the changing landscape of colombia’s pension fund industry
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8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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icidlst ily pirtdeu`ir dlvbstfblts. Lbdtgbr tgds pun`dei-
tdml lmr ily pirt mj dt fiy nb rbprmaueba dl ily jmrf mr ny
ily fbils wdtgmut prdmr emlsblt mj I`tbrlitdvb Bfbrcdlc
Dlvbstmr.
Dl i wmr`a mj bvbr dlerbisdlc emfp`bxdty, tgb i`tbrlitdvb dlvbstfblts dlaus-
try ds ifmlc tgb fmst emfp`bx, jrmf quiltdtitdvb ili`ysds ila n`ieh nmx
gbacb stritbcdbs tm FNU, ^BDQs, @NMs, UDZEIZ ∞ tgb `dst cmbs ml. Qgb
iermlyfs i`mlb irb blmucg tm nmcc`b tgb fdla. Is wb erbitb fmrb dltrd-
eitb wiys tm dlerbisb mur rbturls dt nbemfbs bisy tm jmrcbt inmut tgb ulabr`ydlc
julaifblti` lbbas ml wgdeg smfb mj tgbsb dlstrufblts irb nisba? sgb`tbr (rbi`
bstitb), gbit (blbrcy), e`mtgdlc (rbtid`), ila jmr mur dssubs jmeus, jmma (emffmad-tdbs/icrdnusdlbss).
D la icrdnusdlbss tm nb fmrb eruedi` tm tgb abvb`mpfblt mj bfbrcdlc firhbts
tgil mtgbr sbetmrs, jmr twm rbismls? Jdrst, emfpirba wdtg mtgbr dlaustrdbs, tgb
riw fitbrdi`s lbbaba tm nud`a i rmnust icrdnusdlbss sbetmr mrdcdlitb jrmf tgbsb
emffmadty-nisba bemlmfdbs. Ubemla, fmst pbmp`b wmu`a icrbb tgit dt—s bisdbr tm
fihb piehicba mur tgil dt ds tm fihb il d[ia. Jmr il bfbrcdlc bemlmfy tm crmw
dltm i abvb`mpba bemlmfy, mlb mj tgb rst stbps ds tgb prmcrbssdml jrmf bxpmrtbr
mj riw cmmas ila dfpmrtbr mj ldsgba cmmas tm fbbtdlc dltbrli` abfila jmr l-
dsgba cmmas ila i`sm bxpmrtdlc tgbf. Qgds i`sm prmvdabs il bxeb``blt mppmrtuldty
jmr dlvbstmrs, wgm eil eipdti`dzb ml tgb ivid`ind`dty mj `ila, dltbrli` ila bxtbrli`abfila jmr prmauets, ila `mw `bvb`s mj dlvbstfblt, tbeglm`mcy ila dljristrueturb.
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mj mur dlvbstfblts, tgb rbturl jmr dlvbstmrs ila tgb nblbt tm bfbrcdlc firhbts
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8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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tdbs is il ittbfpt tm blcdlbbr i emfpbtd-
tdvb abvi`uitdml mj tgb am``ir ila wmrrdba
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dlmws, ardvdlc up tgbdr bxegilcb ritbs.
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i suaabl stmp dl eipdti` dlmws wgbl R.U.
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nbbl wb`` jmulaba. Is tgb tdt`b mj i rb-
eblt pipbr pun`dsgba ny tgb Dltbrlitdmli`
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ti` J`mws irb Jdeh`b? Ilytdfb, Ily-
wgbrb.‖ Qgb fbrb illmulebfblt tgit tgb
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mwba dltm bfbrcdlc firhbts mvbr tgb ist
jbw ybirs, ila wgy tgb bxtbrli` ieemults
mj sm fily mj tgbf givb swulc dltm ab-
edt. Qgb rbi` eu`prdt ds tgb burm.
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eiusb Ifbrdei—s bxtbrli` abedt gis lmt
egilcba sdcldeilt`y dl rbeblt ybirs.
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bemlmfde tgbmry? dl emladtdmls ipprmieg-
dlc i `dqudadty trip, tgb dfpiet mj uleml-
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emladtdmls ila abfila ds `dhb`y tm nb
fmabst.
Burm Lbfbsds
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Jmeus
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Jmeus
Dlabba, tgb ivid`in`b fmab`s tb`` us tgit, tm
tgb bxtblt tgit il bxpilsdmliry fmlbtiry
pm`dey ietui``y ambs givb il dfpiet ml tgb
bemlmfy, dts bjjbet ml tgb eurrblt ieemult
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ritb sgmu`a nb mjjsbt ny `ircbr dfpmrts aubtm tgb dlerbisb dl amfbstde abfila.
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ila dts rbeblt bemlmfde rbvdvi` gis nbbl
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bxpmrts ila dfpmrts. Qgb dfpiet mj tgb
virdmus rmulas mj quiltdtitdvb bisdlc ml
bfbrcdlc firhbts (ila ml tgb rbst mj tgb
wmr`a) gis tgus nbbl ipprmxdfitb`y lbu-
tri`.
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dfpiet ml tgb burmzmlb—s eurrblt ieemult,
wgdeg gis swulc jrmf i abedt mj i`fmst
RU$9;; nd``dml dl >;;7 tm i surp`us mj i`-
fmst RU$5;; nd``dml tgds ybir. Qgds wis i
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mws tm tgb burmzmlb—s smutgbrl fbfnbrs,
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eurrblt ieemults jrmf i emfndlba ab-
edt mj RU$5;; nd``dml vb ybirs icm tm i
sfi`` surp`us tmaiy. Nbeiusb tgb bxtbrli`-
surp`us emultrdbs mj tgb burmzmlb—s lmrtg,
Cbrfily ila tgb Lbtgbr`ilas, ada lmt bx-
pila tgbdr abfila, tgb burmzmlb mvbri`` ds
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ieemult surp`us ― bxebbadlc bvbl tgit mj
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blcicdlc dl emfpbtdtdvb eurrbley fildpu-
`itdml.
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RU$1;; nd``dml dl tgb burmzmlb—s eurrblt-
ieemult ni`ileb ada lmt rbsu`t jrmf i
‐emfpbtdtdvb abvi`uitdml‖ ― tgb burm gis
rbfidlba strmlc. Um tgb rbi` rbisml jmr tgb
burmzmlb—s `ircb bxtbrli` surp`us tmaiy
ds tgit dltbrli` abfila gis nbbl sm wbih
tgit dfpmrts givb nbbl prietdei``y sticlilt
mvbr tgb `ist vb ybirs (tgb ivbricb illui`
crmwtg ritb wis i pi`try ;.>2%).
Qgb eiusb mj tgds stitb mj ijjidrs, dl mlb
wmra, ds iustbrdty. Sbih abfila dl Burmpb
ds tgb rbi` rbisml bfbrcdlc firhbts— eur-
rblt ieemults abtbrdmritba (ila, wdtg tgb
bxebptdml mj Egdli, swulc dltm abedt).
Qgus, dj ilytgdlc, bfbrcdlc-firhbt `bia-
brs sgmu`a givb emfp`idlba inmut Burm-
pbil iustbrdty, lmt inmut R.U. quiltdtitdvb
bisdlc. Jba Egidrfil Nbl Nbrlilhb—s ti`h
mj ‐tipbrdlc‖ quiltdtitdvb bisdlc fdcgt
givb trdccbrba tgb eurrblt nmut mj dlstind`-
dty, nut bfbrcdlc firhbts— ulabr`ydlc vu`-
lbrind`dty wis fiab dl Burmpb.
Qgb eh`blbss mj eipdti` firhbts pmsbs
mleb icidl tgb piriamx mj tgrdjt. Is eipdti`
wdtgariws jrmf bfbrcdlc firhbts, tgbsbemultrdbs smml wd`` nb jmreba tm iampt tgbdr
mwl iustbrdty fbisurbs ila rul eurrblt-
ieemult surp`usbs, fueg `dhb tgb burmzmlb
pbrdpgbry tmaiy. Nut wgm wd`` tgbl nb in`b
― ila wd``dlc ― tm rul abedts=
Qwm mj tgb wmr`a—s tgrbb ircbst bemlmfdbs
emfb tm fdla? Egdli, cdvbl tgb strblctg mj
dts ni`ileb sgbbt, ila tgb burmzmlb, cdvbl
tgb burm—s stitus is i rbsbrvb eurrbley. Nut
nmtg ippbir emffdttba tm rulldlc `ircbsurp`usbs (dlabba, tgb twm `ircbst dl tgb
wmr`a). Qgds dfp`dbs tgit, ul`bss tgb R.U.
rbsufbs dts rm`b is emlsufbr mj `ist rbsmrt,
tgb `itbst nmut mj liledi`-firhbt odttbrs
wd`` wbihbl tgb c`mni` bemlmfy icidl.
Ila ily c`mni` rbemvbry prmfdsbs tm nb
ulni`ileba ― tgit ds, dj dt fitbrdi`dzbs it
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8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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mvbr c`mni` fiermbemlmfde
trblas gis eiusba emlsdabrin`b
ilxdbty, wdtg ammfsiybrs prbadetdlc tgit
amunts inmut R.U. abnt sustidlind`dty wd``
jmreb Egdli tm sb`` mjj dts gm`adlcs mj R.U.
abnt. Qgds wmu`a ardvb up dltbrbst ritbs dl
tgb R.U. ila, u`tdfitb`y, emu`a trdccbr tgb
am``ir—s em``ipsb.
Nut sb``dlc mjj R.U. Qrbisury sbeurdtdbs, dtwis ircuba, wis lmt dl Egdli—s dltbrbst,
cdvbl tgit dt wmu`a ardvb up tgb rblfdlnd—s
bxegilcb ritb icidlst tgb am``ir, adfdldsg-
dlc tgb amfbstde vi`ub mj Egdli—s rbsbrvbs
ila ulabrfdldlc tgb bxpmrt sbetmr—s emf-
pbtdtdvblbss. Dlabba, i R.U. abjblsb ab-
pirtfblt rbpmrt `ist ybir ml tgb litdmli`
sbeurdty dfp`deitdmls mj Egdli—s gm`adlcs
mj R.U. abnt emle`uaba tgit ‐ittbfptdlc tm
Qgb >9st-ebltury bemlmfy gis tgus jir nbbl sgipbany eipdti` mws jrmf Egdli tm tgb Rldtba Utitbs ― i
pittbrl tgit gis supprbssba c`mni` dltbrbst ritbs, gb`pba
tm rbitb tgb abvb`mpba wmr`a—s `bvbricb nunn`b, ila,
tgrmucg dts dfpiet ml tgb eurrbley firhbt, jub`ba
Egdli—s fbtbmrde rdsb. Nut tgbsb wbrb lm mradliry
eipdti` mws. ^itgbr tgil nbdlc ardvbl ny adrbet mr
pmrtjm`dm dlvbstfblt, tgby eifb prdfird`y jrmf tgb
[bmp`b—s Nilh mj Egdli ([NME), is dt ifissba RU$5.2
trd``dml dl jmrbdcl rbsbrvbs ― `ircb`y R.U. Qrbisury
sbeurdtdbs.
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Jmeus
usb R.U. Qrbisury sbeurdtdbs is i embredvb
tmm` wmu`a givb `dfdtba bjjbet ila `dhb`y
wmu`a am fmrb girf tm Egdli tgil tm tgb
XR.U.V.‖
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bemlmfde gdstmrdils Ldi`` Jbrcusml ila
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fbrdei.‖ Qgb dlvmeitdml mj tgb egdfbri
mj Crbbh fytgm`mcy ― i fmlstrmus, rb-
nrbitgdlc ifi`cif mj `dml, cmit ila aric-
ml ― fihbs tgb tbrf i`` tgb fmrb ipprm-
prditb, cdvbl tgit Egdfbrdei gis cblbritba
fissdvb ila tbrrdjydlc adstmrtdmls dl tgb
c`mni` bemlmfy tgit eillmt nb emrrbetba
wdtgmut sbrdmus emlsbqublebs.
