pacific opportunities: leveraging asia’s growth

8/20/2019 Pacific Opportunities: Leveraging Asia’s Growth

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^@GDEDG

I^^I_]VJD]DFW CFUF_@KDJK @WD@—W K_I[]B


2/219

^@GDEDGI^^I_]VJD]DFW CFUF_@KDJK @WD@—W K_I[]B


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Grf`tdvf Giaaijs @ttrdoutdij-JijGiaafrgd`c-JiMfrdvs . DKI cdgfjsf

(GG OT-JG-JM . DKI)

© @sd`j Mfvfcipafjt O`jh `jm @sd`j Mfvfcipafjt O`jh Djstdtutf@sd`j Mfvfcipafjt O`jh @sd`j Mfvfcipafjt O`jh Djstdtutf @MO @vfjuf, A`jm`cuyijk Gdty H`suadk`sfhd Oudcmdjk E

Aftri A`jdc`, ^bdcdppdjfs -- H`suadk`sfhd, Gbdyim`-hu]fc 8 E`x ]ihyi -, L`p`jwww.`mo.irk8 ipfj`ggfss.`mo.irk www.`mod.irk

Wiaf rdkbts rfsfrvfm. ̂ uocdsbfm dj .^rdjtfm dj tbf ̂ bdcdppdjfs.

DWOJ ---- (^rdjt), ---- (f-DWOJ)ûocdg`tdij Wtigh Ji. OHH-

G`t`cikdjk-Dj-ûocdg`tdij M`t`

@sd`j Mfvfcipafjt O`jh ̀ jm @sd`j Mfvfcipafjt O`jh Djstdtutf. ^`gdffg ippirtujdtdfs< Cfvfr`kdjk @sd`—s kriwtb.A`jm`cuyijk Gdty, ̂ bdcdppdjfs< @sd`j Mfvfcipafjt O`jh, .

. Fgijiadg djtfkr`tdij . ]r`mf `jm djtfrj`tdij`c e`gtir aivfafjts . Mfvfcipafjt pc`jjdjk `jmpicdgy D. @sd`j Mfvfcipafjt O`jh.

]bf vdfws fxprfssfm dj tbds puocdg`tdij `rf tbisf ie tbf ùtbirs `jm mi jit jfgfss`rdcy rffgt tbf vdfws `jm picdgdfsie tbf @sd`j Mfvfcipafjt O`jh (@MO), tbf @sd`j Mfvfcipafjt O`jh Djstdtutf (@MOD) ir tbfdr Oi`rm ie Kivfrjirsir tbf kivfrjafjts tbfy rfprfsfjt.

@MO ̀ jm @MOD mi jit ku`r`jtff tbf ̀ ggur`gy ie tbf m`t` djgcumfm dj tbds puocdg`tdij ̀ jm ̀ ggfpt ji rfspijsdodcdty

eir `jy gijsfqufjgf ie tbfdr usf.

Oy a`hdjk `jy mfsdkj`tdij ie ir rfefrfjgf ti ` p`rtdguc`r tfrrdtiry ir kfikr`pbdg `rf`, ir oy usdjk tbf tfra –giujtry‑dj tbds miguafjt, @MO `jm @MOD mi jit djtfjm ti a`hf `jy lumkafjts `s ti tbf cfk`c ir itbfr st`tus ie `jy tfrrdtiryir `rf`.

@MO `jm @MOD fjgiur`kf prdjtdjk ir gipydjk djeira`tdij fxgcusdvfcy eir pfrsij`c `jm jijgiaafrgd`c usf wdtbpripfr `ghjiwcfmkafjt ie @MO `jm @MOD. Vsfrs `rf rfstrdgtfm eria rfsfccdjk, rfmdstrdoutdjk, ir grf`tdjk mfrdv`tdvfwirhs eir giaafrgd`c purpisfs wdtbiut tbf fxprfss, wrdttfj gijsfjt ie @MO `jm @MOD.

