc fcxt twj r`thjs ec`surc tmc hepjrt`fbc jg tmc rcà-thec krjss scttacecft(^\KR) systce `fl rct`ha p`yecft systce `s hftcrn`fo gufl tr`fsgcr systcesrca`thvc tj tmc shzc jg tmc cbjfjey9

Wàuc jg ^\KR tr`fs`bthjfs tj KLT r`thj Wàuc jg rct`ha tr`fs`bthjfs tj KLT r`thj

\wj jtmcr r`thjs ec`surc tmc p`rthbhp`thjf jg uscrs hf tmc ^\KR systce `flrct`ha p`yecft systce, whtm ` mhkm bjfbcftr`thjf hflhb`thfk acss p`rthbhp`thjf9

^\KR bjfbcftr`thjf r`thj (jg tmc ffvc a`rkcst p`rthbhp`fts) ^ct`ha p`yecfts bjfbcftr`thjf r`thj (jg tmc ffvc a`rkcst p`rthbhp`fts)

R`vhfks Ejnhahz`thjf

Ghf`fbhà systces tm`t rc ejrc cggcbthvc t pjjahfk tmc s`vhfks jg hflhvhluàs b`fprjgjuflay `ggcbt cbjfjehb lcvcajpecft. Ncshlcs m`vhfk ` lhrcbt cggcbt jf b`ph-tà `bbueua`thjf, ncttcr s`vhfks ejnhahz`thjf b`f heprjvc rcsjurbc àajb`thjf`fl njjst tcbmfjajkhbà hffjv`thjf (Acvhfc 0888). \mc krjwtm jg jutput jg `fycbjfjey lcpcfls jf b`phtà `bbueua`thjf, wmhbm hf turf rcquhrcs hfvcstecft`fl `f cquhvàcft èjuft jg s`vhfks tj e`tbm ht. \wj jg tmc ejst hepjrt`fthssucs hf lcvcajpecft cbjfjehbs, fl gjr lcvcajphfk bjuftrhcs, rc mjw tj sthe-ua`tc hfvcstecft `fl mjw tj nrhfk `njut ` mhkmcr acvca jg s`vhfk tj gufl tmchfbrc`scl hfvcstecft (\mhrawàa >44>).

\mc stuly uscs shx hflhb`tjrs tj `sscss s`vhfks ejnhahz`thjf9

Nrj`l ejfcy suppay (E>) tj KLT r`thj (`f hflhb`tjr jg fff`fbhà lccpcfhfk) ^cà lcpjsht hftcrcst r`tc (fjehfà lcpjsht r`tc `liustcl gjr hf `thjf) Krjss ljecsthb s`vhfks tj KLT r`thj ^cscrvc ejfcy tj tjtà lcpjshts r`thj (`f hflhb`tjr jg fff`fbhà hftcreclh`rhcs

cgffbhcfby) Aj`f tj lcpjsht r`thj [jrocr rcehtt`fbcs tj KLT r`thj

Gjr àa cxbcpt tmc cgffbhcfby ec`surc (rcscrvc ejfcy tj tjtà lcpjshts r`thj)`fl tmc aj`f tj lcpjsht r`thj, `f hfbrc`sc hf vàuc wjual nc cxpcbtcl tj m`vc `pjshthvc hep`bt jf s`vhfks.

Bjrpjr`tc Kjvcrf`fbc Rjufl bjrpjr`tc kjvcrf`fbc brc`tcs f cfvhrjfecft tm`t prjejtcs n`fohfk cgff-bhcfby, ehthk`tcs fff`fbhà rhsos, fl hfbrc`scs tmc st`nhahty fl tmcrcgjrc tmc brcl-hnhahty jg fff`fbhà hfsthtuthjfs. Lcvcajphfk bjuftrhcs m`vc eubm tj k`hf nyheprjvhfk tmchr bjrpjr`tc kjvcrf`fbc st`fl`rls, sthaa ejstay hf tmc lcvcajpecftst`kc. \mc n`shb prhfbhpacs jg sjufl bjrpjr`tc kjvcrf`fbc `rc tmc sèc cvcry-wmcrc9 g`hrfcss, tr`fsp`rcfby, `bbjuft`nhahty, `fl rcspjfshnhahty. \mcsc `rc tmcehfheue st`fl`rls tm`t prjvhlc ackhthe`by tj n`fos, rclubc vuafcr`nhahty tjfff`fbhà brhshs, `fl nrj`lcf `fl lccpcf `bbcss tj b`phtà.

Bjrpjr`tc kjvcrf`fbc sbjrhfk hs bmàacfkhfk `fl eust nc `pprj`bmcl whtm

b`rc. Sfahoc jtmcr gjres jg fff`fbhà `fàyshs, wmcrc qu`ftht`thvc ec`surcs b`fprjvhlc m`rl ncfbme`ros, `sscssecft jg bjrpjr`tc kjvcrf`fbc hs ` a`rkcayquàht`thvc cxcrbhsc (scc Rt`fl`rl & Tjjrs >44


27/351

Hftrjlubthjf ;

tmc stuly lcvcajpcl ` qucsthjff`hrc jf jwfcrsmhp strubturc `fl hf ucfbc jgcxtcrfà stòcmjalcrs, hfvcstjr rhkmts, tr`fsp`rcfby `fl lhsbajsurc, `fl nj`rlstrubturc `fl cggcbthvcfcss. \mc qucsthjff`hrc hs n`scl jf tmc kjjl kjvcrf`fbcpr`bthbcs jutahfcl ny tmc JCBL (scc t`nac ;.0 hf bm`ptcr ;). @asj uflcrayhfk tmc

qucsthjff`hrc hs ` kuhl`fbc p`pcr hssucl hf Gcnru`ry >447 ny tmc N`sca Bjeeht-tcc jf N`fohfk Rupcrvhshjf, `rthbua`thfk chkmt prhfbhpacs tj cfm`fbc bjrpjr`tckjvcrf`fbc hf n`fohfk `fl tj kuhlc tmc `bthjfs jg tmc lhrcbtjrs, e`f`kcrs, `flsupcrvhsjrs jg ` lhvcrsc r`fkc jg n`fos (scc t`nac ;.> hf bm`ptcr ;). <

Ncbùsc tmc sscssecft jg bjrpjr`tc kjvcrf`fbc hs n`scl jf scrhcs jg str`hkmt-gjrw`rl qucsthjfs, fj lcfffhthjfs jr kuhlcahfcs `rc prjvhlcl hf tmc bjepha`thjfkuhlc gjr tmc qucsthjfs jr tmc rcsuathfk hflhb`tjrs. @fl ncbùsc tmc bjaacbthjf jgl`t` gjr tmc `fàyshs hs bjffffcl tj tmc shepac qucsthjff`hrc, tmc jnscrv`thjfs jfbjrpjr`tc kjvcrf`fbc hf tmhs rcpjrt smjual nc vhcwcl `s prcahehf`ry `t ncst.

\mc Ectmjljajky\mhs clhthjf jg Kctthfk Ghf`fbc hf Rjutm @sh, ahoc tmc prcvhjus jfcs, bjephacs`ffuà `kkrck`tc l`t` jf tmc bjeecrbhà n`fohfk scbtjr jg c`bm bjuftry bjv-crcltmhs thec gjr chkmt yc`rs, >4404=. Ht `sscsscs tmc lcvcajpecft `fl sjufl-fcss jg fff`fbhà scbtjrs hf Rjutm @sh` tmrjukm thec-scrhcs `fàyshs gjr c`bmbjuftry, ncfbme`ro bjep`rhsjfs, fl bjuftry r`fohfks jf fff`fbhà sjuflfcss.

\mc hepctus gjr tmc scrhcs bèc grje tmc [jral N`fos hlcfthffb`thjf jgst`nac `fl cgffbhcft n`fohfk systces `s csscfthà gjr `bmhcvhfk tmc jnicbthvcs jgBjuftry @sshst`fbc Rtr`tckhcs hf Rjutm @sh`. Rt`fl`rlhzcl hflhb`tjrs tj ec`surctmc vuafcr`nhahthcs jg tmc rckhjfs fff`fbhà systces m`l fjt nccf guaay lcvcajpcl.

\mus, hf >44> tmc Tjvcrty ^clubthjf, Cbjfjehb E`f`kcecft, Ghf`fbc `fl Trh-v`tc Rcbtjr Lcvcajpecft Lcp`rtecft jg tmc [jral N`fos Rjutm @sh` ^ckhjfaùfbmcl ` rckhjfà hfhth`thvc tj lcvcajp subm hflhb`tjrs.