Dl >;;4, tgbsb adstmrtdmls `ba Jbrcusml
ila Uegu`irdeh tm jmrbeist Egdfbrdei—s
em``ipsb ― i prbadetdml tgit sbbfs tm nb
emfdlc trub. Sdtg tgb rbsbrvbs— `mlc-tbrf
bjjbets ml Egdli—s dltbrli` bemlmfde ay-
lifdes li``y tihdlc gm`a, sb``dlc mjj jmr -
bdcl-bxegilcb rbsbrvbs ds lmw dl Egdli—s
dltbrbst.
Mvbr tgb `ist abeiab, tgb vist quiltd-
tdbs mj sgmrt-tbrf eipdti` tgit wbrb nb-
dlc pufpba dltm Egdli—s nilhdlc systbf
armvb emffbredi` nilhs ila mtgbr -
liledi` dlstdtutdmls tm bxpila erbadt sun-
stiltdi``y, bspbedi``y tgrmucg tgb sgiamw
nilhdlc systbf, `biadlc tm i fissdvb
erbadt nunn`b ila sbvbrb mvbr-dlvbstfblt.
Dl mrabr tm filicb tgb rbsu`tdlc dlerbisb
dl rdsh, Egdli—s lbw `biabrs irb lmw rb-
jusdlc tm prmvdab jurtgbr `dqudadty dlobe-tdmls, is wb`` is eurndlc mils tm ulprmt-
in`b sbetmrs.
Nut tgbsb bjjmrts emu`a trdccbr i liledi`
erdsds, rbqudrdlc Egdli tm dldtditb i fiomr
rbeipdti`dzitdml mj tgb nilhdlc systbf. Dl
sueg i seblirdm, lml-pbrjmrfdlc `mils dl
Egdli—s nilhdlc systbf wmu`a prmnin`y
ifmult tm rmucg`y RU$9 trd``dml.
Qgb fmst mnvdmus fbils mj rbeipdti`dzdlc
Egdli—s nilhs wmu`a nb tm dlobet rblfdl-
nd-ablmfdlitba cmvbrlfblt abnt dltm tgb
nilhdlc sbetmr. Nut Egdli—s tmti` pun`de
abnt, dle`uadlc mjj-ni`ileb-sgbbt `mei`-
cmvbrlfblt liledlc vbgde`bs, prmnin`y
ifmults tm irmula 3;% mj CA[ i`rbiay.
sueg i stritbcy, tgby prmnin`y wmu`a 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
wmu`a 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 wmu`a 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, wmu`a
std`` strblctgbl Egdli—s eurrbley. Nut tgb
rdsb wmu`a fmst `dhb`y nb mjjsbt ny eipdti`
mutmws, is `mmsbr eipdti` emltrm`s wmu`a
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
(bxe`uadlc 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
wmu`a lbcitb tgb dfpiet mj fmlbtiry
pm`dey it gmfb, ardvdlc up nmrrmwdlc
emsts ila dfpbadlc CA[ crmwtg, tgb Jba
sgmu`a nb rbiay tm sustidl quiltdtitdvb
bisdlc dl tgb bvblt mj i Egdlbsb liledi`erdsds.
Ijtbr spbladlc ybirs ittbfptdlc tm dlsu-
`itb 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 wmu`a julaifblti``y rbablb
― ila, mlb gmpbs, rbni`ileb ― R.U.-Egdli
rb`itdmls.
Abspdtb abnitb mvbr tgb abtid`s, tgb eml-e`usdml 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;;% wmu`a nb dl Egdli—s
`mlc-tbrf dltbrbst.
Bvbl dj Egdli—s `biabrs abedaba tgit tgby
gia tgb lbebssiry sei` `itdtuab tm pursub
Qm abserdnb
tgb syfndmtde
rb`itdmlsgdp
nbtwbbl Egdli—s
bxpmrt-`ba CA[
crmwtg ila
Ifbrdei—s bxebssdvb
emlsufptdml, tgb
bemlmfde gdstmrdils
Ldi`` Jbrcusml ila Fmrdtz Uegu`irdeh
emdlba tgb tbrf
‐Egdfbrdei.‖
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Jmeus
Irb Bfbrcdlc
FirhbtsUunfbrcdlc=
z Hbllbtg ^mcmjj
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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 rb`itdvb`y fmabritb sgmehs
givb eiusba sueg prmjmula triufi dl
bfbrcdlc firhbts fihbs mlb wmlabr wgit
prmn`bfs i fmrb arifitde sgdjt wmu`a trdc-cbr. Am bfbrcdlc bemlmfdbs givb tgb ei-
piedty tm rbiet, ila wgit hdla mj pm`dedbs
wmu`a 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 sgmu`a p`ieb fueg crbitbr bfpgisds ml
abnt wrdtb-amwls ila rbstrueturdlc tgil dt
gis dl tgb pist=
Qgb firhbt gis nbbl pirtdeu`ir`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 Zblbzub`i 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 vm`itd`-
dty, bvbl dj tgb `ittbr crins fmrb gbia`dlbs.
Bqudty ila nmla firhbts dl tgb abvb`mpdlc
wmr`a rbfidl rb`itdvb`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 e`iss tgit emu`a 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, ^ussdi ila
Ldcbrdi ― nmistba smirdlc fdaa`b-e`iss
pmpu`itdmls 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 ― sgmu`a 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 `itb 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 `ist.
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 wmu`a nb ulamlb, nilhs
wmu`a jid`, tgb pmmr wmu`a sujjbr adsprm-
pmrtdmlitb`y, ila crmwtg wmu`a ji`tbr.
I`tbrlitdvb`y, emultrdbs emu`a dfpmsb
strdetbr eipdti` emltrm`s ila liledi`-
firhbt rbcu`itdmls tm `meh dl sivbrs, is
tgb iavileba emultrdbs ada ijtbr Smr`a
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 wmr`a wis crmwdlc ldeb`y,
wgd`b tgb iavileba emultrdbs wbrb vdrtu-
i``y sticlilt. Nusdlbssbs nbcil tm sbb i
Qgb firhbt gis
nbbl pirtdeu`ir`y
nruti` tmemultrdbs tgit
lbba tm lileb
sdcldeilt
mlcmdlc eurrblt-
ieemult abedts,
sueg is Nrizd`,
Dladi, Umutg
Ijrdei ila
Dlamlbsdi.
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Dj tgb bfbrcdlc-firhbt s`mwamwl wbrb tm
turl dltm smfbtgdlc wmrsb, lmw mr dl i jbw
ybirs, ds tgb wmr`a prbpirba= Gbrb, tmm,
tgbrb ds sbrdmus eiusb jmr emlebrl.
Qgb c`mni` nilhdlc systbf ds std`` wbih
dl cblbri`, ila pirtdeu`ir`y sm dl Burmpb.Qgbrb ds emlsdabrin`b ulebrtidlty inmut
gmw tgb DFJ wmu`a ipprmieg il bfbrc-
dlc-firhbt erdsds ijtbr dts bxpbrdbleb dl
Burmpb, wgbrb dt gis gia tm ni`ileb 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, dle`uadlc 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 It`iltde, tgb pm`dtd-
ei` pm`irdzitdml dl Sisgdlctml ds adstrbss-
dlc, wdtg ilmtgbr abnt ebd`dlc abnie`b
`mmfdlc. Qmaiy—s rbtrbit tm iavileba-emultry issbt firhbts emu`a qudeh`y rbvbrt
tm rbtrbit jrmf tgbf.
Qgb bfbrcdlc-firhbt s`mwamwl mucgt tm
nb i wirldlc sgmt tgit smfbtgdlc fueg
wmrsb emu`a gippbl. Mlb eil ml`y gmpb
tgit dj tgit aiy sgmu`a bvbr irrdvb, tgb
wmr`a wd`` nb nbttbr prbpirba tgil dt ds
rdcgt lmw.
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Bfbrcdlc
Bemlmfdbs—
Fdsdlsurileb[rmn`bf z Cblb Jrdbai
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Mvbr tgb `ist 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 ― pirtdeu`ir`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
`itb 944;s, bfbrcdlc bemlmfdbs nbcil
tm ieeufu`itb 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 `ist emult ―
bjjbetdvb`y nbemfdlc mvbr-dlsurba icidlst
bxtbrli` ni`ileb-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 p`uffbtba, jub`dlc prdvitb-
sbetmr erbadt nmmfs dl fily mj tgb `ircbst
bfbrcdlc firhbts, dle`uadlc 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 emltbfp`itbs 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
vm`itd`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
`ist 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 wmu`a 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 wmr`a, 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 `ircb`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 wmu`a
lmt pmsb i sbvbrb
tgrbit tm bemlmfde
pbrjmrfileb.
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em``itbri`dzitdml mj rbi` prmpbrty, wgdeg ds
nb`dbvba tm rbtidl dts vi`ub 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 wmu`a 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-`istdlc ― 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 `ist 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
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Jmeus
Qgb nbst wiy tm cidl bxpmsurb ila eipdti`dzb ml bfbrcdlc firhbt cidls ds tgrmucg i`tbrlitdv
issbt e`issbs. 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` p`iybrs
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, rbcu`itdml 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
Ivid`in`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``ir
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Jmeus
Nrdacdlc tgb It`iltde ds i ab-
serdptdvb stuay mj Nrizd`—s
dlvm`vbfblt wdtg emultbr- pirts dl sun-Uigiril Ijrdei
mvbr tgb `ist abeiab tgrmucg hlmw`bacb
bxegilcb, triab ila dlvbstfblts. Qgb mn-
obetdvb mj tgb stuay ds tm ulabrstila tgbsb
rb`itdmls nbttbr wdtg tgb dltblt tm jmrcb
emlerbtb ila futui``y nblbedi` pirtlbr -
sgdps nbtwbbl Nrizd` ila sun-Uigiril Ij-
rdei. Qwm b`bfblts bxp`idl tgb jmeus ml
tgb `ist abeiab. Jdrst, i`tgmucg Nrizd` ila
sun-Uigiril Ijrdei givb dltbrietba wdtg
mlb ilmtgbr jmr it `bist >;; ybirs, ml`y dl
tgb `ist 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 `itbr i sgirba gdstmry. Inmut
>;; fd``dml ybirs icm, Ijrdei ila Nrizd`
wbrb pirts mj tgb `ilafiss mj Cmlawili(curb BU.9). Nbtwbbl tgb sdxtbbltg ila
bir`y ldlbtbbltg eblturdbs, tgb trilsit`il-
tde s`ivb triab uldtba tgb twm rbcdmls ultd`
s`ivbry—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 bvm`u-
tdml mj abvb`mpfblt emmpbritdml, Ijrdei—s
Nrdacdlc tgbIt`iltdeNrizd` 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
`ircb abvb`mpdlc bemlmfdbs dl tgb c`mni`
iregdtbeturb, ila, dl >;;9, tgb jmur crmw-
dlc bemlmfdbs mj Nrizd`, ^ussdi, Dladi ila
Egdli wbrb omdlba ulabr tgb ‐N^DE‖ `i- nb`. Dl `itb >;9;, ijtbr tgb crmup gia gb`a
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` p`iybrs 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 @u`i ai
Ud`vi (>;;5-9;) rbvdvba Nrizd`—s dltbrbstdl Ijrdei ila sbt dt ml i surbr jmmtdlc, is
pirt mj i `ircbr cmi` mj bxpiladlc Nrizd`—s
c`mni` prm`b. Jmr bxifp`b, [rbsdablt @u`i
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-
`itdmls 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, dle`ua-
dlc tgb `bciey mj tgb trilsit`iltde s`ivb
triab. ^bsbireg ml Nrizd`-Ijrdei rb`itdmls
gis nrmucgt lbw pbrspbetdvbs tm tgb triad-tdmli` pittbrl mj Lmrtg-Umutg ili`ysds ny
`mmhdlc it tgb Umutg It`iltde is i egillb`
mj eu`turi` trilsjbrs mr pm`dtdei` ila smedi`
bxpbrdblebs, ritgbr tgil is i cbmpm`dtdei`
mebil `dhb tgb Lmrtg It`iltde. 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
rb`itdmls.