]bds wirh ds `v`dcòcf ujmfr tbf Grf`tdvf Giaaijs @ttrdoutdij-JijGiaafrgd`c-JiMfrdvs . DKI cdgfjsf(GG OT-JG-JM . DKI) bttp


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Edkurfs, ]̀ ocfs, `jm Oixfs vd

@oorfvd`tdijs dx

Eirfwirm xd

@ghjiwcfmkafjts xddd

Fxfgutdvf Wuaa`ry xv

^@_] D GV__FJ] FGIJIADG GIJMD]DIJW DJ @WD@

@JM ]BF ^@GDEDG

Gb`ptfr Djtrimugtdij

Gb`ptfr Fgijiadg Gijmdtdijs `jm tbf _fgfjt ̂ freira`jgf ie ^`gdffg

Mfvfcipdjk Afaofr Giujtrdfs

Kriwtb ^freira`jgf 2

J`tur`c Fjmiwafjts `jm Wtrugtur`c ]r`jseira`tdijs 07

Kriwtb Gijstr`djts dj tbf ^`gdffg ??

Gb`ptfr @sd`—s Kriwtb `jm Ippirtujdtdfs eir tbf ^`gdffg Wiurgfs ie Fgijiadg Kriwtb dj @sd` 7;

Kcio`c `jm _fkdij`c ^rimugtdij Jftwirhs =>

_fkdij`c Giipfr`tdij `jm Djtfkr`tdij =0

Ippirtujdtdfs eir ^`gdffg Fgijiadfs ==

^@_] DD CDJHW OF][FFJ ^@GDEDG FGIJIADFW @JM @WD@

Gb`ptfr ]r`mf Cdjhs ]r`mf dj Kiims 6;

]r`mf dj Wfrvdgfs 55

GIJ]FJ]W


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dv Gijtfjts

Gb`ptfr Djvfstafjt, C`oir Adkr`tdij, ̀ jm Itbfr Cdjhs

Eirfdkj Mdrfgt Djvfstafjt ;7

C`oir Aivfafjts ;; Mfvfcipafjt @ssdst`jgf ]dfs 20

^@_] DDD W]_FJK]BFJDJK CDJHW OF][FFJ

^@GDEDG FGIJIADFW @JM @WD@

Gb`ptfr Fjb`jgdjk Giipfr`tdij tbriukb ]r`mf

_fkdij`c ̂ `gdffg Giirmdj`tdij Afgb`jdsas 2;

Djtfrj`tdij`c `jm _fkdij`c ]r`mf @krffafjts 4?

Ofjfffts ie ]r`mf Cdofr`cdz`tdij 45

Gb`ptfr Cfssijs `jm ^rdirdtdfs eir Daprivdjk Fgijiadg Cdjhs

Cfssijs eria @sd` 0>7

_feira ̂ rdirdtdfs eir Fjb`jgdjk ^`gdffg Cdjhs 0>4

Wfttdjk ^rdirdtdfs 007

Gb`ptfr Gijgcusdij< Eistfrdjk Autu`ccy Ofjfffgd`c

Fgijiadg Cdjhs oftwffj tbf ^`gdffg ̀ jm @sd`

_fefrfjgfs


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vGijtfjts

@ppfjmdxfs

0 Wuppcfafjt`ry ]òcfs `jm Edkurfs 07>

? Jitfs ij tbf @v`dcòdcdty ie Fgijiadg Wt`tdstdgs dj ^`gdffg MAGs 0=67 _fkdij`c U`cuf Gb`djs dj @sd` 0=4

= @MO—s @ppri`gb ti Bfcpdjk ^`gdffg MAGs @m`pt ti Gcda`tf Gb`jkf 06?

6 @ Kr`vdty @j`cysds ie ]r`mf Cdjhs oftwffj ̂ `gdffg ̀ jm @sd`j Fgijiadfs 065

5 Mrdvfrs ie ]iurdsa Kriwtb dj tbf ^`gdffg 050

; @mmrfssdjk Gb`ccfjkfs dj @ssdstdjk Ivfrsf`s Edcdpdji [irhfrs 052

2 Djgrf`sdjk Wa`cc `jm Afmdua-Wdzfm Fjtfrprdsfs— @ggfss ti

Edj`jgf tbriukb Biaftiwj Djvfstafjt ]rusts 0;0

4 Eujmdjk Djer`strugturf Mfvfcipafjt eria Wivfrfdkj [f`ctb Eujm

_fsiurgfs 0;6

0> Fjb`jgdjk Djvfstafjt Gcda`tf îcdgdfs dj Ihdj`w`, L`p`j 0;4

00 Daprivdjk tbf Ousdjfss Fjvdrijafjt tbriukb ̂ rdv`tdz`tdij dj

Wiciaij Dsc`jms 02?