\mc ffrst twj clhthjfs uscl tmc hflhb`tjrs lcvcajpcl tj `fàyzc tmc fff`fbhàpcrgjre`fbc fl sjuflfcss jg bjeecrbhà n`fos, lcvcajpecft n`fos, fl fjf-n`fo fff`fbhà hfsthtuthjfs hf ffvc Rjutm @sh`f bjuftrhcsN`fka`lcsm, Hflh`,Fcpà, Tòhst`f, `fl Rrh A`fo`. \mcsc clhthjfs prjvhlcl thec-scrhcs fff`fbhàl`t`, hftcrf`thjfà ncst pr`bthbcs, `fl hf-lcptm `fàyshs jg prulcfthà fjreshfgjre`thjf uscgua tj rckua`tjry utmjrhthcs hf uflcrtòhfk rckhjfà bjep`rhsjfs`s wcaa `s bjep`rhsjfs whtm hftcrf`thjfà fjres (scc [jral N`fo >44443n).\mc tmhrl clhthjf prjvhlcl ejrc gjbuscl fàyshs jg tmc bjeecrbhà n`fohfk scb-tjr. Hf `llhthjf, ht uscl tmc fff`fbhà `fl bjrpjr`tc kjvcrf`fbc hflhb`tjrs, fjwbàacl tmc Kctthfk Ghf`fbc Hflhb`tjrs, tj r`fo tmc Rjutm @sh`f bjuftrhcs jf tmcn`shs jg tmchr fff`fbhà sjuflfcss (scc [jral N`fo >447l). \mc gjurtm clhthjf`llcl twj ejrc lcvcajpecft lhecfshjfs `fl prjvhlcl `f hftcrf`thjfà pcr-spcbthvc tmrjukm ncfbme`ro hflhb`tjrs gjr scacbtcl mhkm-hfbjec JCBL ecencr`fl fjfecencr cbjfjehcs `fl ` bjep`r`tjr krjup jg @sh`f cbjfjehcs (sccRjpm`sthcfpmjfk `fl Oua`tmufk` >44=).

\mhs ffgtm clhthjf, uflcrtòcf hf tmc wòc jg tmc kajnà fff`fbhà brhshs, m`s gur-tmcr nrj`lcfcl tmc `sscssecft. Ncshlcs `llhfk tmc tmrcc rce`hfhfk Rjutm @sh`fbjuftrhcs `fl twj ejrc lcvcajpecft lhecfshjfs, tmhs clhthjf cxp`fls tmc krjup

jg ncfbme`ro cbjfjehcs (njx 0.0) `fl prjvhlcs ` bjep`rhsjf jg ocy prulcfthàfjres `fl lcvcajpecfts hf subm pjahby `rc`s `s bjrpjr`tc kjvcrf`fbc, p`yecftsystces, `fl hepacecft`thjf jg tmc N`sca HH b`phtà grècwjro. Ht àsj prjvhlcs


28/351

= Kctthfk Ghf`fbc hf Rjutm @sh` >404

bjepjshtc ffvc-yc`r `vcr`kc bjuftry r`fohfks `fl yc`ray bjuftry r`fohfks jf tmcfff`fbhà sjuflfcss hflcx gjr >444404= gjr usc hf `fàyshs.

\mc r`fohfks `fl `fàyshs prcscftcl hf tmhs rcpjrt `rc n`scl e`hfay jfl`t` k`tmcrcl grje c`bm bjuftry. \mc ffflhfks, hftcrprct`thjfs, `fl bjfbau-shjfs tmcrcgjrc lcpcfl jf tmc `bbur`by jg tmcsc l`t` `s wcaa `s jf tmc hflhb`-tjrs scacbtcl. @asj hepjrt`ft tj fjtc hs tm`t bjuftrhcs `rc r`focl ushfk ` shepac`vcr`khfk ectmjl, khvhfk cquà wchkmt tj c`bm jg tmc hflhb`tjrs hfbaulcl hf tmcfff`fbhà sjuflfcss r`fohfk. @atmjukm wchkmthfk tmc hflhb`tjrs jf tmc n`shs jgjnicbthvc brhtcrh` wjual m`vc cfm`fbcl tmc vàuc jg tmc r`fohfks, tmhs w`s ruacljut ny thec `fl rcsjurbc bjfstr`hfts `fl ny tmc fccl tj rcvhcw shepac r`fohfkrcsuats jvcr ` rc`sjf`nac pcrhjl tj lctcrehfc tmchr uscguafcss.

[mhac guturc clhthjfs whaa `ttcept tj `ppay ejrc bjepacx r`fohfk ectmjlsushfk wchkmts, t tmhs st`kc tmc r`fohfks smjual nc vhcwcl s tmc rcsuats jg ` purcayl`t`-lrhvcf cxcrbhsc. Cvcf sj, tmc rcsuats jg tmc `fàyshs pjhft tj tmc hepjrt`fbc,hf prjejthfk `fl e`hft`hfhfk ` st`nac fff`fbhà systce` sjufl prulcfthàsupcrvhsjry grècwjro? cxbcaacft bjrpjr`tc kjvcrf`fbc pr`bthbcs? nrj`l `bbcsstj fff`fbc? cgffbhcft p`yecft systces? strjfk s`vhfks ejnhahz`thjf? `fl st`nac,cgffbhcft, `fl wcaa-pcrgjrehfk n`fos.

Hftcrprct`thjf jg ^`fos

Bjuftrhcs hf Rjutm @sh` nck`f fff`fbhà scbtjr rcgjres s c`ray s tmc 08=4s. C`rayrcgjre prjkrès hfbaulcl hfhth`thvcs tj prhv`thzc `fl rcstrubturc punahb scbtjr

Ncfbme`rohfk hs uscgua lh`kfjsthb tjja. Nybjep`rhfk l`t` brjss bjuftrhcs, ncfbm-e`rohfk eòcs ht pjsshnac tj hlcfthgy k`ps hfpcrgjre`fbc s wcaa s hf kuhlcahfcs. Ht asjgjstcrs mcàtmy bjepcththjf. \mc rcsuats jg ncfbme`rohfk cxcrbhsc b`f mcap bm`ffcarcsjurbcs cgffbhcftay tj gjbuscl rceclhà`bthjf tm`t heprjvcs systces fl tmchrpcrgjre`fbc.

\j prjvhlc ncfbme`ros gjr tmc Rjutm@sh`f bjuftrhcs, tmc prcvhjus clhthjf usclscacbtcl mhkm-hfbjec JCBL ecencr flfjfecencr cbjfjehcs9 @ustràh`? B`f`l`?Mjfk Ojfk, Bmhf`? Fcw Ycà`fl? Rhfk`pjrc?tmc Sfhtcl Ohfklje? `fl tmc Sfhtcl Rt`tcs.

\mc bmjhbc jg cbjfjehcs w`s n`scl jf twjbjfshlcr`thjfs9 tj hfbaulc st`fl`rl-sctthfkbjuftrhcs (hf tmc b`sc jg tmc JCBL ecencrbjuftrhcs) `fl tj hfbaulc ecencrs jg tmcRC@FY@ (Rjutm C`st @sh`, Fcw Ycà`fl, fl@ustràh`) krjup (hf tmc b`sc jg tmcfjfecencr cbjfjehcs). ` \mc bmjhbc w`sàsj hf ucfbcl ny tmc `v`ha`nhahty jg l`t`.

\mhs clhthjf cxp`fls tmc krjup jgncfbme`ro cbjfjehcs ny `llhfk Bmhf`,Gr`fbc, Kcre`fy, Htày, I`p`f, tmc ^cpunahbjg Ojrc`, Eà`ysh`, `fl \m`ha`fl. Gr`fbc,Kcre`fy, `fl Htày `rc hfbaulcl tj prjvhlcbjep`rhsjfs whtm ecencrs jg tmcCurjpc`f Sfhjf, wmhac Bmhf`, I`p`f, tmc^cpunahb jg Ojrc`, Eà`ysh`, `fl \m`ha`fl`rc `llcl tj strcfktmcf tmc rcprcscft`thjfjg mhkm-krjwtm @sh`f bjep`r`tjrcbjfjehcs.

`. RC@FY@ w`s gjrecl tj prjejtc bjjpcr`thjfèjfk bcftrà n`fos ny prjvhlhfk hftcfshvc,systce`thb tr`hfhfk bjurscs gjr tmchr st`gg. \mc

jrhkhfà ecencrs wcrc tmc bcftrà n`fos jg@ustràh`, Hflh`, Fcw Ycà`fl, Tòhst`f, `fl RrhA`fo`. Ijhfhfk a`tcr wcrc tmjsc jg N`fka`lcsm?Bmhf`? Mjfk Ojfk, Bmhf`? Hfljfcsh`? tmcHsaèhb ^cpunahb jg Hr`f? I`p`f? tmc ^cpunahbjg Ojrc`? Eà`ysh`? E`b`j, Bmhf`? Ejfkjah`?Fcpà? T`pu` Fcw Kuhfc`? tmc Tmhahpphfcs?Rhfk`pjrc? `fl \m`ha`fl.

Njx 0.0 Lcvcajphfk Ncfbme`ros


29/351

Hftrjlubthjf 8

n`fos `fl lcvcajp b`phtà e`rocts. \mcsc wcrc gjaajwcl ny rcgjres tj ahncràhzctmc fff`fbhà scbtjr, strcfktmcf prulcfthà fjres, rcvèp a`ws, nuhal rckua`tjryb`p`bhty, heprjvc bjrpjr`tc kjvcrf`fbc, `fl lcvcajp e`roct hfgr`strubturc `flp`yecft systces. [mhac bjuftrhcs m`vc uflcrtòcf v`ryhfk lckrccs jg rcgjre, hf

ejst b`scs tmc rcgjre prjkrès m`vc strcfktmcfcl tmchr fff`fbhà systces `flcspcbhàay tmchr n`fohfk scbtjrs. N`fos m`vc ncbjec ljehf`ft pa`ycrs hf tmcrckhjfs fff`fbhà scbtjrs `fl strjfk bjftrhnutjrs tj cbjfjehb krjwtm.