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Jmeus
tm nb bisd`y iaiptba tm fily Ijrdeil li-tdmls nbeiusb mj sdfd`irdtdbs 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 `ircbst 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 dle`uab gdcgbr
baueitdml ila spmrts.)
Qrmpdei` icrdeu`turb. Qgb
Nrizd`dil Icrdeu`turb ^b-
sbireg Emrpmritdml (BF-
N^I[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 dle`uab 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 nd`it-
bri` icrbbfblts ml gbi`tg
sdclba wdtg >> Ijrdeil
emultrdbs. Nrizd`—s ip-
prmieg tm GDZ/IDAU trbit-
fblt ila mtgbr prbvi`blt
adsbisbs, dle`uadlc fi`irdi
ila sdeh`b eb`` ilbfdi, ds
gdcg`y rbciraba ny Ijrdeil
pbbrs. Qgb Mswi`am 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 nud`a i pgirfiebutdei`
p`ilt tm prmaueb cblbrde arucs tm trbit
GDZ/IDAU ila mtgbr adsbisbs. Qgb p`ilt
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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
Ilcm`i, 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-
e`usdml 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 Ilcm`il stitb emfpily
Umlilcm` ila tgb Ilcm`il 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 `ircbst
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
dle`uabs 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,
dle`uadlc Ilcm`i, Hblyi ila Ublbci`,
wdtg ietdvdtdbs tm nud`a emladtdmls jmr fmrb
dle`usdvb crmwtg.
Udleb fmst prmobets nbtwbbl Nrizd` ila
Ijrdeil emultrdbs nbcil `bss tgil 9; ybirs
icm, prmpbr bvi`uitdml mj tgb mutemfbs
Bemlmfde ila Umedi` Abvb`mpfblt Nilh
(NLABU) tm `iuleg fbisurbs jmr jurtgbr-
dlc triab nbtwbbl tgb twm rbcdmls ml tgb
nisds mj Nrizd`dil `mils. Qgb stdfu`us
cdvbl tm Nrizd`dil bxpmrts gis i`sm nbbl
ebltri` tm tgb bxpilsdml mj triab. Dl >;;7,
stdfu`us 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$5:;.2
fd``dml) tgb jm``mwdlc ybir.
Nrizd`dil prdvitb dlvbstfblt dl Ijrdei
bfbrcba dl tgb 947;s ila gis lmw rbiegba
sueg il bxtblt tgit Nrizd`dil emrpmritdmls
irb prbsblt dl i`fmst bvbry irbi mj tgbemltdlblt, emlebltritba dl dljristrueturb,
blbrcy ila fdldlc (curb BU.5). Qgb Nri-
zd`dil prbsbleb stilas mut nbeiusb mj tgb
wiy Nrizd`dil emrpmritdmls am nusdlbss.
Qgby tbla tm gdrb i `mei` wmrhjmreb jmr
tgbdr prmobets, jivmrdlc tgb abvb`mpfblt
mj `mei` eipiedty, wgdeg u`tdfitb`y ridsbs
tgb qui`dty mj sbrvdebs ila mutputs. Qgb
`biadlc Nrizd`dil emfpildbs dl Ijrdei ny
dlvbstfblt ila si`bs vm`ufb irb Ilariab
Cutdbrrbz, Eifircm Emrrbi, Mabnrbegt,
[btrmnris, Yubdrmz Ci`våm ila Zi`b.
Cdvbl tgb jivmrin`b nusdlbss blvdrmlfblt
jmr Nrizd`dil dlvbstfblt dl Ijrdei, tgb Nri-
zd`dil Bxpmrt Icbley gis nbbl jmstbrdlc
sfi`` ila fbaduf-sdzba bltbrprdsbs dl Ij-
rdei ― tgrmucg nusdlbss jidrs, jmr bxifp`b.
It mlb bvblt dl Iprd` >;9; dl Uåm [iu`m,
Nrizd`dil ila Ijrdeil emfpildbs sdclba
emltriets ila e`msba abi`s wmrtg inmutRU$>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 rb`i-
tdmls tgit emu`a 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 ^b`itdmls
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 Smr`a Nilh Crmup gis p`iyba i pb-
rdpgbri` rm`b dl jmrcdlc tgb crmwdlc rb`i-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`` p`iy
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, pirtdeu`ir`y dl
dlvbstfblt ila triab.
Sgd`b rb`itdmls nbtwbbl Nrizd` ila Ij-
rdei givb crbit`y dltblsdba mvbr tgb pist
abeiab, sunstiltdi` mnstie`bs rbfidl ― dl
pirtdeu`ir, i hlmw`bacb cip ml nmtg sdabs
mj tgb Umutg It`iltde. Fmst Nrizd`dil dlad-
vdaui`s ila emfpildbs ― dle`uadlc fily
sfi`` ila fbaduf-sdzba bltbrprdsbs ― givb
`dfdtba ila mjtbl mutaitba dljmrfitdml ml
Ijrdei. Sgit dljmrfitdml tgby givb ds mj-
tbl `dfdtba tm Ilcm`i, Fmzifndqub ila
meeisdmli``y Umutg Ijrdei. Fily lml-
@usmpgmlb Ijrdeil emultrdbs irb jieba
wdtg `ilcuicb mnstie`bs wgbl mntidldlc
dljmrfitdml jrmf Nrizd`, bspbedi``y jrmf
tgb cmvbrlfblt, sdleb sueg dljmrfitdml
ds rirb`y ivid`in`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 Smr`a Nilh
emu`a issdst dl mvbremfdlc tgbsb mnstie`bs,
blin`dlc tgb Ijrdei-Nrizd` rb`itdmlsgdp tm
bxpila ila nrdlc iaadtdmli` nblbts tm i``
sdabs.
Qgb crmwdlc rb`itdmlsgdp nbtwbbl Ijrdei
ila Nrizd` rbvbi`s nrmiabr `bssmls jmr tgb
Smr`a Nilh ila mtgbr dltbrlitdmli` p`iy-
brs, wgm wmu`a 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 Smr`a Nilh emu`a i`sm p`iy 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 p`iydlc dl tgb Nilh. Qgrmucg
tgb Bltbrprdsb Mutrbieg Ubrvdebs ― wgdeg
idf tm strblctgbl tgb Smr`a Nilh Crmup—s
rb`itdmls wdtg tgb prdvitb sbetmr sm is tm dl-
jmrf ila prmfmtb tgb pirtdedpitdml mj prd-vitb emfpildbs ― tgb Nilh emu`a 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 emu`a
strblctgbl Nrizd`-Ijrdei rb`itdmlsgdps?
Uuppmrtdlc Umutg-Umutg em``inmritdml ―
[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 emu`a bltid`, jmr bxifp`b, bxpila-
dlc prmobets tgit mrdcdlitba dl nd`itbri`
rb`itdmls 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 emu`a 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
emu`a i`sm jied`dtitb nrmiabr hlmw`bacb
ila nbst-prietdeb bxegilcb nbtwbbl Nri-
zd` ila Ijrdei, pirtdeu`ir`y @usmpgmlb
emultrdbs, cdvbl tgb dltbrbst ifmlc Ijrd-
eil emultrdbs dl Nrizd`dil nbst prietdebs.
Dt wmu`a 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 dle`uab 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, pirtdeu`ir`y dl Ijrdei. Qgds
wmu`a givb tgb nblbedi` bjjbet mj nrdlc-
dlc fmrb adrbet`y rb`bvilt bxpbrdbleb jrmf
Jmeus
Qgb crmwdlcrb`itdmlsgdp
nbtwbbl Ijrdei
ila Nrizd` rbvbi`s
nrmiabr `bssmls jmr
tgb Smr`a Nilh ila
mtgbr dltbrlitdmli`
p`iybrs, wgm
wmu`a am wb`` tm
strblctgbl suppmrt
jmr Umutg-Umutg
dldtditdvbs mvbri``.
8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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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 fi`irdi 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 bvi`uitdmls,
ila sm ml. I`sm, bvi`uitdlc wgbtgbr spb-
ede dltbrli` dlebltdvbs mr fbegildsfs tm
suppmrt Umutg-Umutg emmpbritdml (sueg is
tgrmucg wmrh prmcrifs ila omn bvi`ui-
tdmls) emu`a nb usbju`, wgd`b lmt erbitdlc
lbw nurbiueriedbs. Is pirt mj tgds bxbr-
edsb, dt wmu`a 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 emu`a nb fiab fmrb rb`-
bvilt ila bjjbetdvb. Qgb mnobetdvb wmu`a
nb nmtg prietdei` ila stritbcde ― lifb`y,
tm gb`p tgb Nilh mvbremfb tgb pbrebp-
tdml ifmlc smfb stihbgm`abrs tgit dt ambs
lmt sujedblt`y rbemcldzb ila ulabrstila
tgbdr emltrdnutdmls tm abvb`mpfblt. I spb-
ede bxifp`b emu`a nb tgb bxp`mritdml mj
i omdlt prmcrif nbtwbbl tgb Smr`a 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
Smr`a Nilh Dlstdtutb tm mtgbr irbis (pir-
tdeu`ir`y dljristrueturb, dlvbstfblt e`dfitbila prdvitb sbetmr abvb`mpfblt, cmvbr-
lileb, gbi`tg ila baueitdml) ila dle`uadlc
fmrb tbegldei` issdstileb ila `bladlc dl
tgbsb irbis (dl iaadtdml tm hlmw`bacb bx-
egilcb). Dl pirtdeu`ir tgbrb ds tgb lbba jmr
fmrb ietdvdtdbs adrbet`y rb`itba tm dlvbst-
fblt, prdvitb sbetmr abvb`mpfblt ila omn
crmwtg, wgdeg sm jir sbbfs tm nb mutsdab
tgb fidl sempb mj Umutg-Umutg ietdvdtdbs
emltbfp`itba dl Nilh prmcrifs.
Bxp`mrdlc wgbrb tgbrb irb spbede ir -
bis mr ispbets mj prmcrifs tgit rb`itb tm
Umutg-Umutg abvb`mpfblt prmobets tgit
emu`a nblbt jrmf omdlt wmrh prmcrifs mr
cmi`s, nbeiusb emmradlitdml nbtwbbl tgb
Nilh, tgb Dltbrlitdmli` Jdlileb Emrpmri-
tdml (DJE) ila tgb Fu`td`itbri` 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`td`itbri` Dlvbstfblt Cuiriltbb
Icbley.
Jurtgbr strblctgbldlc emmradlitdml wdtg
mtgbr fu`td`itbri` nmadbs, pirtdeu`ir`y tgblbwbr Umutg-Umutg fbegildsfs, jmr tgb
Nilh tm nb il bjjbetdvb p`iybr 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 Smr`a Nilh
www.wmr`anilh.mrc/nrdacdlctg-
bit`iltde.mrc
Inmut tgb Iutgmr
8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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^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 sm`ir 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 Cuitbfi`i.
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
p`il, i fu`td-nd``dml am``ir dltbcritdml prmobet blin`dlc blbrcy bx- pmrts 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 wmu`a lmt
givb tgb dlebltdvb tm eirry
mut sueg dljristrueturb dlvbst-
fblts.
>. Qgbrb irb dfni`ilebs nbtwbbl tgb rbturls ila rdshs dl-
vm`vba dl tgb trilsfdssdml mj b`betrde pmwbr tgit irb
lmt emlauedvb tm prdvitb dlvbstfblt dl i rbcu`itba ie-
tdvdty wgbrb vbrtdei` dltbcritdml ds lmt pbrfdttba.