0? Mfvfcipdjk @krdguctur`c Fxpirt Ippirtujdtdfs dj Wài` 02=

07 Fxgb`jkf _`tf @rr`jkfafjts dj tbf ^`gdffg 022


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Edkurfs

@vfr`kf]`rd_`tfs@ppcdfmtiAist-E v̀irfmJ`tdijs

@vfr`kfJuaofrieM`ystiFxpirtdj^`gdffgMAGs

@vfr`kfJuaofrieM`ystiDapirtdj^`gdffgMAGs

MrdvfrsieFgijiadgKriwtbdjWfcfgtfmFgijiadfs ^rimugtdijoyWfgtirdjtbf@ssigd`tdijieWiutbf`st@sd`j

J`tdijstbf ^fipcf—s_fpuocdgieGbdj``jmDjmd`

Wb`rfieKcio`cGiaaimdtyMfa`jmietbf@ssigd`tdijie

Wiutbf`st@sd`jJ`tdijstbf^fipcf—s_fpuocdgieGbdj`

`jmDjmd`

WdzfietbfAdmmcf-DjgiafGc`ss[ircmwdmf

Juaofrie]r`mdjk^`rtjfrsie^`gdffgFgijiadfs

Mfstdj`tdijsie^`gdffgFxpirts

Wiurgfsie^`gdffgDapirts

_`tdiie]iurdsa_fgfdptstiKrissMiafstdg^rimugts

_fadtt`jgfDjiws

@ Djtfrj`tdij`cUdsdtir@rrdv`cstitbf `̂gdffg

@ MdrfgtEcdkbtGijjfgtdijs`jm]iurdsaEciwswdtbdjtbf^`gdffg

`jmoftwffjtbf^`gdffg`jm@sd`

@ Iutoiujm]iurdstEciwseriatbf^fipcf—s_fpuocdgieGbdj`ti

tbfA`cmdvfs`jm[ircmwdmf

@ Edcdpdji[irhfrsFapciyfmIvfrsf`s`jm_fadtt`jgfEciws[ircmwdmf

]`ocfs

FgijiadgDjmdg`tirseir^`gdffgMAGs

Wigd`cDjmdg`tirseir^`gdffgMAGs

C`oirA`rhftDjmdg`tirseir^`gdffgMAGs

^`gdffgMAGs^rikrfsstiw`rmAdccfjjduaMfvfcipafjtKi`cs

Griss-Oirmfr]r`mfie^`gdffgMAGs Cikdstdgs^freira`jgfDjmfxie `̂gdffgMAGs

CdjfrWbdppdjkGijjfgtdvdtyDjmfxÙ cufseir^`gdffgMAGs

MidjkOusdjfssDjmdg`tirseir `̂gdffgMAGs

Kivfrj`jgfDjmdg t̀irseir^`gdffgMAGs

EDKV_FW, ]@OCFW, @JMOIRFW


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vddEdkurfs, ]̀ ocfs, ̀ jm Oixfs

Dapirt`jgfie]r`mfdj `̂gdffgMAGs

A`lir^`gdffgFxpirt^rimugts`jmMfstdj`tdijsoyU`cuf

Mdrfgtdijie]r`mfieAfrgb`jmdsfDapirtsie^`gdffgFgijiadfs Mdrfgtdijie]r`mfieAfrgb`jmdsfFxpirtsie^`gdffgFgijiadfs

Djtfrj`tdij`cUdsdtir@rrdv`cstitbf `̂gdffg

Udsdtir@rrdv`cstitbf^`gdffg(oypc`gfierfsdmfjgf)

Udsdtir@rrdv`csti^`cù(oypc`gfierfsdmfjgf)