E`fy hssucs rce`hf. Nut bjuftrhcs hf Rjutm @sh` bjfthfuc tj eòc fff`fbhàscbtjr rcgjre ` pjahby prhjrhty `fl `rc ejvhfk hf tmc rhkmt lhrcbthjf. \mcy àsjbjfthfuc tj `l`pt tmc rcgjre prjbcss tj cecrkhfk bhrbuest`fbcs`s tmcy lhl`gtcr tmc @sh`f fff`fbhà brhshs. Hf tmc wòc jg tm`t brhshs, Rjutm @sh`f bjuftrhcs`bbcacr`tcl tmchr rcgjre prjkrès. \mcy rce`hfcl ehflgua jg tmc g`bt tm`t fff`f-bhà brhscs b`f jbbur `t `fy thec`fl rcspjflcl quhboay tj tmc burrcft kajnàfff`fbhà brhshs.

@s tmc rckhjfs bjuftrhcs bjfthfuc tj rcspjfl tj jfkjhfk lcvcajpecfts, tmcywhaa fccl aa tmc hfgjre`thjf tmcy b`f kct tj cvàu`tc tmc pcrgjre`fbc fl sjufl-fcss jg tmchr n`fohfk systces. ^`fohfks b`f mcap bjuftrhcs kùkc tmchr pjshthjfrca`thvc tj jtmcrs hf tmc rckhjf `fl hlcfthgy tmchr strcfktms `s wcaa `s `rc`s fccl-hfk heprjvcecft. \mhs rcpjrt r`fos Rjutm @sh`f bjuftrhcs jf c`bm lcvcajp-ecft lhecfshjf jvcr tmc ffvc-yc`r pcrhjl >44447,mjwcvcr, ` e`ttcr gjr bjfbcrf. ^`fohfk scbjfl hs Tòhst`f (wmhbm scburcl ffrstpa`bc hf tmc prcvhjus cvàu`thjf whtm =4 pcrbcft), gjaajwcl ny Rrh A`fo`, Nmu-t`f, Fcpà, Hflh`, N`fka`lcsm, `fl @gkm`fhst`f. Fcpà s`w ` shkfhffb`ft smhgt hf>44= `s hts n`fohfk scbtjr fffàay cecrkcl grje ` shtu`thjf jg fck`thvc cquhty.N`fos hf Rjutm @sh` bjfthfuc tj cfijy mhkm rcturfs ncbùsc jg whlc hftcrcst r`tc

sprc`ls, nut whtm tmc cbjfjehb sajwljwf `fl rhshfk acvcas jg fjfpcrgjrehfkaj`fs, tmcsc rcturfs b`f nc cxpcbtcl tj lcbahfc. Hg fjfpcrgjrehfk aj`fs wcrc tjhfbrc`sc hf tmc bjehfk yc`rs, `fjtmcr bjfbcrf gjr sjec bjuftrhcs wjual nc tmce`f`kcecft jg àrc`ly mhkm jpcr`thfk bjsts.


30/351


Hflh` jfbc `k`hf ac`ls tmc rckhjf hf fff`fbhà st`nhahty, whtm ` sbjrc jg => pcr-bcft (ljwf grje =8 pcrbcft hf tmc prcvhjus cvàu`thjf). \mc bjuftrys strcfktms`rc b`phtà `lcqu`by `fl ncttcr brclht quàhty, rcsuathfk hf ajwcr acvcas jg fjf-pcrgjrehfk aj`fs bjep`rcl whtm tmc rcst jg tmc rckhjf. Nmut`f `fl Tòhst`f

sm`rc scbjfl pa`bc, gjaajwcl ny Rrh A`fo`, Eàlhvcs, N`fka`lcsm, @gkm`fhst`f,`fl Fcpà. Nmut`f rcbjrlcl k`hfs hf hts ahquhlhty `fl b`phtà r`thjs tj scburctmc scbjfl-pa`bc r`fohfk sm`rcl whtm Tòhst`f. Trjvhshjfs gjr fjfpcrgjrehfkaj`fs rc bjfbcrf gjr Eàlhvcs. \mcy rc asj ` bjfbcrf gjr Fcpà, wmcrc prjvh-shjfs gàa g`r smjrt jg wm`t hs fcclcl tj bjvcr tmc cxhsthfk fjfpcrgjrehfk aj`fs.@gkm`fhst`f rcpjrtcl ajwcr fjfpcrgjrehfk r`thjs `fl mhkm prjvhshjfs. Ahquhlhtym`s àsj nccf ` bjfbcrf gjr ejst bjuftrhcs hf rcbcft yc`rs, tmjukm ht m`s nccfe`f`kcl tj sjec cxtcft ny tmchr rckua`tjry ùtmjrhthcs.

Hflh` ac`ls hf b`phtà e`roct lcvcajpecft whtm ` sbjrc jg 8; pcrbcft (up grjetmc prcvhjus cvàu`thjfs sbjrc jg 80 pcrbcft). Tòhst`f r`fos scbjfl, gjaajwcl nyRrh A`fo`, N`fka`lcsm, Fcpà, Eàlhvcs, Nmut`f, `fl @gkm`fhst`f. B`phtà e`roctsrce`hf strjfkay hf fccl jg lcvcajpecft. Hflh` m`s tmc rckhjfs ejst lcvcajpclb`phtà e`roct. Njtm njfl `fl cquhty e`rocts `rc lcvcajpcl `fl prjvhlc ajfk-tcre guflhfk gjr bjep`fhcs. Nut hf ejst jg tmc rckhjfs bjuftrhcs n`fos sthaa scrvc`s tmc e`hf guflhfk sjurbc, cvcf gjr ajfk-tcre prjicbts. @gkm`fhst`f a`bos njtm `njfl e`roct `fl `f cquhty e`roct, `fl tmc bcftrà n`fo (L` @gkm`fhst`f N`fo)jpcr`tcs ` b`phtà fjtcs e`roct gjr tmc kjvcrfecfts guflhfk fccls. \mc bjuftryrcahcs mc`vhay jf cxtcrfà gufls gjr aa hts lcvcajpecft cggjrts. Nmut`f fl Eàlhvcsm`vc vcry seàa stjbo e`rocts, `fl tmc Eàlhvh`f njfl e`roct m`s m`l iust tmrcchssucs ny jfc bjep`fy. Tòhst`f wc`tmcrcl stjbo e`roct brhshs. \mc rckhjfs njfle`rocts rc ljehf`tcl ny kjvcrfecft njfls jr trc`sury nhaas, whtm bjrpjr`tc njfl

e`rocts sthaa `t ` f`sbcft st`kc. Jfay Hflh` m`s nccf `nac tj ahst kjvcrfecft scburh-thcs jf hts stjbo cxbm`fkcs `fl ncfbme`ro jf tmc yhcal burvcs.

Hflh` k`hf r`fos ffrst hf e`roct bjfbcftr`thjf fl bjepcththvcfcss, whtm sbjrcjg 80 pcrbcft (up sahkmtay grje hts prcvhjus sbjrc jg =8 pcrbcft). N`fka`lcsm r`fosscbjfl, gjaajwcl ny Fcpà, Tòhst`f, Eàlhvcs, Rrh A`fo`, Nmut`f, `fl @gkm`fh-st`f. Hf Hflh`, tmc tjp tmrcc n`fos mjal acss tm`f 20 pcrbcft jg `sscts, lcpjshts,`fl aj`fs, wmhac hf Rrh A`fo` tmcsc sm`rcs `rc `rjufl 3433 pcrbcft. Hf Nmut`f,whtm jfay twj n`fos, e`roct bjfbcftr`thjf hs cxtrcecay mhkm. @gkm`fhst`f r`fosa`st ncbùsc jg a`bo jg l`t`. Fcpà scburcs tmhrl pa`bc ncbùsc jg tmc hf ux jg fcwn`fos. Nut wmhac tmc fcw cftr`fts m`vc rclubcl bjfbcftr`thjf, tmcy m`vc fjtheprjvcl `bbcss jr st`nhahty. Ejrcjvcr, Fcpà hs g`bcl whtm ` shtu`thjf hf wmhbmtjj e`fy n`fos `rc bjepcthfk gjr lcpjshts `fl aj`fs, `fl mc`vy acflhfk hf tmcrcà cst`tc scbtjr m`s brc`tcl ` prhbc nunnac. \j burn fcw cftry, tmc bcftrà n`fom`s tcepjr`rhay stjppcl hssuhfk n`fohfk ahbcfscs (shx fcw ahbcfscs wcrc hssucl hf>448, mjwcvcr). @fjtmcr bjfbcrf gjr bjuftrhcs hs tmc hfbrc`sc hf prhv`tc brclhtcxtcflcl ny n`fos, wmhbm bjual pjsc brclht rhsos. \mc prcvhjus clhthjf jg tmhsrcpjrt bùthjfcl tm`t r`phl cxp`fshjf jg n`fo brclht, hg fjt bjupacl whtm systcesgjr e`f`khfk brclht rhso, wjual eòc n`fos vuafcr`nac hg cbjfjehb `bthvhty wcrctj sajw. \jl`ys cbjfjehb sajwljwf w`s fjt jf tmc mjrhzjf `t tm`t thec. Fjwtm`t ht hs rcàhty, n`fos smjual rcvhcw tmchr brclht pjahbhcs fl cxhsthfk aj`f pjrt-gjahjs b`rcguaay tj cfsurc tm`t brclht rhso hs ehfhehzcl. \mhs shtu`thjf hs ` bjfbcrf

gjr njtm Nmut`f fl Fcpà, wmcrc brclht nunnacs bjual nc hf tmc eòhfk. Hf ejstbjuftrhcs n`fos m`vc thkmtcfcl tmchr brclht pjahbhcs `fl, r`tmcr tm`f prjfft scco-hfk, m`vc tòcf stcps tj bjfsjahl`tc tmchr `ssct pjrtgjahjs.