8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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^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 p`itjmrf wdtg
pun`de liledlc tgit blsurbs tgb prdvitb sbetmr tihbs il dlerbis-
dlc`y crbitbr rm`b dl tgb sbetmr, pirtdeu`ir`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-
e`usdvb 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 dle`uabs tgb Lbtgbr -
`ilas Abvb`mpfblt Jdlileb Emfpily JFM ila tgb Jrbleg Ab-
vb`mpfblt Nilh [^M[I^EM 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, dle`uadlc tgrbb jmeusba ml
@itdl Ifbrdei. Dl tgb `ist abeiab, IEML gis dlvbstba dl mvbr >7
trilsietdmls dl ldlb adjjbrblt emultrdbs dl tgb rbcdml.
Dl tgb `itbst 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``itbri`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 dfni`ileb. Bla usbrs emu`a nb piydlc up tm
>:;% mj tgb emst mj prmauetdml.‖
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tb`bemffuldeitdmls sbrvdebs emfpily, Crupm DEB, wgdeg gis
i`sm dlsti``ba fmrb tgil 9,:21 sm`ir 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 `ist tbl ybirs tgb abfila jmr fmrb b`betrdedty gis crmwl
mvbr 52%. Qgds gis ittrietba blbrcy dlvbstmrs. Qgb jiet tgit
tgb emst mj prmauedlc sm`ir blbrcy gis cmlb amwl arifitdei``y
dl `ist jbw ybirs, emup`ba wdtg dts sdfp`dedty mj prmauetdml,
fihbs sm`ir pmwbr pmtbltdi``y tgb fmst prmtin`b ila sustidl-
in`b mptdml.
[rmfdlblt fmvbrs ila sgihbrs dl tgb c`mni` sm`ir dlaustry irb sm
mptdfdstde tgby givb fiab @itdl Ifbrdeil sm`ir prmobets i jula-
dlc prdmrdty. CQF ^bsbireg, i emlsu`tdlc emfpily wdtg i jmeusml crbbl dlaustrdbs, jmrbeists tgit tgb rbcdml wd`` sbb dlsti``itdml mj
12;FS mj sm`ir 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, Cuitbfi`i, 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 Smr`a [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 rbcu`ir 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
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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.
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^bi` Bstitb
Dlvbstfblt rf Inbrabbl Issbt
Filicbfblt gis ulabrtihbl i prmo-
bet tm e`issdjy 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 p`iy
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 emu`a
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-
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^bi` Bstitb
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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 tgbwmr`a, tgrmucg Isdi, Ijrdei, Burmpb ila
tgb Ifbrdeis, ds i vi`uin`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-
u`itdml 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 emu`a 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 vi`uin`b dlsdcgts tm gm`a.‖
Inbrabbl ili`yzbs rbi` bstitb prmpbrty
typbs tgit irb eurrblt`y ulabrsupp`dba
ila tgit ittriet abfila jrmf i `ircb nisb
mj `mw- ila fdaa`b-dlemfb gmusbgm`as,wgdeg dle`uabs `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 Smr`a Nilh ai-
tinisb, wb bxe`uaba 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``
ds`ilas.‖
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 p`ieb smfb bfbrcdlc fir-
hbt sbetmrs ml tgb wmr`a 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 wmr`a—s dlvbstdn`b rbi` bstitb
firhbt, emfpirba wdtg irmula 95% tmaiy.
‐Qgds fbils dt wmu`a eipturb i `ircbr 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 sgmu`a
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 e`iss.
Dts succbstba stritbcdbs tgit sbrvb tgb lbbas
mj tgds trbla wd`` nb pirtdeu`ir`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 pirtdeu`ir`y dl-
tbrbstba dl tgb bssbltdi` lbbas mj tgb pmpu`i-
tdml. Gmw am tgby cbt gmusba= Gmw am tgbysgmp jmr emlvbldbleb-nisba cmmas= Sb prm-
pmsb tgit jm``mwdlc sueg stritbcdbs sgmu a
emrrb`itb 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 dle`uab Egd`b, Fi`iysdi,
Nrizd`, [m`ila, Qurhby ila Cgili. Bxif-
p`bs mj dts ‐@bss Jivmrin`b‖ emultrdbs dl-
e`uab 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
e`iss.
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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, dle`uadlc?
• NILHDLC• JDLILEB QBEGLM@MCT
• JRLA FILICBFBLQ M[B^IQDMLU
• DLUR^ILEB
• DLZBUQFBLQ UQ^IQBCT
• [BLUDMLU IAFDLDUQ^IQDML & M [B^IQDMLU
• [^DZIQB & ^BQID@ DLZBUQFBLQ
AMSL@MIA J^BBJDLILEDI@ ^B[M^QU J^MF SSS.E@BI^[[email protected]
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[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` emu`a lbvbr givb
nbbl nrusgba isdab sm bisd`y. Qmaiy, dl jiet, fueg
mj tgb pmpu`itdml 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
`ieh mj ittbltdml tm e`birdlc tgb pblt-up abfila
jmr `mw-dlemfb gmusdlc tgit, pirtdeu`ir`y sdleb
tgb `ircb-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 @u`i 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 `iuleg
mj tgb Fdlgi Eisi, Fdlgi Zdai (‐Fy Gmusb, Fy
@djb‖) prmcrif.
It jieb vi`ub, 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 pmpu`itdmls 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
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^bi` Bstitb
Nut lmt `mlc ijtbr ^mussbjj stbppba dltm
pmwbr, tgb eriehs nbcil tm ippbir ila,
smfb jmur ybirs `itbr, tgb day``de dficbry
gis lmw jiaba.
Jdrst, `bt—s `mmh it tgb qubstdmlin`b pun-
`dsgba aiti. Ili`yzdlc Fdldstbr mj [`il-ldlc, Nuacbtdlc ila Filicbfblt Fdrdif
Nb`egmdr—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-
gm`as wdtg fmltg`y birldlcs mj up tm
^$9,:;; (RU$:4;) ― i pmpu`itdml 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 pmpu`itdml.
Qgbl tgbrb irb tgb qui`dtitdvb stilairas
mj tgbsb ab`dvbrba uldts. Abspdtb e`idfs
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 e`issdin`b is ‐prmn`bf-
itde,‖ tgb inlmrfi` rdsb dl emfp`idlts 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 nud`a-
dlc jmr tgb `mw-dlemfb sbcfblt sdfp`yambsl—t piy mjj ila, uljmrtulitb`y, Fdlgi
Eisi, Fdlgi Zdai gis lmt nmucgt tgb
stdfu`us 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, `ila,
`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 s`isgdlc
qui`dty stilairas, nud`adlc dl fmrb adstilt pbrdpgbrdbs (wgbrb `ila ds egbipbr ila/
mr amlitba) mr sgdjtdlc tircbt firhbts tm
gdcgbr dlemfb nriehbts. Tbt bvbl tgds `it-
tbr stritbcy gis niehrba, lmt ml`y aub tm
rdsdlc nud`a emsts ila adjeu`tdbs dl la-
dlc qui`dba `inmr, nut i`sm nbeiusb sueg
uldts, wgdeg irb ult tm fbbt rbi` abfila,
givb blaba up situritdlc firhbtp`iebs.
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 dle`uab 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 `iulabrdlc 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 sgmu`a lmt nb sm qudeh tm ittrd-
nutb n`ifb 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 wmr`a 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 pmpu`itdmls.
^unil 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
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[rmjd`b
‐M nvdmus`y, wb irb
ti`hdlc inmut dt nb-
eiusb 7;% mj tgb
wmr`a—s pmpu`i-
tdml ds `meitba dl tgbsb emultrdbs, ila mj
emursb wb—rb sbbdlc blmrfmus crmwtg dl
tgb pmpu`itdml. Dt ds bxpbetba tgit ny >;2;
wb—rb cmdlc tm iaa inmut >.5 nd``dml tm
tmti` inmut 4 nd``dml dl pmpu`itdml,‖ siys
[rmjbssmr Ilarbw Hirm`yd, Em-adrbetmr mj
Dltbrprbtdlc tgb
Bfbrcdlc FirhbtsQgb bfbrcdlc firhbt
emultrdbs ieemult jmr
il bstdfitba 12% mj tgb
wmr`a—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 Smr`a Nilh pmdlt
tm i jurtgbr :% crmwtg
tgds ybir, wgd`b abvb`mpba
firhbts bxpbet tm tmti` i
fbrb >%.
8/14/2019 The Changing Landscape of Colombia’s Pension Fund Industry
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[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 e`ustbrdlc 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-
p`idls. ‐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 wmr`a 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 ni`ileb tmwira tgb
mw mj jmrbdcl adrbet dlvbstfblt tm mtgbr
pirts mj tgb wmr`a. 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` `ilcuicb mj lileb. Qbrfs
sueg is N^DEU, EDZBQ ila FDUQ irb i
wiy tm gb`p firhbt p`iybrs 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 bxe`usdvb`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 bvi`u-
itdlc il dlvbstfblt, gb wmu`a 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 e`un mr lmt dl tgb e`un,— 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 gb`a 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 wmr`a, mlb mj tgb
uldqub egirietbrdstdes mj emrpmritdmls dl
bfbrcdlc firhbts ds tgb amfdlilt prbs-
bleb mj `ircb n`meh gm`abrs. Mjtbl tgbsb
irb jifd`y filicbrs ila/mr jifd`y jmula-
brs tgit givb stihba i e`idf ila `iulegba
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 pirtdeu`ir`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`.‖
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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 emu`a nb mtgbr jmrfs mj n`meh gm`a-
brs mr sgirbgm`abrs tgbrb dl tbrfs mj ermssgm`adlcs 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-gb`a mwlbrsgdp dl crmup-
dlcs mj rfs. Dl emultrdbs `dhb Hmrbi dt
fdcgt nb ebltbrba irmula i nilh tgit gis
`ircb stihbgm`adlcs dl tgb virdmus rfs,
ila mj emursb vdeb vbrsi is wb``.‖
Qgb prbsbleb mj tgbsb e`msb`y gb`a 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 `ist >;-5; ybirs,
ila gis sdcli`ba tm fily rfs, dle`uadlc
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 wmr`a, dle`uadlc bfbrcdlc firhbts,
tgit givb nbbl smrt mj rbltdlc tgmsb nbt-
tbr stilairas, ila tgit gis lmt cmlb ullm-
tdeba ny fily mj tgb firhbt rbcu`itmrs 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 wmu`a 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 wmu`a 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` `ilaseipb.
‐Qgb ulebrtidlty ila vm`itd`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 e`idfs.
‐D tgdlh dt wis abfmlstritba dl tgb `ist
[bruvdil b`betdml. Sgbl Gufi`i cmt
b`betba, dlvbstmrs tgmucgt gb wmu`a 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 `bcds`itmrs jmreb tgbf
tm nud`a 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
sgmu`a 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 wmr`a—s pmpu`itdml, tgb lbxt >;
ybirs wd`` sbb ilmtgbr >.5 nd``dml pbmp`b
bltbrdlc dltm tgb wmr`a, 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-
hbtp`ieb wd`` givb tgb puregisdlc pmwbr mj
tgb sustidlba eufu`itdvb :% crmwtg ritb,
wgdeg wd`` i`` nb pbrsmli` adspmsin`b dl-
emfb.
‐Fily mj tgbsb erbitdvb ila bltrbprblbur-
di` emfpildbs nud`adlc 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
wmr`a dle`uadlc 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
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Emffmadtdbs
Dfpiet mj Nbst[rietdebs
Uustidlin`b
Emjjbb
z Utbpgbl Hiezmr
Emffmadtdbs
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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 bvi`uitb
tgb dfpiets mj nbst prietdebs ebrtdeitdml ml witbr qui`dty, smd`
qui`dty, jirfbr dvb`dgmmas ila wd`a`djb. Qgb rst 5 stuadbs wbrb
jirf-nisba, emfpirdlc i `ircb 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 ^idljmrbst 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 e`irdty, 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``utdml-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 ei`eu-
`itba lbt rbvblub ny suntrietdlc bieg jirfbr—s bxpblsbs (dle`ua-
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.
zSd`a`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 emle`uab tgit ablsb`y sgiaba emjjbb
p`iltitdmls 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 ^ust
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
p`iltitdmls @itdl Ifbrdei. Qgds rbcdml stilas dl stirh emltrist tm
mtgbrs dl tgb gbfdspgbrb, sueg is Emsti ^dei, wgbrb emjjbb ydb`as
tgds ybir irb bxpbetba tm nb amwl ny is fueg is 2;%. Ebldeijä
absbrvbs erbadt jmr abvb`mpdlc rust-rbsdstilt emjjbb p`ilt stridls
ila gb`pdlc crmwbrs tm p`ilt ila girvbst ieemradlc tm nbst prie-
tdebs.