EirfdkjMdrfgtDjvfstafjtDjiwsti^`gdffgMAGs

Mfvfcipafjt@ssdst`jgf`jmDjvfstafjtsti^`gdffgMAGs

Mfvfcipafjt@ssdst`jgfti^`gdffgFgijiadfsoyWiurgf

[ircm]r`mfIrk`jdz`tdijAfaofrsbdpdjtbf^`gdffg

@ Fgijiadg`jmOusdjfssDjmdg`tirseir^̀ gdffgMAGs

@ WfgtirKrissMiafstdg^rimugtWb`rfs`jmGb`jkfs

dj@sd``jmtbf^`gdffg

@ ^rilfgtdijsieîpuc`tdij`jmKrissMiafstdg^rimugt

eirWfcfgtfmFgijiadfs

@ Dapirtsoytbf^fipcf—s_fpuocdgieGbdjèriatbf^̀ gdffg

@ Fxpirtseriatbf^fipcf—s_fpuocdgieGbdj`titbf^`gdffg

@ ]r`mfieWfcfgtfm `̂gdffgGiujtrdfswdtbtbf@ssigd`tdijie

Wiutbf`st@sd`jJ`tdijs @ ]r`mfieWfcfgtfm `̂gdffgGiujtrdfswdtbDjmd`

@ ]iurdsa_fgfdptsdj^`gdffgMAGs

@ ^`gdffg@drcdjfs

@` @drcdjfWfrvdgfswdtbdjtbf^`gdffg

@o @drcdjfWfrvdgfsoftwffjtbf `̂gdffg`jmtbf_fstietbf[ircm

@ Djvfstafjtseriatbf^fipcf—s_fpuocdgieGbdj`titbf^`gdffg

@ ^`gdffgAdkr`tdij`jm_fadtt`jgfs

@ Juaofrie f̂ra`jfjt^`gdffgFadkr`jtsoy_fkdijie_fsdmfjgf(oymfstdj`tdij)

@ Mfvfcipafjt@ssdst`jgfoy_fgdpdfjt

@ JuaofrieDaadkr`jtstitbf `̂gdffg

@ _fsuctseriaKr`vdtyAimfcFstda`tfs

@ Djtfrj`tdij`cMfp`rturfsie^fipcf—s_fpuocdgieGbdj`

J`tdij`cstiWfcfgtfmMfstdj`tdijs

@ Miafstdg_fsiurgfGist@j`cysdseirWfcfgtfm@krdguctur`c

^rimugtsdjWài`

@ Fxgb`jkf_`tf_fkdafsdj `̂gdffgFgijiadfs

@ Fstda`tfsietbfGurrfjgy[fdkbtsdjtbfGurrfjgyO`shfts

ieEdldWài`WiciaijDsc`jms`jm]ijk`


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vddd Edkurfs, ]òcfs, ̀ jm Oixfs

Oixfs

Bdstirdg`cCdjhsoftwffj^`gdffgFgijiadfs`jm@sd`

Djeira`tdij`jmGiaaujdg`tdij]fgbjicikyGijjfgtdjktbf^`gdffgtitbf_fstietbf[ircm

]bfWuggfssietbf@ssigd`tdijieWiutbf`st @sd`jJ`tdijs

`s`_fkdij`cGiaaujdty

Fxàpcfsie@sd`jDjvfstafjtsdj tbf ^`gdffg

Kudmdjk^`gdffg_fkdij`cGiipfr`tdij`jm Djtfkr`tdij

_fkdij`cEdsbfrdfsA`j`kfafjt]bf^`rtdfstitbfJùru @krffafjt

]bf^`gdffg`jmE`gtiry@sd`]bfG`sfieT`z`hdWài`

Erff]r`mf@krffafjtWtr`tfkdfsCfssijs eria Wiutbf`st@sd`

^`gdffg^rdv`tfWfgtirMfvfcipafjtDjdtd`tdvf”Daprivdjktbf

OusdjfssFjvdrijafjt


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@MO ‗ @sd`j Mfvfcipafjt O`jh