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Hftrjlubthjf 00

Hf p`yecft systces lcvcajpecft, Rrh A`fo` r`fos `t tmc tjp whtm ` sbjrcjg 8< pcrbcft. Hflh` bjecs scbjfl, gjaajwcl ny Tòhst`f, Nmut`f, N`fka`lcsm,@gkm`fhst`f, Fcpà, fl Eàlhvcs. Gjr N`fka`lcsm, Fcpà, fl Eàlhvcs, a`bo jgejst jg tmc l`t` rcquhrcl `ggcbtcl tmchr pa`bcs hf tmc r`fohfk. [mhac àa bjuftrhcs

hf tmc rckhjf m`vc rct`ha p`yecft systces gjr bmcbos `fl jtmcr p`yecft hfstru-ecfts, jfay Rrh A`fo`, Hflh`, `fl Tòhst`f m`vc `lv`fbcl p`yecft systces. @aatmrcc m`vc rcà-thec krjss scttacecft systces gjr a`rkc-vàuc, thec-brhthbà p`y-ecfts. T`yecft systces lcvcajpecft, hepjrt`ft hf cfsurhfk fff`fbhà st`nhahty,hs cvàu`tcl gjr tmc ffrst thec hf tmhs clhthjf.

Hf s`vhfks ejnhahz`thjf, `fjtmcr lhecfshjf hfbaulcl gjr tmc ffrst thec, Hflhàc`ls whtm ` sbjrc jg =4 pcrbcft. N`fka`lcsm r`fos scbjfl, gjaajwcl ny Rrh A`fo`,Fcpà, Tòhst`f, Nmut`f, Eàlhvcs, `fl @gkm`fhst`f. Ljecsthb s`vhfks b`f mcapsust`hf krjwtm `t thecs tm`t cxtcrfà guflhfk jppjrtufhthcs ncbjec ufbcrt`hf.@f hepjrt`ft sjurbc hf Rjutm @sh` hs wjrocr rcehtt`fbcs, wmhbm m`vc bjfthfucluf`n`tcl cvcf hf tmc cbjfjehb ljwfturf. Fcpà m`s tmc mhkmcst rcehtt`fbcsrca`thvc tj KLT, wmhac Eàlhvcs m`s fckahkhnac hf jws. @gkm`fhst`f `fl Nmut`fprjvhlcl fj l`t` jf rcehtt`fbcs. @s ` rcsuat jg pcrshstcft hf `thjf, rcà lcpjshthftcrcst r`tcs rce`hf fck`thvc hf àa bjuftrhcs cxbcpt Hflh`, wmhbm lhsrupts tmcs`vhfks e`roct. @aa bjuftrhcs hf tmc rckhjf m`vc tmc pjtcfthà tj hfbrc`sc tmchrs`vhfks r`tcs.

Hf bjrpjr`tc kjvcrf`fbc, Tòhst`f r`fos `t tmc tjp whtm ` sbjrc jg =; pcrbcft(up sahkmtay grje hts prcvhjus sbjrc jg =< pcrbcft). Hflh` `fl Rrh A`fo` sm`rc scb-jfl pa`bc, gjaajwcl hf tmc r`fohfk ny N`fka`lcsm, Fcpà, @gkm`fhst`f, Nmut`f, flEàlhvcs. Tòhst`f m`s hssucl bjeprcmcfshvc kuhlcahfcs. Eàlhvcs lhl fjt suppaysjec jg tmc rcquhrcl l`t`, wmhbm e`y m`vc `ggcbtcl hts pa`bc hf tmc r`fohfk. \mc

qucsthjff`hrc hs n`scl ejstay jf tmc v`ha`nhahty jg pjahby rckua`thjfs, kuhlcahfcs,`fl st`tutcs. Ht ljcs fjt smjw bjepah`fbc `fl cfgjrbcecft. \mus, ht bjual ncst`tcl tm`t tmcsc `rc tmc e`hf `rc`s jf wmhbm tmc ùtmjrhthcs smjual gjbus wmhacàsj cfsurhfk tm`t tmc k`ps hf rckua`thjfs fl kuhlcahfcs hlcfthffcl hf tmc bjuftry`fàyscs `rc bjrrcbtcl. Kjvcrfecft hf ucfbc hf n`fohfk jpcr`thjfs hs `fjtmcrpjhft jg bjfbcrf, shfbc st`tc-bjftrjaacl punahb scbtjr n`fos mjal ` shkfhffb`ftsm`rc jg n`fohfk `sscts hf ejst bjuftrhcs. Jtmcr `rc`s jg bjfbcrf `rc stòcmjalcrrhkmts, lhsbajsurc jg ncfcffbhà jwfcrsmhp, ehfjrhty sm`rcmjalcr rhkmts, `fl`lmcrcfbc tj hftcrf`thjfà `bbjufthfk `fl ùlhthfk st`fl`rls.

\mc ^jac jg Ehbrjfff`fbc hf Rjutm @sh`@s hf tmc prcvhjus clhthjf, tmc `fàyshs hf tmhs rcpjrt hs ahehtcl hf bjvcr`kc tjbjeecrbhà n`fos `fl hkfjrcs ` r`fkc jg jtmcr lcpjsht-tòhfk fff`fbhà hfsthtu-thjfs, subm `s bjjpcr`thvc n`fos, ehbrjfff`fbc hfsthtuthjfs, `fl pjst jgffbc s`v-hfks sbmcecs. \mc ffflhfks jf `bbcss tj fff`fbc `rc tmcrcgjrc rcstrhbtcl tj tmcbjeecrbhà n`fohfk scbtjr. Xct tmc ehbrjfff`fbc ejvcecft hs ` shkfhffb`ft gjrbchf fff`fbhà hfbaushjf hf Rjutm @sh`, prjvhlhfk `bbcss tj fff`fbhà scrvhbcs gjr à`rkc fuencr jg pcjpac (t`nac 0.0).

^cbjkfhzhfk tmhs, ejst Rjutm @sh`f bjuftrhcs m`vc rckua`thjfs jr kuhlcahfcshf pa`bc gjr ehbrjfff`fbc, `fl sjec m`vc a`ws hf tmc lr`gt st`kc. Tòhst`f w`s

tmc ffrst bjuftry hf Rjutm @sh` tj hftrjlubc ` spcbhàhzcl a`w gjr ehbrjfff`fbc,tmc Ehbrjfff`fbc Jrlhf`fbc jg >440, wmhbm p`vcl tmc w`y gjr tmc brc`thjf jg` ehbrjn`fohfk hflustry `fl àajwcl bjeecrbhàhz`thjf jg ehbrjfff`fbc. \mc


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0> Kctthfk Ghf`fbc hf Rjutm @sh` >404

Rt`tc N`fo jg Tòhst`f w`s tmc ffrst Rjutm @sh`f bcftrà n`fo tj hssuc rckua`-thjfs jf nr`fbmacss n`fohfk, `hecl `t cxtcflhfk tmc jutrc`bm jg ehbrjfff`fbctj uflcrscrvcl rckhjfs tmrjukm bjst-cgffbhcft, `kcft-n`scl n`fohfk. Hflh` m`shftrjlubcl lr`gt ehbrjfff`fbc a`w, wmhac Rrh A`fo` m`s lr`gtcl jfc. N`fka`lcsmp`sscl tmc Ehbrjbrclht ^ckua`tjry @utmjrhty @bt hf >447.

Cflfjtcs 0. Hf ec`surhfk bbcss tj fff`fbc, tmc fàyshs hs bjffffcl a`rkcay tj n`fo nr`fbmcs fl

@\Es. \mrjukmjut tmc pcrhjl >44. MMH hs bàbua`tcl ny squ`rhfk tmc e`roct sm`rc jg c`bm n`fo `fl sueehfk tmcsqu`rcs. @bbjrlhfk tj tmc kuhlcahfcs, ` n`fohfk hflustry hs bjfshlcrcl tj nc ufbjfbcf-tr`tcl hg MMH hs acss tm`f 0,444, sjecwm`t bjfbcftr`tcl hg MMH hs nctwccf 0,444 fl 0,=44,`fl mhkmay bjfbcftr`tcl hg MMH hs ejrc tm`f 0,=44.

2. Gjr cxèpac, lurhfk tmc rcbcft fff`fbhà brhshs àejst àa p`yecft `fl scttacecftsystces hf tmc Krjup jg \cf (K-04) bjuftrhcs smjwcl krc`t rcshahcfbc fl pcrgjrecl wcaacvcf hf tmc g`bc jg ahquhlhty smjrt`kcs hf tmc e`roct `fl cxtrcec tr`fs`bthjf vjauecs.

44=/48 tj strcfktmcf tmc kjvcrf`fbc prhfbhpacs.

\`nac 0.0 Rcacbtcl Hflhb`tjrs jf Ehbrjfff`fbc hf Rjutm @sh`

@gkm`fhst`f N`fka`lcsm Hflh` Fcpà Tòhst`f Rrh A`fo`

Ehbrjfff`fbc

Hfsthtuthjfs 04 >;< >== = >2

Njrrjwcrs (tmjus`fls) >>= >7 0,>

Njrrjwcrs s % jg pjpua`thjf 0 0; 0 2 0 ;

Njrrjwcrs s % jg pjjr pjpua`thjf 23 2 = > >8

Brclht ufhjfs

Tcfctr`thjf (%) ` 4.42 4.> >.= 0.4 7.0

Ecencrs ,=24 =74,700

R`vhfks (SR$ ehaahjfs) 4.>8 >2.34 >3,82.>3

@sscts (SR$ ehaahjfs) 4.=3 >=.3= 20,240/ (`bbcssclRcptcencr 03, >448).Fjtc9 Fj l`t` `v`ha`nac gjr Nmut`f `fl Eàlhvcs.`. Fuencr jg brclht ufhjf ecencrs lhvhlcl ny ` bjuftrys cbjfjehbàay `bthvc pjpua`thjf.n. ERECs 5 ehbrj, seàa, `fl eclhue-shzc cftcrprhscs. 5 fjt `v`ha`nac.