Qgb Litdmli` Jbabritdml mj Emjjbb Crmwbrs mj Em`mfndi abe`irba
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, emu`a `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-
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Emffmadtdbs
Mvbr tgb ybir bladlc dl
Ou`y, Qgb Bemlmfdst—s emf-
fmadty-prdeb dlabx jb`` ny 9:.2% dl am``ir 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 vm`itd`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 wmr`a 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 `itb 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 rb`itdvb`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 sdfd`ir pbihs,
tgb amwlswdlcs— dltblsdty gis virdba ie-
emradlc tm c`mni` bemlmfde crmwtg. Qgb
amwlswdlcs jm``mwdlc Smr`a Sir D ila
dl tgb 947;s ila 944;s wbrb strmlc8 dl
emltrist, tgb adp ijtbr tgb Hmrbil Sir,
wgbl tgb wmr`a bemlmfy wis nmmfdlc,
wis rb`itdvb`y wbih. Ijtbr Smr`a Sir DD,
tgb supbr-eye`bs mj adjjbrblt emffma-
dty crmups nbeifb fmrb e`msb`y sylegrm-
ldzba (dle`uadlc 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 `ircb`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
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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 stdfu`us iamptba ijtbr tgb em`-
`ipsb 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-`iladlc 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 `ist
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 wmr`a, 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 `itb >;tg ebltury, tgb wmr`a sgmu`a
nb prbpirba jmr s`uccdsg bemlmfde crmwtg
ila i sdcldeilt s`mwamwl ― mr bvbl tgb
bla ― mj dlemfb emlvbrcbleb wmr`awdab.
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[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
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[rdvitb Bqudty
U d x E m
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[rdvitb Bqudty
Ijrdei—s icrdeu`turb ila jmma
dlaustrdbs irb ittrietdlc dl-
erbisdlc dltbrbst jrmf dlvbs-
tmrs. Qgds trbla ds `ircb`y
jub`ba ny tgb jiet tgit tgb emltdlblt gis
:;% mj tgb wmr`a—s uleu`tdvitba irin`b
`ila, 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
sei`in`b jmma emfpildbs wdtg tgb pmtbltdi`
tm nbemfb litdmli` ila rbcdmli` `biabrs.
I sdcldeilt vm`ufb 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 `ircb 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
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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 `ist ybir illmuleba tgit dt wd``
dlvbst RU$9;; fd``dml dltm Ijrdei. ICEM
ds tgb wmr`a—s tgdra-`ircbst 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 `ila dl Ijrdei
ds prbpirba ny trietmr, ila ml`y 1% mj
tgb `ila ds drrdcitba.
Dl iaadtdml tm `ircb-sei`b emffbredi`
jirfs, ICEM ds tircbtdlc sfi``gm`abrjirfbrs. Qgb vist fiomrdty mj Ijrdeil
jirfbrs irb sfi``gm`abrs, 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 sm`utdmls tm tgbsb jirf-
brs. Qgb emfpily ds i`sm mmhdlc it `bisdlctrietmrs tm jirfbrs.
ICEM i`sm sbbs vi`ub 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
vi`ub 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 `ircb
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-
`itdmls, dlerbisdlc dlemfb `bvb`s dl
bfbrcdlc firhbts, ila i crmwdlc seir-
edty mj irin`b `ila ila witbr.
• Qgb Smr`a Nilh ittrdnutbs :;% mj tgb
wmr`a—s uleu`tdvitba `ila 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.
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Icrdnusdlbss
crmwl ermps dl Ldcbrdi, prmaueba `ircb`y
ny sunsdstbleb jirfbrs. I`tgmucg eissivi
rmmts eil nb prmebssba dltm i virdbty mj
prmauets ― dle`uadlc eissivi mur, stireg,
btgilm` ila c`uemsb 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 vi`ub 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 `ircbst
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 p`ilt. 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``icbs tgit ietu-i``y givb il baueitdml, tgit ietui``y givb
i wmrh btgde, tgit eil ipp`y tgbfsb`vbs,
tgit givb i p`ieb 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 bxp`idls.
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 `ila 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 `ila eil nb ie-
qudrba ml i 44 ybir `bisb. Qgbrb irb eur-
rblt`y irmula 4; jirfbrs dl tgb irbi jrmf
emultrdbs iermss tgb wmr`a sueg is _dfni-
nwb, Umutg Ijrdei, tgb R.U., Iustri`di ila
^ussdi.
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 Smr`a Nilh—s Fu`td`itbri`
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 emu`a 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 dle`uab 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.
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emultry. Jdrst`y, dt aristdei``y dlerbisba tgb
fdldfuf wicb. Ubemla`y, dt prmgdndtba
emfpildbs jrmf dlvmdedlc dl R.U. am``irs.
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 e`un
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
dsm`itba, tihdlc dts tm`` ml firrdicbs ila
rb`itdmlsgdps.
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 nud`a 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 si`irdbs
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 Ilcm`i, Ldcbrdi, Lifdndi, Nmtswi-
li, Fmzifndqub, @bsmtgm, Fi`iwd, Uwi-
zd`ila, Cgili, Hblyi ila _ifndi. HJE
gis p`ils tm bxtbla dts rbieg tm _dfninwb,
Qilzildi ila Rcilai dl >;95, wdtg fueg
`mlcbr-tbrf crmwtg p`ils 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 emu`al—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 pirtdeu`ir`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 bxp`idls.
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 p`ils 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``i
prmvdleb, dl wbstbrl Btgdmpdi. Umfb emf-
fbltitmrs givb abserdnba tgb abi` is i`ila crin.
Sgd`b fily std`` issmeditb Btgdmpdi wdtg
jifdlb ila pmvbrty, dt gis nbbl mlb mj tgb
wmr`a—s jistbst crmwdlc bemlmfdbs dl rb-
eblt ybirs. Sdtg i pmpu`itdml mj mvbr 71
fd``dml, dt ds Ijrdei—s sbemla fmst pmpu-
`mus emultry.
Sirrbl siys tgit dl fily eisbs crmwtg
ds nbdlc gb`a 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.
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Icrdnusdlbss
I``dileb jmr i Crbbl ^bvm-
`utdml dl Ijrdei (IC^I),
tgrmucg dts [rmcrif jmr Ij-
rdei—s Ubba Uystbfs ([IUU),
prmvdabs sbbas tm jirfbrs wdtg tgb pmtbl-
tdi` tm dlerbisb tgbdr ydb`as 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, IC^I 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 pmpu`itdml
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 wmu`a cbt i`` mj
tgds lbw tbeglm`mcy tm tgb jirfbrs,‖ siys
Omb AbZrdbs, Adrbetmr mj IC^I—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
wmu`a gb`p jmeus ml tgb sbba lbbas mj
sfi``br jirfbrs ila nbdlc in`b tm firhbt
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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``icbs.Isdab jrmf tgds wb givb mur adstrdnutdml
sdab.‖
Fr. AbZrdbs bxp`idls 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 ivid`in`b tm tgbf dl wiys tgit irb
ijjmrain`b. Dl tgds sblsb, IC^I—s [IUU
prmcrif gis nbbl in`b tm nrdlc wmr`a e`issrbsmurebs 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 ivid`in`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-
p`idls.
‐Sb givb oust stirtba i prmcrif dl em`-
`inmritdml 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 dle`uadlc Cgili,
Ublbci`, Btgdmpdi, Qilzildi, Fmzifndqub
ila Fi`iwd.‖
IC^I 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
IC^I 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 vi`ub 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` Gm`adlcs
@dfdtba. Sb irb pirtlbrdlc wdtg sbvbri`
mtgbr crmups dl tgbsb dlvbstfblt julas,
dle`uadlc 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.‖
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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``gm`abr
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
ydb`as 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 gm`as :;% mj tgb wmr`a—s jbrtd`b `ila, i`tgmucg
tgb fiomrdty mj tgds rbfidls ulabvb`mpba aub tm pmmr
jirfdlc emladtdmls ila rbsmurebs ― ila pbrgips fmst
dfpmrtilt`y, `ieh 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``gm`abr jirfswd`` rbfidl dl pmvbrty, ila tgbdr `ilas
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
sgmu`a givb nbbl dlvbstdlc fmrb dl tgb ru-
ri` sbetmr ila dl icrdeu`turb abvb`mpfbltdl pirtdeu`ir, 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 dltbrlitdmli`eipdti` ila bxpbrtdsb prmvb gira tm ie-
emfp`dsg, sfi``br-sei`b egilcbs emu`a dl
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Icrdnusdlbss
jiet fihb tgb adjjbrbleb, tgrmucg tgb nisde
nud`adlc 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
p`iebs 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 gb`a up ny tgb `iehmj nisde pun`de cmmas, dle`uadlc ru`b mj
`iw, 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 Smr`a Bemlmfde Jm-
ruf tm abvb`mp ifndtdmus icrdeu`turi` emr-
rdamrs dl emultrdbs dhb Qilzildi, wgdeg gis
rbeblt`y `iulegba 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 `ueh8
ila dt `mmhs fmst`y `dhb sun-emffbredi`
dlvbstfblts tgit tgby—rb fippdlc mut,
wgdeg irb gbivd`y rb`dilt ml tgb Smr`a
Nilh ila tgb cmvbrlfblt mj Qilzildi,
ritgbr tgil jmr-prmt prdvitb dlvbstfblt.
Nut wgbtgbr tgds wd`` egilcb fiy `ircb`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 pmpu`itdml crmwtg
wmr`awdab, sm i `mt mj tgb dltbrbst dl tgb
ieebss tm tgb lbirbst firhbt p`iebs wis
ivid`in`b. Ieemradlc tm tgb Rldtba Litdmls
Bemlmfde Emffdssdml jmr Ijrdei (RL-
BEjI), mlb-jtg mj jirfdlc surp`usbs irb
`mst aub tm pmmr stmricb ila `ieh mj eml-
lbetdlc rmias. Iaadtdmli``y, tgb `ieh mj
lilebs ivid`in`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 sgmu`a dle`uab stritbcde dlvbstfblt
dl dljristrueturb ila ivmda ‗ble`ivb— 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 nd`itbri` 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
`iehdlc 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 ^bvm`utdml dl Ijrdei
(IC^I), 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 emu`a 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 `inmr‖ 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 emu`a 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 `iehdlctgb ibltdml
ila bxpbrtdsb mj
rbsbiregbrs.
Fr. [iir`nbrc
lmtbs tgit ‐vbry`d`b mj Ijrdei—s
jmrbdcl eipdti` ds
usba jmr tm rbsbireg
purpmsbs.‖
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Icrdnusdlbss
‐Qgb Nd`` ila Fb`dlai Citbs Jmulaitdml
puts fmlby tm wmrh dl sbba dfprmvbfblt
ila sbba systbfs jmr sfi``gm`abr jirfbrs.
RUIDA jmeusbs dts fmlby ml vi`ub 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
Smr`a Nilh gis `ircb`y cmttbl mut mj tgb
nusdlbss mj `ircb-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` `ilas ila dfprmvdlc dts
nusdlbss ds pun`de mppmsdtdml tm drrdcitdml
prmobets. Irmula 1% mj icrdeu`turi` `ila ds
drrdcitba dl Ijrdei, wdtg i`fmst is fueg rb-
sdstileb tm nud`adlc aifs jmr gyarmb`betrde
pmwbr is tgbrb ds tm fdldlc emi` jmr b`be-
trdedty ila emi`-rba pmwbr p`ilts, 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 `ircb dljristrueturb dlvbstfblts
wdtg `ircb blvdrmlfblti` emlsbqublebs mj
tgb hdla Sbstbrl ila R.U. icbledbs eillmt
fihb. Fmst jirf `inmr 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 bxp`idls.