@MOD ‗ @sd`j Mfvfcipafjt O`jh Djstdtutf

@WF@J ‗ @ssigd`tdij ie Wiutbf`st @sd`j J`tdijs

OW^ ‗ O`jh Wiutb ^`gdffg

GI? ‗ g`roij mdixdmf

G_I^ ‗ Giujgdc ie _fkdij`c Irk`jds`tdijs dj tbf ^`gdffg

MAG ‗ mfvfcipdjk afaofr giujtry

F^@ ‗ Fgijiadg ^`rtjfrsbdp @krffafjt

FV ‗ Furipf`j Vjdij

EMD ‗ eirfdkj mdrfgt djvfstafjt

EDG ‗ Eirua dsc`jm giujtry

EWA ‗ Efmfr`tfm Wt`tfs ie Adgrijfsd`E]@ ‗ erff tr`mf `krffafjt

KM^ ‗ kriss miafstdg primugt

KEFG ‗ kcio`c ffj`jgd`c `jm fgijiadg grdsds

BMD ‗ Bua`j Mfvfcipafjt Djmfx

DG] ‗ djeira`tdij ̀ jm giaaujdg`tdij tfgbjiciky

DAE ‗ Djtfrj`tdij`c Aijft`ry Eujm

CJK ‗ cdqudfffm j`tur`c k`s

AEJ ‗ aist-e`virfm j`tdij

AWK ‗ Afc`jfsd`j Wpf`rbf`m Kriup

J@E]@ ‗ Jirtb @afrdg`j Erff ]r`mf @krffafjt

JDF ‗ jfwcy djmustrd`cdzfm fgijiay

IM@ ‗ igd`c mfvfcipafjt `ssdst`jgf

IFGM ‗ Irk`jds`tdij eir Fgijiadg Gi-ipfr`tdij `jm Mfvfcipafjt

IE[ ‗ ivfrsf`s Edcdpdji wirhfr

^@GF_ ‗ ^`gdffg @krffafjt ij Gcisfr Fgijiadg _fc`tdijs^DG]@ ‗ ^`gdffg Dsc`jm Giujtrdfs ]r`mf @krffafjt

^J@ ‗ ^`rtdfs ti tbf J`uru @krffafjt

^JK ‗ ^`pu` Jfw Kudjf`

@OO_FUD@]DIJW


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x @oorfvd`tdijs

^_G ‗ ^fipcf—s _fpuocdg ie Gbdj`

_GD ‗ rfkdij`c giipfr`tdij ̀ jm djtfkr`tdij

_AD ‗ _fpuocdg ie tbf A`rsb`cc Dsc`jms_^J ‗ rfkdij`c primugtdij jftwirh

WAFs ‗ sa`cc `jm afmdua-sdzfm fjtfrprdsfs

WIF ‗ st`tf-iwjfm fjtfrprdsf

W^@_]FG@ ‗ Wiutb ^`gdffg _fkdij`c ]r`mf `jm Fgijiadg Gi-ipfr`tdij @krffafjt

VJG]@M ‗ Vjdtfm J`tdijs Gijefrfjgf ij ]r`mf `jm Mfvfcipafjt

VJ[]I ‗ Vjdtfm J`tdijs [ircm ]iurdsa Irk`jdz`tdij

VW ‗ Vjdtfm Wt`tfs

VW^ ‗ Vjdvfrsdty ie tbf Wiutb ^`gdffg

[]I ‗ [ircm ]r`mf Irk`jdz`tdij


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EI_F[I_M

Wtrijk kriwtb ie @sd`—s fgijiadfs ivfr tbf p`st twi mfg`mfs b`s tr`jseirafm

tbfsf fgijiadfs `jm cfm ti rfa`rh`ocf `mv`jgfs dj tbf rfkdij—s ori`mfr

mfvfcipafjt pfreira`jgf. ]bds ds ` wfcc-hjiwj stiry ie rdsdjk tr`mf `jm itbfr

fxtfrj`c fgijiadg tdfs wdtb tbf kcio`c fgijiay, `jm `dmfm oy `mv`jgdjk rfkdij`c

giipfr`tdij. ]bf cijk-tfra eirfg`sts ie tbf @sd`j Mfvfcipafjt O`jh (@MO)

sukkfst tb`t sicdm kriwtb dj @sd` ds cdhfcy ti gijtdjuf. Oy ?>7>, @sd`j fgijiadfs

`rf fxpfgtfm ti of riukbcy eiur tdafs c`rkfr tb`j tbfy `rf tim`y, `jm @sd`—s sb`rf ie

kcio`c iutput ds fxpfgtfm ti rdsf ti =>% ie tbf kcio`c tit`c. @s tbfy b`vf kriwj, tbf

mfaikr`pby ie giujtrdfs dj @sd` ds `csi gb`jkdjk. ]bf rfkdij—s pipuc`tdij ds ̀ kdjk,

`jm 0;% ie dts pipuc`tdij wdcc of ivfr 5> yf`rs icm oy ?>7>. Eurtbfr, dj 06 yf`rs,

@MO prilfgts tb`t @sd` wdcc of biaf ti b`ce ie tbf wircm—s admmcf-djgiaf gc`ss.