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03

>Trulcfthà ^ckua`thjfs gjrN`fos hf Rjutm @sh`

@sscsshfk tmc mcàtm jg ` fff`fbhà systce jf tmc n`shs jg fff`fbhà hflhb`tjrs hsgrùkmt whtm tcbmfhbà fl pr`bthbà lhgffbuathcs. \mc ruacs jf aj`f ba`sshffb`thjf flaj`f ajss prjvhshjfs v`ry grje bjuftry tj bjuftry, `s lj tmc b`phtà `lcqu`bykuhlcahfcs`fl tmhs v`rh`thjf ac`ls tj lhggcrcfbcs hf rcsuats. \mc l`t` uscl gjrbjep`rhsjf `rc fjt àw`ys n`scl jf tmc sèc pcrhjls. \mc lcfffhthjfs `fl bjf-bcpts uflcrayhfk tmc l`t` e`y lhggcr grje bjuftry tj bjuftry`fl wmhac tmc bje-pha`thjf kuhlc prcp`rcl gjr tmhs stuly `llrcsscs tmhs bjfstr`hft, ht hs m`rl tj cfsurctm`t tmc bcftrà n`fos sunehtthfk l`t` strhbtay gjaajw tmc kuhlc. Hf `llhthjf,`bbjufthfk prhfbhpacs `fl pr`bthbcs v`ry `brjss bjuftrhcs. @aa Rjutm @sh`f bjuf-trhcs m`vc tòcf stcps hf rcbcft yc`rs tj nrhfk tmchr ajbà `bbjufthfk st`fl`rls `flpr`bthbcs hftj ahfc whtm tmc Hftcrf`thjfà @bbjufthfk Rt`fl`rls, nut tmc cxtcft tjwmhbm tmcy `btuàay gjaajw tmcsc st`fl`rls v`rhcs.

Gjr àa tmcsc rc`sjfs, ht hs hepjrt`ft tj bjep`rc ocy prulcfthà kuhlcahfcs hfpa`bc hf Rjutm @sh`f bjuftrhcs, tj ncttcr uflcrst`fl tmc cfvhrjfecft hf wmhbmtmchr bjeecrbhà n`fos jpcr`tc. \mhs bm`ptcr rcvhcws tmc e`hf prulcfthà kuhlc-ahfcs hepacecftcl ny tmc rckua`tjr jg bjeecrbhà n`fos hf c`bm bjuftry, wmhbmhf àa b`scs rce`hfs tmc bcftrà n`fo (t`nac >.0).

\mc rcvhcw smjws tm`t Rjutm @sh`f ùtmjrhthcs m`vc e`lc prjkrcss hf àhkf-hfk tmchr prulcfthà fjres whtm hftcrf`thjfà ncst pr`bthbcs. @fl `s bjual nccxpcbtcl, bjuftrhcs whtm ejrc sjpmhsthb`tcl cbjfjehb fl n`fohfk cfvhrjfecftsm`vc ejvcl `mc`l. Nut tmc prjbcss hs `f cvjavhfk jfc. B`phtà `lcqu`by fjresfccl tj nc rccxèhfcl hf ahkmt jg tmc mhkm-rhso cfvhrjfecft hf wmhbm n`fos jpcr-`tc tjl`y. Brclht rhso e`f`kcecft fccls tj nc thkmtcfcl tmrjukm ejrc strhfkcftruacs gjr fjfpcrgjrehfk aj`fs `fl prjvhshjfhfk. ^hso e`f`kcecft pjahbhcs àsjfccl tj nc strcfktmcfcl hf subm `rc`s `s e`roct rhso `fl hftcrcst r`tc rhso. EjstRjutm @sh`f bjuftrhcs m`vc nccf a`kkhfk hf rcpjrthfk `fl wjrohfk tj ehthk`tcjpcr`thjfà rhsos. Ncshlcs f`turà lhs`stcrs, pjtcfthà jpcr`thjfà rhsos tm`t bjualnrhfk hfst`nhahty hfbaulc grùl, mue`f crrjr, m`rlw`rc `fl sjgtw`rc prjnaces,nrcòljwf jg prjbcsscs `fl prjbclurcs, `fl a`bo jg hfgr`strubturc gjr p`yecfts

`fl scttacecfts. \mc bjrc n`fohfk jpcr`thjfs jg n`fos usuàay cft`ha subm e`roct`fl jpcr`thjfà rhsos, `fl ht hs tj `bbjeejl`tc tmcsc rhsos tm`t tmc N`sca HH B`ph-tà @bbjrl rcquhrcs tm`t `llhthjfà b`phtà nc e`hft`hfcl. Hf `llhthjf, ahquhlhty


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e`f`kcecft fccls tj nc heprjvcl, cspcbhàay hf gjrchkf burrcfby jpcr`thjfs`f`rc` tm`t whaa nc bjvcrcl hf ` guturc clhthjf jg tmhs rcpjrt. Rjutm @sh`f ùtmjrhthcs`rc `w`rc jg tmc fccl tj gurtmcr strcfktmcf prulcfthà rckua`thjfs `fl `rc rcvhshfktmce hf st`kcs (scc bm`ptcr 8 gjr suee`ry jg lcvcajpecfts hf prulcfthà rckua`-thjfs hf c`bm bjuftry hf rcbcft yc`rs).

^ckua`thjf `fl supcrvhshjf `rc jg prhe`ry hepjrt`fbc hf cfsurhfk tmc st`nha-hty jg ` bjuftrys fff`fbhà systce. Cbjfjehb bjflhthjfs m`vc ` mc`vy hep`bt jfn`fohfk scbtjr jpcr`thjfs, `fl `f cbjfjehb ljwfturf b`f ac`l tj ` n`fohfkbrhshs, s jbburrcl whtm tmc rcbcft fff`fbhà brhshs. Cgffbhcft supcrvhshjf tcbmfhqucsb`f mcap hlcfthgy ufst`nac shtu`thjfs tmrjukm bajsc ejfhtjrhfk `fl cfsurc tm`tc`ray prcvcfthvc ec`surcs `rc tòcf. Ncfbme`rohfk prulcfthà fjres `k`hfsthftcrf`thjfà st`fl`rls b`f mcap nrhfk krc`tcr st`nhahty `fl e`roct lhsbhpahfc tj

fff`fbhà hfsthtuthjfs. @t tmc sèc thec, mjwcvcr, ùtmjrhthcs fccl tj nc ehflguatm`t tmcsc st`fl`rls `rc fjt lcshkfcl tj nc ` p`f`bc`.

B`phtà @lcqu`by

^ckua`tjrs hf Rjutm @sh` m`vc hftrjlubcl prulcfthà fjres n`scl jf tmc N`scakuhlcahfcs jf b`phtà `lcqu`by, `fl tmcy m`vc nccf thkmtcfhfk tmcsc fjres tjnrhfk tmce hftj ahfc whtm hftcrf`thjfà ncst pr`bthbcs. Hf bbjrl`fbc whtm tmc N`scakuhlcahfcs, bjeecrbhà n`fos hf Rjutm @sh` `rc rcquhrcl tj e`hft`hf ehfheueb`phtà r`fkhfk grje 8 pcrbcft jg rhso-wchkmtcl `sscts hf Hflh` (jf ` fjfbjfsjah-l`tcl n`shs) tj 0> pcrbcft hf @gkm`fhst`f `fl Eàlhvcs (scc `ppcflhx t`nac @0.0). 0 @aa Rjutm @sh`f bjuftrhcs usc ` ehfheue b`phtà `lcqu`by rcquhrcecft tm`t hsmhkmcr tm`f tmc hftcrf`thjfà ncst pr`bthbc jg = pcrbcft.

\j bàbua`tc b`phtà `lcqu`by, hf ejst b`scs b`phtà gufls `rc lhvhlcl hftj\hcr 0 (bjrc) b`phtà `fl \hcr > (suppacecft`ry) b`phtà. Hf Hflh`, Tòhst`f, `flRrh A`fo` b`phtà gufls `rc gurtmcr lhvhlcl hftj \hcr 2 b`phtà, wmhbm bjfshsts jgsmjrt-tcre sunjrlhf tcl lcnt tm`t e`y nc uscl gjr tmc sjac purpjsc jg eccthfk prjpjrthjf jg tmc b`phtà rcquhrcecfts gjr e`roct rhso. \hcr 0 b`phtà hs rcquhrcltj nc e`hft`hfcl `t ` ehfheue jg 34 pcrbcft jg tjtà b`phtà hf àa bjuftrhcs. Hf@gkm`fhst`f, Hflh`, Eàlhvcs, `fl Fcpà tmc ehfheue gjr \hcr 0 b`phtà hs sct`t 7 pcrbcft jg tjtà rhso-wchkmtcl `sscts, wmhac hf Tòhst`f fj aheht hs spcbhffcl

jtmcr tm`f tmc rcquhrcecft tm`t \hcr > `fl \hcr 2 b`phtà bjenhfcl b`ffjt cxbccl\hcr 0 b`phtà.> Hf N`fka`lcsm, Nmut`f, `fl Rrh A`fo` tmc \hcr 0 b`phtà `lcqu`byrcquhrcecft hs 3 pcrbcft jg rhso-wchkmtcl `sscts.