‐Ubvblty pbreblt mj tgbsb jirfbrs `dvb it
`bist twm hd`mfbtbrs jrmf tgb lbirbst i``-wbitgbr rmia, ila fmst eillmt rbia mr
wrdtb. Ebrbi` ydb`as irb ml`y inmut mlb-
tbltg is gdcg is dl rdeg emultrdbs, ila
dlemfb ds usui``y lmt fueg fmrb tgil i
am``ir i aiy. Sdtgmut fueg `ircbr 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 `ic.‖
Bjjbetdvb Gbacb JulQix [rietdebsQgb dlaustry—s fmst emfprbgblsdvb gbacb jula t
emljbrbleb ds nieh!
Fbltdml JF[9:9 jmr 9;% ^bcdstritdml Adsemult
• Qix ila ^bcu`itmry 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 ― [`illdlc jmr Dlvbstfblt Filicbrs ila
• Qgbdr Dlvbstmrs
• Tbir-Bla Qix [`illdlc Utritbcdbs
QM ^BCDUQB^? EI@@ 7;;->7;-711; M^ ZDUDQ RU IQ SSS.J^I@@E.EMF
Lmvbfnbr 94 - >;, >;95 Qgb [rdlebtml E`un - Lbw Tmrh,
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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 `ist 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, pirtdeu`ir`y dl Ldcbrdi, wgdeg ds lmtmrdmus`y abpblabltml dfpmrtdlc ermps jrmf inrmia tm prmvdab jmr dts jist-crmwdlc pmpu`itdml. Qgb
dlerbisb dl eissivi prmauetdml i`sm prmfdsbs tm gb`p stdfu`itb 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 `ircb-sei`b eissivi prmebssdlc p`ilts.
@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 `ircb`y dclmrba, wdtg ml`y
tmhbl emfp`dileb ny i jbw wgbit mur
fd``brs. Gmwbvbr, abspdtb tgb `ieh`ustbrsuppmrt 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
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Julas Icrdnusdlbss
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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``
trils`itb 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 sgirbgm`abrs mj mur emf-
pily ila lmw tgby emltrm` mur emfpily.
Sb givb bssbltdi``y usba Qgid hlmw-gmw
ila tbeglm`mcy. Qgid`ila 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 sm`utdmls tm prmaueb
mur jrmf i stireg p`ilt.‖
z Qgid ^mmts
Qgid Jirf Dltbrlitdmli` tmmh dlspdritdml
jrmf tgb Qgid filujieturdlc prmebss jmreissivi, wgdeg prmauebs irmula >; fd`-
`dml tmls mj eissivi i ybir, `ircb`y ml
jirfs tgit irb sfi``br tgil 9; gbetirbs.
Qgb emfpily dfpmrtba i eissivi mur
prmebssdlc p`ilt jrmf Qgid`ila tgit emu`a
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 `ila ila jirf`ila 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`` b`a jirfdlc.
Qgb rbsu`t ds tgit tgb ruri` irbis rbfidl
`ircb`y pmpu`itba, wdtg rb`itdvb`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 Qgid`ila—s eissivi filujieturdlc
fmab`. Qgid Jirf Dltbrlitdmli` idfs tm
cdvb tgb ndccbr emfpildbs `ila 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 `ircb`y stiyba tgb sifb, i`tgmucg
dl Ldcbrdi tgb prdeb mj eissivi tunbrs gis
amun`ba dl tgb `ist 97 fmltgs, `ircb`y aub
tm i mma tgit wdpba mut il bstdfitba
2;;,;;; gbetirbs mj `ila 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
p`iltdlc, 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 wd`a`y ultd` tgb eissivi
crmwdlc ila prmebssdlc dlaustry nbemfbs
fmrb bstin`dsgba ila stin`b.‖
z Qgb C`utbl Jietmr
Sdtg fily emljbetdmlbry emfpildbs dl-
vbstdlc dl tbeglm`mcdbs tm prmaueb c`utbl-
jrbb prmauets, tgb eissivi dlaustry gis tgb
egileb tm eisg dl ml `ueritdvb mppmrtuld-tdbs. Fr. Nurcbr bxp`idls tgit eissivi mur
ds il iaadtdvb, ila wgbtgbr c`utbl ds iaaba
mr rbfmvba tgrmucg tgb egidl, tgb pbr-
eblticb mj eissivi dle`uaba eil dlerbisb.
Qgbrbjmrb, jmr fily emultrdbs tgit lbba
dlaustrdi` abvb`mpfblt, dt prbsblts i cmma
prmspbet, is `mlc is tgb rbcu`itdmls irb dl
p`ieb tm jied`dtitb dlvbstfblt dl tgb sbetmr.
‐Mur mur prmauet ambsl—t emltidl prm-
tbdl (c`utbl) wgdeg ds smfbtgdlc bla usbrsgivb tm iaa tm fidltidl tgb ‗`djt— dl tgbdr
nrbia mr ndseudts. I`sm, wdtg tgb crmwtg
dl c`utbl 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 dle`uab tgb c`utbl, 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
p`iebs. 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.‖
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Gmwbvbr, abspdtb rbebltulebrtidltdbs, Nrizd` gis
emltdluba tm abfmlstritb
i strmlc pbrjmrfileb ila
gis stbppba up tm nbemfb tgb emltd-
lblt—s ndccbst icrdeu`turi` p`iybr. Qgb
emultry amfdlitbs tgb sucir, mrilcb
oudeb ila emjjbb firhbts ila ds i`sm mlb
mj tgb wmr`a—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 vm`itd`dty.
C`mni` supp`y ila abfila, p`iltdlc eye`bs, wbitgbr
virditdmls, ila blbrcy ila sgdppdlc emsts givb
emltrdnutba tm prdeb spdhbs mvbr tgb `ist abeiab,
abtbrrdlc dlvbstmr sbltdfblt.
Dlabba, Nrizd`—s icrdeu`turi` nusdlbssgis prmvdaba tgit fueg-lbbaba nmmst
ifda tgb emultry—s bemlmfde s`mwamwl
mj `itb.
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 jirf`ila vi`ubs
iermss Umutg Ifbrdei. Qgds ds pirtdeu`ir`y
bvdablt, gb siys, dl emultrdbs sueg is Rru-
cuiy ila Nrizd` tgit bxpbrdbleba `ircb
eipdti` dlmws dltm tgb jirf`ila 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.
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Julas
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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 e`iss.
‐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 `ilcuicb,
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 `ist twm ybirs wb givb wmrhba
wdtg jula filicbrs wgm irb typdei``y dl
tgb bir`y sticbs mj `iulegdlc lbw julas,
wgdeg eil dle`uab i`` smrts mj dlvbstfblt
dlstrufblts. Sb gb`p tgbf tm nud`a tgb dl-
vbstfblt stritbcy, tm dabltdjy ila bvi`uitb
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 vi`ub mj
icrdnusdlbss rb`itba issbts. Ila tm i `ircb
bxtblt tgds rbbets i fmabritdml dl smfb
mj tgb fiomr crmwtg ardvbrs mj tgb `ist 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 vi`ub 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
emu`a pmsdtdml dtsb`j tm jbba fmrb mj tgb
wmr`a dl tgb lbxt abeiabs. Sb emltdlub
tm sbb vi`ub dl Em`mfndi ila [bru jmr
dltblsdvb prmauetdml mj gdcg vi`ub 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 `ila
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.‖
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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 Smr`a, 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 p`iltba ml `bss tgil > fd``dml ierbs
ila ydb`aba 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 ydb`aba
fmrb tgil 21 fd``dml fbtrde tmls.
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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.N`ilei - I^C
Gbirt`ilaCu`j mj Fbxdem
^dm ZbrabUiltms - N^I
R U $ / F Q
Emst Eurvb - Umynbils Ab`dvbrba tm EgdliUmureb? RUAI B^U, DFBI, EMLIN, Dlabpt. Jirfbrs, CID ^&D Ili`ysds
[rmauetdml Qrilspmrtitdml Qirdjjs
Mvbr tgb `ist sbvbri` abeiabs,
smy prmauetdml ila eml-
sufptdml gis crmwl stbiad`y
irmula tgb wmr`a. 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 smy- nbil emlsufbr ds Egdli, wgdeg emlsufba
ipprmxdfitb`y 3: fd``dml fbtrde tmls dl
>;9> ― >: fd``dml fmrb tgil tgb R.U., tgb
sbemla-`ircbst 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 `ircbst
bxpmrtbrs ― tgb R.U., Nrizd` ila Ircbltdli.
Qgds ridsbs twm dfpmrtilt qubstdmls? Sgit
ds tgb rb`itdmlsgdp 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``ustritbs 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 sgmu`a
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
wmu`a 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 `ircbst smynbil dfpmrtbr dl tgb
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Icrdnusdlbss
wmr`a, 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 wmr`a
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 rb`itdmlsgdp jmr tgbdr bx-
pmrts.
Qgb R.U. ila Umutg Ifbrdei givb mp-
pmsdlc girvbst sbismls, wgdeg nblbt i``
stihbgm`abrs (d.b. Egdlbsb dfpmrtbrs ila
R.U. ila Umutg Ifbrdeil bxpmrtbrs). Dl
Lmrtg Ifbrdei, ermps irb p`iltba dl `itb
Iprd` mr bir`y Fiy ila girvbstba irmulaUbptbfnbr mr Metmnbr. Emlvbrsb`y, Umutg
Ifbrdei—s p`iltdlc 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``itdmls
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 vi`ub 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 Emle`usdml
Jrmf tgb inmvb ili`ysds, wb eil ariw tgb
jm``mwdlc emle`usdmls?
• Umynbil prmauetdml emsts irb tgb `mwbst
dl Ircbltdli, nut aub tm dts adjjbrbltdi`
bxpmrt tirdjj systbf dts nbils irb prdeba
inmvb tgb wmr`a—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 `ircbst 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) p`itjmrf 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,
dle`uadlc 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 p`itjmrf, 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
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[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 emu`a
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``ir 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 `itb. Emffdtfblts jb`` 52% tm
RU$327 fd``dml dl tgb rst gi`j mj >;95 jrmf tgb sifbpbrdma tgb ybir nbjmrb, ieemradlc tm tgb Bfbrcdlc
Firhbts [rdvitb Bqudty Issmeditdml. Is i rbsu`t,
bemlmfdsts givb eut Nrizd`—s crmwtg jmrbeists tm
>.>9% ila >.2% jmr >;95 ila >;91, rbspbetdvb`y.
‐Fily icrdeu`turi` dlvbstfblts dl Nri-
zd` givb tgb nblbt mj nbdlc ardvbl ny
abfila jrmf nmtg tgb amfbstde ila tgb
dltbrlitdmli` sdab, wgdeg fdtdcitbs smfb
mj tgb rdsh mj bxtbrli` mr dltbrli` abfila
sgmehs. I`tgmucg DQ sbrvdebs ila smjtwirb
sbetmrs irb fmst`y ardvbl ny amfbstde ab-
fila, wb—rb std`` sbbdlc sdcldeilt crmwtg
i`` iermss tgb vi`ub egidl.‖
Yud`vbst gis ipprmxdfitb`y RU$>> nd``dml
dl issbts ulabr filicbfblt, ila prdvitb
bqudty dl pirtdeu`ir 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 ni`ileb sgbbt ila
ml nbgi`j mj tgdra-pirty dlvbstmrs. @itdl
Ifbrdei gis nbbl i emrb ila stritbcde sbc-
fblt jmr Yud`vbst, rbprbsbltdlc ipprmxd-
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[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 p`iybr dl tgb prdvitb
bqudty firhbt ila nbcil dts nusdlbss ny niehdlc i ‐gdcg`y sueebssju` filicbr‖
dl tgb `itb 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 ‐`ircb firhbt mppmrtuldty‖ ila `ieh
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 `inmr 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 wmu`a `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 sgirbgm`abrs
ila tgdra-pirty dlvbstmrs, wgd`b cbmcripgd-
ei``y dt gis i `ircb 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 `ircb 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 e`iss, 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 bxp`idls.