Dj gijtr`st, tbf jfdkboirdjk ^`gdffg rfkdij, giaprdsdjk 0= ie @MO—s mfvfcipdjk

afaofr giujtrdfs (MAGs), b`s b`m ` vfry mdfrfjt mfvfcipafjt p`tb. Aist

giujtrdfs dj tbf ^`gdffg b`vf fxpfrdfjgfm fxtfjmfm pfrdims ie rfc`tdvfcy ciw

kriwtb, `jm a`jy b`vf sufrfm sdkjdffg`jt sfto`ghs eria mds`stfrs. Dj giujtrdfs

wbfrf kriwtb b`s offj bdkbfr, fxp`jsdij kfjfr`ccy b`s offj mrdvfj oy `gtdvdty

rfc`tfm ti rfsiurgf fxtr`gtdij tb`t ds ijcy piircy cdjhfm ti tbf ori`mfr j`tdij`c

fgijiay. @ctbiukb djgiaf djiws rfc`tfm ti rfsiurgf oiias `jm mfvfcipafjt

`ssdst`jgf b`vf siaftdafs grf`tfm kivfrjafjt rfvfjuf wdjme`ccs, puocdg

sfgtirs dj tbf rfkdij b`vf kfjfr`ccy strukkcfm ti tr`jsc`tf ffsg`c rfsiurgfs djti

daprivfafjts dj fmug`tdij, bf`ctb, `jm `ggfss ti o`sdg sfrvdgfs sugb `s w`tfr,

fjfrky, `jm tr`jspirt.

]bfsf twi vfry mdfrfjt rfkdijs b`vf mr`wj gcisfr fgijiadg`ccy ivfr tbf p`st

twi mfg`mfs”p`rtdguc`rcy dj tbf p`st 6 yf`rs”`s daprivfafjts dj tr`jspirt

djer`strugturf `jm `mv`jgfs dj djeira`tdij `jm giaaujdg`tdijs tfgbjiciky

b`vf bfcpfm ti ordmkf kfikr`pbdg mdst`jgf. ]r`mf oftwffj @sd` `jm tbf ^`gdffg

fxp`jmfm tfjeicm, rdsdjk eria $? odccdij ti $?> odccdij oftwffj ?>>> `jm ?>0?.


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xdd Eirfwirm

Biwfvfr, tbfrf ds stdcc sdkjdffg`jt sgipf ti fxp`jm autu`ccy ofjfffgd`c tr`mf `jm

itbfr fgijiadg tr`js`gtdijs, ̀ s tbf p`st mfg`mfs bdjt ̀ t tbf pitfjtd`c @sd` bicms ̀ s

` a`rhft eir ̂ `gdffg kiims, ̀ siurgf ie djvfstafjt, ̀ jm ̀ còir a`rhft. ]bf kriwtbie @sd`—s admmcf-djgiaf gc`ss pipuc`tdij g`j of fxpfgtfm ti krf`tcy djgrf`sf tbf

mfa`jm eir ivfrsf`s tr`vfc ti tbf ^`gdffg `jm eir qu`cdty jdgbf primugts eria tbf

^`gdffg.

]bds oiih rfprfsfjts `j djdtd`c firt ti `j`cyzf `jm mdsgfrj siaf ie tbf a`dj

trfjms mrdvdjk fgijiadg rfc`tdijs oftwffj @sd` `jm tbf ^`gdffg. Dt ordjks tikftbfr

tbf ujmfrst`jmdjk ie tbf @sd`j Mfvfcipafjt O`jh Djstdtutf (@MOD) ie @sd`—smfvfcipafjt fxpfrdfjgf, `jm tbf @MO ^`gdffg Mfp`rtafjt—s mffp hjiwcfmkf ie

^`gdffg fgijiadfs, djgcumdjk tbf ujmfrst`jmdjk k`djfm eria dts fxpfrdfjgf `s `

cf`mdjk mfvfcipafjt p`rtjfr dj tbf rfkdij. Oy giaodjdjk tbfsf pfrspfgtdvfs ̀ jm

`rf`s ie fxpfrtdsf, tbf oiih `das ti `ssfss biw tbf ^`gdffg MAGs g`j ofttfr t`p djti

ippirtujdtdfs `rdsdjk eria @sd`j kriwtb, `jm ivfrgiaf gijstr`djts ti autu`ccy

ofjfffgd`c fgijiadg tdfs oftwffj tbf twi rfkdijs. ]bf rfsf`rgb rfpirtfm bfrf

wdcc ofjffft ijkidjk `jm pc`jjfm stumdfs tb`t wdcc fxàdjf tbf dssufs gijsdmfrfmdj tbf oiih dj krf`tfr mfptb.