\`nac >.0 Bjeecrbhà N fo ^ckua`tjr hf Rjutm @sh`f Bjuftrhcs

Bjuftry ^ckua`tjr (bcftrà n`fo)

@gkm`fhst`f L` @gkm`fhst`f N`fo (L@N)

N`fka`lcsm N`fka`lcsm N`fo (NN)

Nmut`f ^jyà Ejfct`ry @utmjrhty jg Nmut`f (Ê@)

Hflh` ^cscrvc N`fo jg Hflh` (^NH)

Eàlhvcs Eàlhvcs Ejfct`ry @utmjrhty (EE@)

Fcpà Fcpà `str` N`fo (F^N)

Tòhst`f Rt`tc N`fo jg Tòhst`f (RNT)

Rrh A`fo` Bcftrà N`fo jg Rrh A`fo` (BNRA)

Rjurbc9 @utmjrs.


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Trulcfthà ^ckua`thjfs gjr N`fos hf Rjutm @sh` 0;

Rjutm @sh`f rckua`tjrs m`vc àsj prcsbrhncl ehfheue p`hl-up b`phtà gjrbjeecrbhà n`fos. \mcsc ejufts r`fkc grje njut SR$7.>3 ehaahjf gjr Nmu-t`fcsc n`fos tj SR$;>.3 ehaahjf gjr Tòhst`f n`fos. N`fka`lcsm m`s lhggcr-cft rcquhrcecfts gjr e`hfstrcè bjeecrbhà n`fos (SR$>8.3 ehaahjf) `fl

Hsaèhb bjeecrbhà n`fos (SR$0). Rubm b`phtà hs bjfshlcrcl grccay `fl heeclh`tcay `v`ha-`nac tj ecct ba`hes k`hfst tmc n`fo. Nut tmcrc rc asj v`rh`thjfs ejfk bjuftrhcshf tmc bjepjshthjf jg bjrc b`phtà tm`t `rc wjrtm fjthfk. N`fka`lcsm, Eàlhvcs,`fl Rrh A`fo` àajw ehfjrhty hftcrcsts hf sunshlh`rhcs tj nc bjuftcl. N`fka`lcsm`fl Fcpà àajw lhvhlcfl cquàhz`thjf gufls tj nc p`rt jg bjrc b`phtà. Hflh` pcr-ehts b`phtà rcscrvcs rcprcscfthfk surpaus grje tmc sàc jg `sscts tj nc cahkhnac `s\hcr 0 b`phtà. Njtm Hflh` fl Rrh A`fo` aajw spcbhffcl pcrpctuà lcnt hfstruecftstj nc hfbaulcl, whtm Hflh` ahehthfk tmhs àajw`fbc tj 03 pcrbcft jg tmc prcvhjus yc`rs \hcr 0 b`phtà. Fcpà `fl Tòhst`f pcreht njfus sm`rc rcscrvcs. Fcpà àsjhfbaulcs b`phtà rclcepthjf rcscrvcs, wmhac Rrh A`fo` aajws gtcr-t`x surpaus grjetmc sàc jg ffxcl `fl ajfk-tcre hfvcstecfts. Bjeejf lclubthjfs grje \hcr 0b`phtà hfbaulc kjjlwhaa, hft`fkhnac `sscts, `fl cquhty hfvcstecfts hf sunshlh`rhcs.

\hcr >, jr suppacecft`ry, b`phtà bjeejfay bjfshsts jg uflhsbajscl rcscrvcs,rcvàu`thjf rcscrvcs, kcfcrà aj`f ajss prjvhshjfs, `fl mynrhl hfstruecfts (subm`s ufscburcl sunjrlhf`tcl lcnt `fl prcgcrcfbc sm`rcs) tm`t bjenhfc tmc bm`r-`btcrhsthbs jg lcnt `fl cquhty `fl `rc `v`ha`nac tj ecct ajsscs. @s whtm bjrc b`ph-

tà, mjwcvcr, tmc lcfffhthjf lhggcrs `brjss bjuftrhcs. @gkm`fhst`f, Nmut`f, `flEàlhvcs hfbaulc prjffts gjr tmc burrcft yc`r `s p`rt jg \hcr > b`phtà. N`fka`lcsm,Nmut`f, Fcpà, `fl Tòhst`f àajw tmc cxbm`fkc cquàhz`thjf jr `liustecftrcscrvcs tj nc bjuftcl `s \hcr > b`phtà, wmhac Nmut`f àajws rcsc`rbm `fl lcvca-jpecft gufls. Hflh` pcrehts cxbcss prjvhshjfs tjw`rl lcprcbh`thjf jf hfvcstecft,`fl Nmut`f, Hflh`, `fl Fcpà àajw hfvcstecft ubtu`thjf rcscrvcs. Rrh A`fo`àajws ehfjrhty hftcrcsts `rhshfk grje prcgcrcfbc sm`rcs hssucl ny sunshlh`rhcs.Nmut`f, Eàlhvcs, `fl Tòhst`f lj fjt àajw prcgcrcfbc sm`rcs tj bjuft `s sup-pacecft`ry b`phtà.

Hf àa Rjutm @sh`f bjuftrhcs, \hcr > b`phtà b`ffjt cxbccl 044 pcrbcft jg \hcr0 b`phtà, wmhac hf Tòhst`f fl Rrh A`fo` \hcr > fl \hcr 2 b`phtà bjenhfcl b`f-fjt cxbccl 044 pcrbcft jg \hcr 0 b`phtà. @aa cxbcpt @gkm`fhst`f `fl N`fka`lcsmaheht sunjrlhf`tcl lcnt tj 34 pcrbcft jg \hcr 0 b`phtà. Hf N`fka`lcsm, Tòhst`f,`fl Rrh A`fo`, up tj 34 pcrbcft jg tmc rcvàu`thjf rcscrvc `rhshfk grje rcvàu`-thjf jg n`fo `sscts hs tòcf `s \hcr > b`phtà, wmhac hf Fcpà tmc `ssct rcvàu`thjfrcscrvc hs àajwcl jfay up tj > pcrbcft jg tjtà \hcr > b`phtà hfbaushvc jg tmhsrcscrvc. Hflh` àajws 3 pcrbcft jg rhso-wchkmtcl `sscts.

Hepacecft thjf jg tmc N`sca HH B`phtà@lcqu`by Grècwjro

[mcf tmc N`sca Bjeehttcc jf N`fohfk Rupcrvhshjf (jg tmc N`fo gjr Hftcrf`-thjfà Rcttacecfts) punahsmcl Hftcrf`thjfà Bjfvcrkcfbc jg B`phtà Ec`surcecft


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0= Kctthfk Ghf`fbc hf Rjutm @sh` >404

`fl B`phtà Rt`fl`rls9 @ ^cvhscl Grècwjro (bjeejfay ofjwf `s tmc N`sca HHB`phtà @bbjrl) hf Iufc >4444 pcrbcft jg rhso-wchkmtcl `sscts). Hf pa`ffhfk gjr tmc tr`fshthjf tj N`sca HH,L` @gkm`fhst`f N`fo `fl tmc n`fohfk bjeeufhty whaa fccl tj wjro tjkctmcrtj `llrcss bmàacfkcs, njtm t`bthbà `fl jpcr`thjfà. \mcsc hfbaulc m`rejfhzhfk

kjàs? hlcfthgyhfk `fl lcvcajphfk rhso p`rèctcrs, rhso ec`surcecfts, `fl r`t-hfks? heprjvhfk acflhfk prjbcsscs? fl `llrcsshfk ackà fl rckua`tjry prcbjflh-thjfs fl hssucs rca`thfk tj `bbjufthfk, lhsbajsurc, l`t` e`f`kcecft, supcrvhsjryrcsjurbcs, fl tr`hfhfk.

N`fka`lcsm hs e`tcrhàay bjepah`ft whtm N`sca H, fl hf I`fu`ry >448, N`fka`lcsmN`fo hssucl rcvhscl b`phtà kuhlcahfcs hf ahfc whtm N`sca HH. Sflcr tmcsc kuhlcahfcs,brclht r`thfks gjr tmc purpjsc jg tmc b`phtà `lcqu`by r`thj `rc tj nc lctcrehfcljf tmc n`shs jg rhso prjffac `sscssecfts ny cxtcrfà brclht `sscssecft hfsthtuthjfs.[mhac n`fos bjual usc njtm tmc N`sca H `fl N`sca HH grècwjros tj bàbua`tc tmchrb`phtà `lcqu`by gjr >448, nckhffhfk hf I`fu`ry >404 tmcy whaa m`vc tj `ppay tmcN`sca HH grècwjro àjfc. Sflcr tmc hfhthà hepacecft`thjf jg N`sca HH, n`fos`rc tj gjaajw tmc Rt`fl`rlhzcl @pprj`bm tj bàbua`tc b`phtà rcquhrcecfts gjrbrclht rhso, tmc Rt`fl`rlhzcl (ûac-N`scl) @pprj`bm tj bàbua`tc tmjsc gjr e`r-oct rhso, `fl tmc N`shb Hflhb`tjr @pprj`bm tj bàbua`tc tmjsc gjr jpcr`thjfàrhso. \j cfsurc ` subbcssgua ehkr`thjf tj tmc fcw grècwjro, mjwcvcr, njtm tmcrckua`tjry utmjrhthcs fl tmc n`fohfk scbtjr whaa fccl tj llrcss subm hssucs sa`bo jg b`p`bhty hf brclht r`thfk `kcfbhcs, k`ps hf tmc rckua`thjfs gjr subm `kcf-bhcs, a`bo jg hfgjre`thjf, `fl tmc fccl tj strcfktmcf rhso e`f`kcecft tjjas`fl b`p`nhahthcs.