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
pirtdeu`ir 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 trils`itba 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 Ui`uoi,
[irtlbr ila Em-Gbia mj bfbrcdlc firhbts
it Yud`vbst, siys tgit mvbr tgb `ist twm tm
rbturls tgil wgit eil nb iegdbvba tgrmucg
tgbdr xba dlemfb pmrtjm`dms.
z Jularidsdlc
Fr. Gblbdlb bxp`idls 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
`ircb pmm`s mj eipdti` tgit wmu`a 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 `inmr
emsts dl Nrizd`
irb gdcg,
ila fily
sbrvdebs irb lmt
mutsmurein`b.‖
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[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 `ilaseipb.
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 `ilaseipb. Sb givb, gmwbvbr,
nbemfb vbry prmietdvb dl tgb sbemlairyfirhbts cdvbl tgb dltbrbstdlc mppmrtuldtdbs
tgit prbsblt tgbfsb`vbs aurdlc ily s`mw-
amwl,‖ Fr. Ui`uoi siys.
Fr. Gblbdlb iaas tgit abspdtb tgb eurrblt
fiermbemlmfde blvdrmlfblt, crmwtg mp-
pmrtuldtdbs irb std`` ivid`in`b. Ila jmr
Yud`vbst, dt ds fmrb inmut tgb dfpmrtileb
mj `meitdlc tgb rdcgt p`iybrs, 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-
p`idls.
Mutsdab mj Egdli ila Dladi, tgb rf gis
tihbl bxpmsurb tm Umutgbist Isdi, spbed-
ei``y Dlamlbsdi, Qgid`ila 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
pirtdeu`ir`y nbbl mj crbit dltbrbst jmr prd-
vitb bqudty mppmrtuldtdbs, Fr. Ui`uoi siys.
Iermss tgb bfbrcdlc firhbts, Yud`vbst gis
`mmhba it i lufnbr mj jrmltdbr ila ldegb
sbetmr-spbede irbis dl sbetmrs dle`uadlc
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. Ui`uoi siys. Bvi`uitdlc 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 wmu`a wmrh wdtg dlaustry
bxpbrts tm gb`p us bvi`uitb ebrtidl sbe-
tmrs,‖ Fr. Ui`uoi 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. Ui`uoi 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 rb`itdvb tm tgb lufnbr mj ittrietdvb
dlvbstfblt mppmrtuldtdbs tgit bxdst.‖
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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 `iulegba dts rst jula dl >;;7, tgb
Ijrdei ila Fdaa`b Bist Jula, i fu`td-stritb-
cy jula tgit dlvbsts iermss issbt e`issbs, nmtg
dl gira ila `mei` eurrbley abnt ila jmrbdcl
bxegilcb, is wb`` is bqudty. Dl >;99 tgb rf
`iulegba i pil-Ijrdeil bqudty jula, wgdegbxe`uabs 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 vm`itd`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 `iuaba.‖
Gb iaas tgit mvbr tgb `ist 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 `ircb ila bj-
jbetdvb `inmr crmup jmr emfpildbs fmvdlc
mut mj fmrb abvb`mpba pirts mj tgb wmr`a.
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 pmpu`itdml 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.
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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, bxe`uadlc 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`` vm`ufbs. Dt ds mjtbl
d``bci` tm sgmrt bqudtdbs ml fily Ijrdeil
firhbts, ila tgb ml`y p`ieb ymu eil cbt
`dquda nmrrmw ds dl Umutg Ijrdei.‖
Qgb rf bxe`uabs Umutg Ijrdei jrmf dts
Ijrdeil bqudty jula ila ml`y `mmhs tmgbacb dl tdfbs mj strbss, usdlc emrrb`itba
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.
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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 wmr`a.
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 ydb`a.
@ircbr dlstdtutdmls givb nbemfb fmrb dl-
vm`vba dl Ijrdei, wdtg CBF julas dlvbst-dlc dl tgb `ircbr sun-Uigiril stmeh bx-
egilcbs sueg is Ldcbrdi ila Hblyi. Qgbsb
firhbts givb pbrjmrfba vbry wb`` mvbr tgb
`ist 9> fmltgs ila std`` givb fueg fmrb dl
tgbf. Qgds fmfbltuf gis ittrietba tgb it-
tbltdml mj `ircbr julas ila emfpily rmia
sgmws, ila emljbrblebs irb cbttdlc fueg
nusdbr.‖
Qgb Ijrdeil stmeh bxegilcbs lmw dle`uab
i wdab rilcb mj `mei``y `dstba emlsufbr
jiedlc emfpildbs, wgdeg irb sunsdadirdbs
mj fiomr fu`td-litdmli`s sueg is Lbst`b,
C`ixmUfdtgH`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 emrrb`itdml 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 bxp`idls.
‐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 ivid`in`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 E`iss Crmwtg dl
Ijrdei
C`mni` emlsu`tdlc rfs Ab`mdttb ila
FeHdlsby bstdfitb tgb sdzb mj tgb Ijrdeil
fdaa`b e`iss 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 e`iss,‖
nrdlcdlc tgb lufnbr amwl tm 2; fd``dml,
Fr. I``smpp siys.
‐Qgb Ijrdeil Abvb`mpfblt Nilh ablbs
i ‗mitdlc `mwbr fdaa`b e`iss— 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 rb`itdvbs bvbry ybir. Iaadlc tm tgds, 2%
mj Ijrdei—s tmti` CA[ mvbr tgb `ist abeiab
gis nbbl abrdvba jrmf emlsufbr-rb`itba
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 ivid`in`b ml
tgb emltdlblt, rbeblt`y illmuledlc tgit dt
wd`` mpbl dl bdcgt emultrdbs dl Sbst ila
Ebltri` Ijrdei. Qgb `ircbst egidls wd`` nb
Eirrbjmur, Ugmprdtb ila Si`firt, ila tgb
fmvb sgmu`a i``bvditb emlsufbrs— emf-
p`idlts 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-
fblbcd`am _bcli givb sbt mut tgbdr sti``
dl @icms. _bcli ds tgb rst `uxury jisgdml
gmusb tm mpbl, wdtg tgb jmulabr abe`ir-
dlc tgit gds Ijrdeil emlsufbrs spbla ml
ivbricb 2;% fmrb tgil tgb typdei` _bcli
sgmppbr. Girrmas mj @mlaml wmu`a 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 `uxury
nrila sgmppbrs. Qgbrb irb 17,;;; R.U.
am``ir fd``dmlidrbs dl Umutg Ijrdei, >5,;;;
dl Bcypt ila 92,4;; dl Ldcbrdi. Qgb bs-
tin`dsgfblt mj tgb n`ieh fdaa`b e`iss dl
Umutg Ijrdei ds wb`` ameufbltba, ila rb-
tid`brs `dstba ml tgb Omgillbsnurc stmeh
bxegilcb givb pbrjmrfba dlerbadn`y wb``
mvbr tgb `ist abeiab, wdtg tgb sgirb prdeb
mj i emfpily sueg is tgb e`mtgdlc rbtid`br
Qruwmrtgs rdsdlc 9;;;%.‖
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Julas
U
mutg Ijrdei—s BQJ firhbt dl
pirtdeu`ir gis prmvba tm nb i
sueebssju` sbetmr. Qgb emultry—s
rst BQJ wis `iulegba 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` vm`ufb 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 `itb. 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 `ist 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 wmu`a nb i abe`dlb jmr tgb
jtg emlsbeutdvb fmltg.
Ieemradlc tm tgb Jdliledi` Qdfbs, issbt
filicbr N`ieh^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
pirtdeu`ir bfpgisds nbdlc p`ieba ml Umutg
Ijrdei, is mutmws jrmf nmtg cm`a ila
bfbrcdlc firhbt issbts givb eiusba tgb
BQJ dlaustry tm `ic nbgdla.
Gmwbvbr, tgb dlvbstfblt nilhdlc advdsdml
mj Insi Nilh, Insi Eipdti`, `iulegba dts
sueebssju` p`itdluf-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` p`itd-
luf BQJ rbsbrvbs, wdtg dts Lbw[`it BQJ
gm`adlc 2;5,:95 mulebs mj p`itdluf, 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
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Julas
ila fmrb meeisdmls. Iaadtdmli``y, dl i nda tm
bxpila dts prbsbleb dl tgb Ijrdeil firhbts,
Insi `dstba dts LbwCm`a BQJ ml tgb Fiurd-
tdus Utmeh Bxegilcb (UBF) ml Ou`y >:.
z BQJ Ippbtdtb
Ar. Z`iafdr Lbab`ohmvde, [rdledpi` ila
Gbia mj Dlvbstfblt it Insi Eipdti`, siys
tgit tgb nilh—s `iuleg mj dts p`itdluf BQJ
wis smfbtgdlc tgit gis nbbl wmrhba ml
jmr twm ybirs ― i `mlcbr tdfb jrifb tgiltgb ivbricb, aub tm rbcu`itmry 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[`it
BQJ gis mvbr RU$32; fd``dml dl issbts
ila ds niehba ny mvbr 93 tmls mj p`itdluf
nu``dml, fihdlc dt tgb sbemla `ircbst p`itd-
luf BQJ c`mni``y.
Ieemradlc tm Fdhb Nrmwl, Filicdlc Ad-
rbetmr mj BQJ p`itjmrf btjUI, ‐Sgit ymu
eil am gbrb ds dlvbst adrbet`y dl p`itdluf
mr cm`a fbti` ritgbr tgil dl cm`a fdl-
dlc sgirbs mr p`itdluf fdlbs, bte., wgdeg
givbl—t nbbl cmma dlvbstfblts jmr smfbtdfb nbeiusb mj `inmr adsturnilebs ila
mtgbr dssubs dl tgb fdldlc dlaustry.‖
Aub tm Umutg Ijrdei—s bxegilcb emltrm` rb-
strdetdmls, i`` mj tgb BQJs, dle`uadlc tgb cm`a
ila p`itdluf, rbqudrb pgysdei` em``itbri`.
Ila is Umutg Ijrdei ds std`` wdtgmut i juturbs
firhbt, dt rbqudrbs dlvbstmrs tm puregisb tgb
cm`a mr p`itdluf dl tgb spmt firhbts.
‐Umutg Ijrdei ds mlb mj tgb wmr`a—s `irc-
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 `iy
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 bxp`idls tgit
tgb `mei` cmvbrlfblt wmu`a 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. Lbab`ohmvde bxp`idls tgit tgbrb irb
twm fidl wiys tm sb`bet gmw il BQJ ds
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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
pirtdeu`ir 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 rb`itdvb tm fiomr
p`iybrs 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 rbcu`i-
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
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^bcu`itdmlJulas
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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
m`abr 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 [`iybrs 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 rbcu`itmr Uupbrliledbri.
Qgb dlerbisb dl issbts wis fidl`y aub tm
il dlerbisb dl tgb issbt vi`uitdml 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 nud`a upml tgb sueebss
mj Em`mfndil pblsdml julas ny iequdr-
dlc i fiomrdty stihb dl Em`jmlams, Em-
`mfndi—s jmurtg-`ircbst 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 p`ils tm nuy IJ[
Gmrdzmltb, i Em`mfndil sunsdadiry mj
Upidl—s sbemla-`ircbst 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 p`ils ny tgb cmv-
brlfblt tm iaoust gmw tgb fdldfuf prmt
pbreblticbs tgit prdvitb pblsdml julas givb
tm rbpmrt bieg ybir irb ei`eu`itba.
Qgb cmvbrlfblt p`ils 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 dle`uabs
fmrb am``irs,‖ 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``ir pur-
egisbs mj ipprmxdfitb`y RU$1 nd``dml dl
tgb `mei` jmrbdcl bxegilcb firhbt.
I hby sbetmr sbt tm nblbt ds prdvitb bqudty,
wdtg i pirtdeu`ir jmeus ml dlaustrdbs sueg
is dljristrueturb, blbrcy, rbi` bstitb ila
cblbri` sbrvdebs.
z [msdtdvb ml [rdvitb
Bqudty
[rdvitb bqudty trilsietdmls ulabrtihbl ny`mei` mr dltbrlitdmli` prdvitb bqudty julas
irb rbjbrrba tm is [BJs dl Em`mfndi. Qgb
dfp`bfbltitdml mj hby `bcds`itdml dl >;;3
i``mwba Em`mfndil pblsdml julas tm dl-
vbst up tm 2% mj tgbdr issbts dl tgb `mei`
prdvitb bqudty ila vblturb eipdti` julas.
Qgb ieebssdnd`dty mj `mei` eipdti` spurrba
crmwtg dl Em`mfndi—s prdvitb bqudty dlaus-
try, ila dt ds eurrblt`y mlb mj tgb jbw bemlm-
fdbs sgmwdlc i stbiay dlerbisb dl dts [B
blvdrmlfblt, is sgmwl ny tgb @itdl Ifbrd-eil Zblturb Eipdti` Issmeditdml (@IZEI)
semrbeira.
Em`mfndi ds tgb eurrblt`y rilhba jmurtg
ifmlc @itIf emultrdbs dl tbrfs mj dts [B/
ZE blvdrmlfblt. Emltdludlc rbcu`itmry
dfprmvbfblts dle`uadlc jula jmrfitdml
ila mpbritdml mj `mei` dlstdtutdmli` dlvbs-
tmrs sueg is pblsdml julas wd`` emltdlub
tm nb Em`mfndi—s strblctg wgbl emfpirba
wdtg tgb rbcdml.
Eurrblt`y, RU$:.1 nd``dml ds ivid`in`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 ivid`in`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 pmpu`itdml wd``
rbsu`t dl fmrb emltrdnutmrs, dlbvdtin`y
`biadlc tm il dlerbisb dl tgb IRF mj Em-
`mfndi—s pblsdml julas.
Cdvbl tgb `ieh mj pun`de`y triaba dlvbst-
fblt mppmrtuldtdbs ila tgb lbba tm rbfidl
Julas
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advbrsdba, pblsdml julas wd`` nb dlebl-
tdvdzba tm bxp`mrb i`tbrlitdvb dlvbstfblt
mppmrtuldtdbs, dle`uadlc 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,
dle`uadlc prdvitb bqudty.‖
Dljristrueturb julas irb i hby irbi sbt tm it-
triet prdvitb bqudty juladlc is il bvbr bx-
piladlc pmpu`itdml, i rdsdlc fdaa`b e`iss
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 e`iss, blgileba fierm ila
smedi` emladtdmls, rbcu`itmry 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 p`ils tm eurn tgb strblctg
mj tgb pbsm icidlst tgb am``ir, 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 `ist 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. [`illba ifblafblts tm
rbcu`itdml is wb`` is `mmsbr rbstrdetdmls ml
tgb pmrtjm`dms mj dlstdtutdmli` dlvbstmrs, dl-
e`uadlc 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 bx- pilaba 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 Nilem`abx Eipdti`, i stitb-mwlba emf-
fbredi` nilh.
Qgb jiet tgit pblsdml jula issbts irb prb-
adetba tm surpiss RU$9>9 nd``dml ny >;91
nmabs wb`` jmr prdvitb bqudty, is tgbrb ds
i trbla ifmlc pblsdml julas tm dlvbst dl
filicbrs wdtg cmma trieh rbemras.
Abspdtb hby emlebrls sueg is i strmlc
pbsm, `ieh mj bltrbprblbur mr filicbr
iwirblbss mj prdvitb bqudty ila tgb lbba
tm bstin`dsg i prdvitb bqudty firhbt wdtgi sm`da trieh rbemra, dlvbstmrs sbbhdlc bx-
pmsurb tm i ripda`y crmwdlc fdaa`b e`iss,
dfprbssdvb CA[ crmwtg ila i numyilt
stmeh firhbt sgmu`a emlsdabr il i``meitdml
tmwira Em`mfndi. Qgds wd`` lmt ml`y bl-
gileb tgbdr advbrsdeitdml rbqudrbfblts it
i tdfb wgbl tgb ‐N^DEU‖ irb `msdlc fm-
fbltuf, nut blin`b bxpmsurb tm i emultry
sbt tm nbemfb il ‐i`pgi cblbritmr‖ dl tgb
juturb pmrtjm`dms mj dlvbstmrs.
Julas
Tisdl Bnrigdf ds il dlvbstfblt
prmjbssdmli` rbsbiregdlc abvb`-
mpfblts dl tgb i`tbrlitdvb dlvbst-
fblt spieb tgrmucg bxpmsurb dl
triadtdmli` ila smedi` fbadi. Gds
niehcrmula dl rdsh ila dlvbstfblt
filicbfblt emup`ba wdtg `bia-
dlc dlaustry qui`djdeitdmls prmvdab
gdf wdtg i smula niehcrmula tm
bxp`mrb i`tbrlitdvb dlvbstfblts.
Inmut tgb Iutgmr
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Sbi`tg Filicbfblt
Qgb p`illba iequdsdtdml ny Ipm``m Qyrbs mj Emmpbr
Qdrb & ^unnbr (LTUB?EQN) jiebs dlerbisba tdfdlc
ulebrtidlty jmur fmltgs igbia mj il bxpdritdml mj tgb
abi`—s fbrcbr icrbbfblt ila liledlc.
Dladil fbadi rbpmrts tgit tgb ^bsbrvb Nilh mj Dladi (^ND) p`ils
tm rbvdbw tgb RU$>.2 nd``dml trilsietdml is pirt mj lbw rbcu`i-
tdmls tgit rbqudrb rbvdbw mj adrbet mvbrsbis dlvbstfblt ny Dladil
emfpildbs crbitbr tgil 9;;% mj tgbdr lbt vi`ub. Qgb Emmpbr abi`
ds ipprmxdfitb`y 12;% mj Ipm``m—s vi`uitdml, 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 emu`a lmt nb `birlba dj Ipm``m eil emltbst tgb rbpmrtba rbvdbw
ml tgb crmulas tgit dt rbiegba i abi` nbjmrb tgb rbcu`itdmls wbrb
illmuleba.
Qgb eisg-nisba trilsietdml fiy lmt nb emfp`bx, nut i R.U.-nisba
ittmrlby sida gb wmu`a 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 emu`a 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 vi`ub 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
wmu`a 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, E`iuadi Fmltmtm dl Jmrt @iuabrai`b ila ^bunbl Fd``br dl
Sisgdlctml, wdtg iaadtdmli` rbpmrtdlc ny Nrilaml Gifd`tml dl Lbw Tmrh
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Sbi`tg Filicbfblt
lby abserdnba tgb gbirdlc is i ‐sgmw-eiusb‖ tgit fiy lmt prmvdab
fueg e`irdty 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 `iwsudt emu`a
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, tm`a Qgb Emurdbr
lbwspipbr dl Jdla`iy, 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 wmu`a 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 ni`ileb
sgbbt mj tgb tircbt, sm tgb ND—s ru`bs sgmu`a givb i dfdtba dfpiet
ml trilsietdmls ul`bss i tircbt emfpily—s ni`ileb 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 emfp`idlt, 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 `iw, sgirbgm`abrs wdtg fmrb tgil i 9;%
stihb dl i emfpily eil nrdlc ietdml icidlst tgb emrpmritdml dj
tgbrb irb emlebrls inmut i vi`ub-abstruetdvb trilsietdml. Qgb rst
gbirdlc dl tgb Egblcsgil sudt ds segbau`ba tm tihb p`ieb Ubptbf-
nbr >1 dl Sbdgid Dltbrfbaditb [bmp`b—s Emurt. Qgb sbemla ittmr-
Qgb [m`dey ila ^bcu`itmry ^bpmrt ([i^^) ds il dltb``dcbleb ila ili`ytdei` lbws sbrvdeb tgit jmeusbs ml tgb abvb`mpfblt
ila iaiptitdml mj emfpbtdtdml iw irmula tgb wmr`a. 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 `iw 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 wmr`awdab. 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
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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-
`itmry rbstrdetdmls ila pm`dtdei` rdshs `urh it
bvbry turl, ila tgrmwdlc ilmtgbr spillbr dl
tgb wmrhs ds tgb lbws tgit Jdlileb Fdldstbr
Lcmzd Mhmlom-Dwbi`i wd`` emltdlub tdcgt-
bldlc Ldcbrdi—s fmlbtiry pm`dey.
z ^dsdlc ^itbs
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.
Iabtm`i Mauhmyi, Gbia mj Dlvbstfblt b-
sbireg it Ldcbrdi-nisba dlvbstfblt gmusb
Aull @mrbl Fbrrdb`a, 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 pirtdeu`ir 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 `iuleg mj fd`dtiry
mpbritdmls icidlst Ds`ifde 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 e`iss pmpu`itdml
wd`` i`sm p`iy i `ircb pirt dl dts dlvbstfblt
ippbi` is i jrmltdbr firhbt abstdlitdml. Qgb
rdsb dl rb`itdvb 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 e`iss 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 e`iss lmw ieemults jmr irmula
>5% mj tgb pmpu`itdml ― wdtg dlemfbs nb-
twbbl L9f ila L9.>f (RU$:,;;;-3,;;;) i
ybir, ieemradlc tm tgb Ijrdeil Abvb`mpfblt
Nilh.
Qgb Smr`a Nilh aiti sgmws tgit sun-Ui-giril Ijrdei—s (UUI) issbts ulabr fil-
icbfblt (IRF) (e`issdba is pblsdml
julas ila futui` julas) is i pbreblticb
mj CA[ ds eurrblt`y 55%. Umutg Ijrdei gis
tgb `ircbst 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
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Fmnd`b Fmlby Ijrdei—s Nbst Emltrdnutdmltm Dllmvitdml Um Jir=
z Jbabrdem Egdrdem
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Sbi`tg Filicbfblt
Qgb bvm`utdml 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 `iccdlc. 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 `iulegba 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 `iuleg mj tgb rst
p`itjmrf? 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 bxe`usdvb`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` dle`usdvblbss ds rb`itba tm nmrrmwdlc? Uiji-
rdemf ds bltbrdlc tgb Hblyil sivdlcs ila `mil nusdlbss tgrmucg
i sbrvdeb ei``ba F-Ugwird dl em``inmritdml wdtg Ebltri` Nilh mj
Ijrdei, iegdbvdlc vbry prmfdsdlc rbsu`ts sm jir.
Qgb CUFI—s rbpmrt i`sm wirls inmut pmtbltdi` pdtji``s tgit sgmu`a nb emlsdabrba dl issbssdlc fmnd`b fmlby sbrvdebs? mpbritdmli`
egi``blcbs, `ieh mj rbcu`itdml ila i lbba jmr emlsufbr bauei-
tdml emu`a `dfdt tgb adjjusdml mj fmnd`b fmlby. Lbvbrtgb`bss,
`mwbr-emst trilsietdmls, gdcgbr `dqudadty ila liledi` dle`u-
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 rb`i-
tdvb sijbty tgil emlvbltdmli` nilhdlc? dl tgb >;;7 pmst-b`betdml
vdm`bleb, Hblyils rbciraba F-[bsi is i sijbr p`ieb 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 `ircb fbadi ila dljmrfitdml emfpilyis jdliledi` firhbts bxbeutdvb, ila ds i EJI bvb` > eiladaitb.
www.tgbijrdeiljrmltdbr.wmraprbss.emf
Inmut tgb Iutgmr
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Sdlb
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