Nmut`f uscs N`sca H `s hts b`phtà `lcqu`by fjre. \mc bjuftry m`s fjt ycte`lc `fy mc`lw`y tjw`rl hepacecft`thjf jg N`sca HH, khvcf tmc shzc `fl gufb-

thjfs jg hts n`fos `fl a`bo jg cxpcrthsc. Nut tmc ^jyà Ejfct`ry @utmjrhty jgNmut`f hs cfbjur`khfk n`fos tj lcvcajp tmchr jwf hftcrfà brclht r`thfk sys-tces `fl rhso e`f`kcecft tcbmfhqucs. Rjec fff`fbhà hfsthtuthjfs `rc àrc`ly


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Trulcfthà ^ckua`thjfs gjr N`fos hf Rjutm @sh` 08

strcfktmcfhfk tmchr hftcrfà bjftrjas `fl systces. Jfc n`fo m`s gjrecl `lcp`rtecft tj `sscss `fl e`f`kc rhso.

Hflh` m`s hssucl bjeprcmcfshvc kuhlcahfcs gjr hepacecft`thjf jg N`sca HH.Gjrchkf n`fos jpcr`thfk hf Hflh` `fl Hflh`f n`fos whtm jpcr`thjfs jutshlc tmc

bjuftry m`vc ehkr`tcl tj tmc N`sca HH grècwjro shfbc E`rbm >44=. @aa jtmcrbjeecrbhà n`fos (cxbcpt ajbà rc` n`fos fl rckhjfà rurà n`fos) ehkr`tcl tjtmc fcw grècwjro ny E`rbm >448.

@aa bjeecrbhà n`fos hf Hflh` (cxbaulhfk ajbà `rc` n`fos `fl rckhjfà ruràn`fos) `rc rcquhrcl tj `ljpt tmc Rt`fl`rlhzcl @pprj`bm gjr brclht rhso `fl tmcN`shb Hflhb`tjr @pprj`bm gjr jpcr`thjfà rhso. N`fos `rc tj bjfthfuc tj `ppaytmc Rt`fl`rlhzcl Lur`thjf @pprj`bm gjr bjeputhfk b`phtà rcquhrcecfts gjre`roct rhso. \mcy fccl `pprjvà grje tmc ^cscrvc N`fo jg Hflh` tj ehkr`tctj tmc Hftcrfà ^`thfksN`scl @pprj`bm gjr brclht rhso `fl tmc Rt`fl`rlhzcl@pprj`bm jr @lv`fbcl Ec`surcecft @pprj`bm gjr jpcr`thjfà rhso. Hflh`rcbjkfhzcs tm`t sjec bmàacfkcs eust nc ect ncgjrc ejvhfk tjw`rl `lv`fbcltcbmfhqucsrca`thfk ejstay tj hssucs hf subm `rc`s `s rhso e`f`kcecft, r`t-hfk, b`p`bhty nuhalhfk, `fl bjrpjr`tc kjvcrf`fbc (Acca`lm`r >44;). \mc ^cscrvcN`fo jg Hflh` hs wjrohfk tjw`rl `llrcsshfk tmcsc hssucs.

Eàlhvcs hs e`tcrhàay hf bjepah`fbc whtm N`sca H, wmhac N`sca HH rce`hfs ` wjrohf prjkrcss. \mc Eàlhvcs Ejfct`ry @utmjrhty hssucl fcw b`phtà kuhlcahfcs hf>448 àajwhfk n`fos tj `ppay tmc N`sca HH ectmjls gjr bjeputhfk b`phtà rcquhrc-ecfts. Hfhthàay n`fos eust usc tmc Rt`fl`rlhzcl @pprj`bm `fl N`shb Hflhb`tjr@pprj`bm tj cst`nahsm b`phtà rcquhrcecfts (Thaa`r H) nut eust fjt m`vc ` acvcr`kcb`phtà r`thj acss tm`f 3.4 pcrbcft. \mc lcqu`by jg n`fos b`phtà rce`hfs sunicbttj supcrvhsjry rcvhcw (Thaa`r HH) `fl e`roct lhsbhpahfc (Thaa`r HHH), `fl mhkmcr b`ph-

tà acvcas e`y nc rcquhrcl lcpcflhfk jf tmc n`fos rhso prjffac `fl `bthvhthcs.3

Fcpà hssucl ` shepahffcl vcrshjf jg tmc N`sca HH grècwjro cggcbthvc grje>44=. Jf ` trhà n`shs `fl hf `fthbhp`thjf jg tmc tr`fshthjf tj N`sca HH hf >448,n`fos wcrc aajwcl tj usc N`sca H hf p`ràaca whtm tmc fcw bbjrl tj rcpjrt b`phtàrcquhrcecfts. \mc fcw kuhlcahfcs prcsbrhnc tmc usc jg ` shepahffcl st`fl`rlhzcl`pprj`bm gjr brclht rhso, ` n`shb hflhb`tjr `pprj`bm gjr jpcr`thjfà rhso, `fl `fhflhkcfjus fct jpcf cxbm`fkc ejlca gjr e`roct rhso. \mhs `pprj`bm ny Fcpà^`str` N`fo scces tj nc pr`bthbà jfc khvcf tmc strubturc jg n`fohfk jpcr`thjfshf Fcpà fl tmc bmàacfkcs g`bcl ny hts n`fos, hfbaulhfk a`bo jg rhso e`f`kcecfttjjas `fl cxpcrthsc? `nscfbc jg brclht r`thfk `kcfbhcs `fl hftcrfà r`thfks? `flk`ps hf l`t`, hfgjre`thjf, `fl lhsbajsurc pr`bthbcs. [mhac tmc a`bo jg cxtcrfàrhso `sscssecfts ec`fs tm`t tmc brclht rhso ec`surcecft hs sjecwm`t sheha`r tjtmc N`sca H ectmjl, tmc cxp`flcl rhso wchkmts `fl rcbjkfhthjf jg rhso ehthk`-thjf tcbmfhqucs `rc wcabjec `llhthjfs. \mc b`phtà bm`rkc gjr jpcr`thjfà rhsohs ec`surcl `s ` pcrbcft`kc jg tmc prcvhjus tmrcc yc`rs `vcr`kc hfbjec. E`roctrhso hs ahehtcl tj gjrchkf cxbm`fkc rhso ec`surcl ny ` fct jpcf pjshthjf ejlca.@atmjukm Fcpà fccls tj `llrcss hts bmàacfkcs ncgjrc ejvhfk tjw`rl ejrc`lv`fbcl `pprj`bmcs, hts shepahffcl, pr`bthbà `pprj`bm hs ` eìjr stcp gjrw`rl.

Hf Tòhst`f, àa n`fos wcrc rcquhrcl tj `ljpt tmc Rt`fl`rlhzcl @pprj`bm gjrbrclht fl e`roct rhso fl tmc N`shb Hflhb`tjr jr Rt`fl`rlhzcl @pprj`bm gjr jpcr-`thjfà rhso nckhffhfk I`fu`ry 0, >44=. N`fos wcrc `lvhscl tj `ljpt ` p`ràaca ruf

jg twj yc`rs gjr tmc Hftcrfà ^`thfksN`scl @pprj`bm jf tm`t l`tc `fl tj rcpjrttmchr b`phtà `lcqu`by uflcr N`sca HH wmhac bjfthfuhfk tj suneht bàbua`thjfsn`scl jf N`sca H uftha tmc Rt`tc N`fo jg Tòhst`f (RNT) hssucs hfstrubthjfs tj stjp


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>4 Kctthfk Ghf`fbc hf Rjutm @sh` >404

ljhfk sj. N`fos hf Tòhst`f m`vc àrc`ly e`lc eìjr `lv`fbcs hf hepacecfthfktmc fcw grècwjro, àtmjukm e`fy sthaa g`bc bmàacfkcs hf subm `rc`s `s hftckr`tclrhso e`f`kcecft pjahby `fl bjaa`tcrà e`f`kcecft. N`fos m`vc nccf mèpcrclny tmc ahehtcl `v`ha`nhahty jg cxtcrfà brclht r`thfks jg bjuftcrp`rts hf Tòhst`f.

\mc RNT hs wjrohfk whtm n`fos tj ecct tmcsc bmàacfkcs `fl prjvhlc kuhl`fbc.Sflcr tmc RNTs hfstrubthjfs, `ljpthjf jg tmc Gjufl`thjf jr @lv`fbcl Hftcr-fà ^`thfksN`scl @pprj`bm gjr brclht rhso `fl tmc Hftcrfà Ejlcas @pprj`bmgjr e`roct rhso hs jpthjfà `fl b`f nc ljfc jfay whtm prhjr wrhttcf `pprjvà jgtmc RNT. Fj n`fo m`s `socl gjr pcrehsshjf tj nckhf hepacecfthfk tmc `lv`fbcl`pprj`bmcs, àtmjukm sjec jg tmc a`rkcr n`fos b`f nc cxpcbtcl tj jpt gjr tmcsc`pprj`bmcs hf tmc fcxt gcw yc`rs (RNT >448n). Ec`fwmhac, tmc RNT m`s rcquhrcl aan`fos tj b`rry jut hftcrfà rhso r`thfks tj gjrbc tmce tj rcvhcw tmchr rhso e`f`kc-ecft systces `fl b`p`nhahthcs.

\mc Bcftrà N`fo jg Rrh A`fo` (BNRA) `ljptcl tmc N`sca HH b`phtà `lcqu`byst`fl`rls gjr aa ahbcfscl n`fos cggcbthvc I`fu`ry >44=. @bbjrlhfkay, aa n`fos rcrcquhrcl tj gjaajw tmc Rt`fl`rlhzcl @pprj`bm gjr brclht rhso, tmc Rt`fl`rlhzclEc`surcecft @pprj`bm gjr e`roct rhso, `fl tmc N`shb Hflhb`tjr @pprj`bm gjrjpcr`thjfà rhso. E`roct rhso m`s nccf hfbjrpjr`tcl hftj tmc b`phtà `lcqu`byr`thj shfbc >447. Ny tmc cfl jg Iufc >44= àa bjeecrbhà n`fos jpcr`thfk hf RrhA`fo` m`l swhtbmcl tj tmc N`sca HH grècwjro. \mc b`phtà lcqu`by r`thjs jg tmcn`fohfk scbtjr rce`hf wcaa `njvc tmc ehfheue rckua`tjry st`fl`rls.

\mc BNRA whaa pcreht n`fos tj smhgt tj ejrc `lv`fbcl `pprj`bmcs jfbc htcfsurcs tm`t tmcy m`vc tmc `pprjprh`tc ejlcas `fl rhso e`f`kcecft systces.Nut hssucs rca`thfk tj cxtcrfà r`thfk `kcfbhcs, rhso e`f`kcecft b`p`bhthcs hf tmcn`fohfk scbtjr, `fl k`ps hf l`t` `fl hfgjre`thjf whaa fccl tj nc `llrcsscl ffrst.

\mc BNRA hs `llrcsshfk tmcsc hssucs tmrjukm scvcrà cggjrts9 hepacecfthfk `fhftckr`tcl rhso e`f`kcecft grècwjro gjr n`fos, hssuhfk kuhlcahfcs jf e`turhtyk`p `fàyshs, hftrjlubhfk rckua`tjry ahehts jf fck`thvc ehse`tbmcs hf `ssct `flah`nhahty e`turhty prjffacs, `fl hfhth`thfk lr`gt kuhlcahfcs jf Thaa`r HH jg N`sca HH(BNRA, @ffuà ^cpjrt, >44=).

N`sca HH rcquhrcs tm`t n`fos r`tc tmchr bjrpjr`tc bustjecrs, `fl Rjutm @sh`fbjuftrhcs, cspcbhàay tmjsc ushfk `lv`fbcl ectmjls, smjual hftrjlubc tmhsrcquhrcecft. Hflh` m`s àrc`ly st`rtcl tmc prjbcss, nut jtmcrs m`vc yct tj gjaajw.N`sca HH àsj rcquhrcs tm`t n`fos prcscft ajsscs luc tj jpcr`thjfà rhsos jf tmcn`shs jg Hftcrf`thjfà @bbjufthfk Rt`fl`rls hf tmchr fff`fbhà rcpjrthfk. N`fosushfk tmc Rt`fl`rlhzcl @pprj`bm `fl tmjsc whsmhfk tj ejvc tj tmc @lv`fbclEc`surcecft @pprj`bm uflcr N`sca HH smjual nckhf nuhalhfk up l`t`n`scs jfjpcr`thjfà ajsscs `fl suneht subm l`t` tj tmc rckua`tjry ùtmjrhthcs.

[mhac N`sca HH rcquhrcs tm`t ajss l`t` nc rcpjrtcl jf f Hftcrf`thjfà @bbjuft-hfk Rt`fl`rls n`shs, fff`fbhà rcpjrthfk st`fl`rls tcfl tj lhggcr èjfk Rjutm@sh`f bjuftrhcs. \mc bcftrà n`fos jg Tòhst`f fl Rrh A`fo` fl sjec bjeecr-bhà n`fos hf Hflh` `fl Eàlhvcs usc Hftcrf`thjfà @bbjufthfk Rt`fl`rls. N`foshf @gkm`fhst`f, wmhbm a`bos ` ajbà `bbjufthfk njly, `rc rcquhrcl tj gjaajw Hftcr-f`thjfà @bbjufthfk Rt`fl`rls. Hf sjec bjuftrhcs (N`fka`lcsm, Hflh`, Fcpà,`fl Rrh A`fo`), bjeecrbhà n`fos ljpt tmc bbjufthfk st`fl`rls hssucl ny tmchrajbà `bbjufthfk hfsthtuthjf jr njly, wmhbm e`y jr e`y fjt nc jf ` p`r whtm

hftcrf`thjfà st`fl`rls. Nmut`f gjaajws Hflh`f `bbjufthfk st`fl`rls ncbùsc hta`bos f`thjfà bbjufthfk njly.


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Trulcfthà ^ckua`thjfs gjr N`fos hf Rjutm @sh` >0

@ssct Puàhty

Sshfk qu`ftht`thvc, thec-n`scl brhtcrh`, n`fos fccl tj rcbjkfhzc fjfpcrgjrehfk`sscts, tmcf trc`t tmce `pprjprh`tcay whtm rcspcbt tj tmc `bbruà jg hftcrcst, ba s-shgy tmce `bbjrlhfk tj tmchr uathe`tc bjaacbthnhahty, `fl eòc `lcqu`tc prjvhshjfstj bjvcr pjtcfthà ajsscs jf tmc n`shs jg tmcsc ba`sshffb`thjfs. \mc rcbjkfhthjf jgfjfpcrgjrehfk sscts stheua`tcs bjaacbthjf cggjrts fl mcaps rclubc tmc pjsshnha-hty jg ajss.

Hftcrf`thjfà ncst pr`bthbc hs tj ba`sshgy ` aj`f `s fjfpcrgjrehfk hg tmc prhfbhpàjr hftcrcst (jr njtm) hs tmrcc ejftms jr ejrc hf `rrc`rs jr hg tmc aj`f bjfthfujusaycxbccls hts `pprjvcl ahehts (sct ny tmc acflhfk n`fo, subm `s gjr vàuc tmrcsmjals)gjr tmrcc ejftms jr ejrc. Lcnt hs ba`sshffcl `s ljuntgua hg p`st luc gjr 2 ejftms,sunst`fl`rl hg p`st luc gjr 7 ejftms, fl n`l hg p`st luc gjr 0>. Puàht`thvc cvàu-`thjfs subm `s rhso `sscssecft, bjaa`tcrà, `fl rcp`yecft b`p`bhty e`y àsj bùsc àj`f tj nc ba`sshffcl hf `fy jg tmcsc b`tckjrhcs.

Bjeecrbhà n`fos hf Rjutm @sh` ba`sshgy lv`fbcs tm`t rc hf rrc`rs gjr tmrccejftms jr ejrc `s fjfpcrgjrehfk cxbcpt hf @gkm`fhst`f, wmcrc n`fos ba`sshgyaj`fs p`st luc gjr twj ejftms `s fjfpcrgjrehfk. N`fos `brjss Rjutm @sh` bjf-thfuc tj ba`sshgy fjfpcrgjrehfk aj`fs hftj lhggcrcft b`tckjrhcs n`scl jf lhggcrcftthec grècs (scc `ppcflhx t`nac @0.2 ejftms hf @gkm`fh-st`f tj 70> ejftms hf Rrh A`fo`. Aj`fs `rc ba`sshffcl hf tmc ljuntgua b`tckjry hgtmcy `rc p`st luc gjr ` pcrhjl r`fkhfk grje 27 ejftms hf @gkm`fhst`f tj 0>>< ejftms jrejrc hf Nmut`f. Hf ejst bjuftrhcs, ` ajfkcr pcrhjl `ppahcs uflcr c`bm b`tckjrygjr ajfk-tcre aj`fs subm `s `krhbuaturà aj`fs jr ajfk-tcre ffxcl aj`fs. ^ckua`-thjfs hf aa Rjutm @sh`f bjuftrhcs asj rcquhrc tmc usc jg quàht`thvc brhtcrh` hf tmcba`sshffb`thjf prjbcss.

Bjeecrbhà n`fos hf Rjutm @sh` rc rcquhrcl tj ba`sshgy fjfpcrgjrehfk ssctshftj lhggcrcft b`tckjrhcs n`scl jf mjw ajfk tmcy m`vc rce`hfcl fjfpcrgjrehfk`fl wmctmcr tmc èjufts luc `rc bjaacbthnac `fl tmcf tj eòc prjvhshjfs gjrtmce. @aa bjuftrhcs hf tmc rckhjf cxbcpt @gkm`fhst`f àsj rcquhrc n`fos tj prjvhlcgjr st`fl`rl (jr pcrgjrehfk) aj`fs, s p`rt jg kcfcrà prjvhshjfs. \mc r`tcs r`fkcgrje 4.>3 pcrbcft gjr st`fl`rl prhjrhty scbtjr aj`fs hf Hflh` tj 3 pcrbcft gjr st`f-l`rl bjfsuecr aj`fs hf N`fka`lcsm `fl ufscburcl bjfsuecr aj`fs hf Tòhst`f

(scc `ppcflhx t`nac @0.3). Hf @gkm`fhst`f kcfcrà prjvhshjfs `rc cfbjur`kcl gjrst`fl`rl aj`fs tj fjffff`fbhà hfsthtuthjfs

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Getting Finance in South Asia 2010: Indicators and Analysis of the Commercial Banking Sector

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