]bds oiih bdkbcdkbts tb`t tbf ^`gdffg rfkdij g`j cf`rj augb eria @sd` dj tfras

ie fgijiadg rfeira prigfssfs ti priapt kriwtb. Dt `csi a`hfs gcf`r tb`t oitb

@sd`j `jm ^`gdffg fgijiadfs b`vf augb ti k`dj eria gcisfr tdfs `s @sd` fafrkfs

`s tbf kciof—s c`rkfst kriwtb fjkdjf. @MO, wdtb ̀ afaofrsbdp fjgiap`ssdjk oitb

rfkdijs, ds wfcc pc`gfm ti e`gdcdt`tf tbf ujmfrst`jmdjk `jm tbf mfvfcipafjt ie

autu`ccy ofjfffgd`c cdjhs oftwffj fgijiadfs dj tbfsf twi rfkdijs.

Jìyuhd Tisbdji Rd`jodj Tì

Mf`j Mdrfgtir Kfjfr`c @MOD ^`gdffg Mfp`rtafjt, @MO


14/219

@GHJI[CFMKAFJ]W

]bds oiih w`s ` giccòir`tdvf firt oftwffj tbf @sd`j Mfvfcipafjt O`jh

Djstdtutf (@MOD) `jm tbf ^`gdffg Mfp`rtafjt ie tbf @sd`j Mfvfcipafjt O`jh,

(@MO) prfp`rfm ujmfr tbf kudm`jgf ie Jìyuhd Tisbdji, Mf`j ie @MOD, `jm

Rd`jodj Tì, Mdrfgtir Kfjfr`c, ^`gdffg Mfp`rtafjt, @MO. A`ttbd`s Bfcocf,

_fsf`rgb Efcciw, cfm tbf prfp`r`tdij ie tbf oiih `jm w`s tbf prdjgdp`c ùtbir eir

@MOD. Gbrdstipbfr Fmaijms, Wfjdir Fgijiadst, ̀ jm Faa` Ufvf, Mdrfgtir, ^̀ gdffg

Vro`j, Wigd`c Mfvfcipafjt `jm ûocdg A`j`kfafjt Mdvdsdij, ^`gdffg Mfp`rtafjt,

@MO, kudmfm prfp`r`tdij `jm wfrf prdjgdp`c ùtbirs ij ofb c̀e ie @MO.

A`jy itbfrs gijtrdoutfm ti tbf oiih. F`rcy mrèts tb`t privdmfm siurgf a`tfrd`c

eir tbf oiih wfrf wrdttfj oy _ij Mujg`j, Fafrdtus ^riefssir, @ustr`cd`j J`tdij`c

Vjdvfrsdty8 `jm Wtfpbfj îcc`rm, gijsuct`jt, ^`gdffg Mfp`rtafjt, @MO. _fsf`rgb

`ssdst`jgf eir tbf oiih `t @MOD w`s privdmfm oy E`jk Kui, rfsf`rgb `ssigd`tf8

^ùci Autug, rfsf`rgb `ssigd`tf8 Rdìadjk ^`j, gijsuct`jt8 @ba`m ^r`sftyi,

rfsf`rgb `ssigd`tf8 `jm Tuhd ]`h`b`sbd, prilfgt gijsuct`jt. @t @MO, ^rdjgf Gruz,

gijsuct`jt, ^`gdffg Mfp`rtafjt, @MO8 `jm _utb Er`jgdsgi, gijsuct`jt, ^`gdffg

Mfp`rtafjt, @MO, gijtrdoutfm tfxt oixfs `jm bfcpfm rfffjf tòcfs `jm ffkurfs.

@ juaofr ie st` eria @MOD ̀ jm @MO privdmfm tfgbjdg c̀ giaafjts ̀ jm kudm`jgf

ti tbf tfà prfp`rdjk tbf oiih `t v`rdius st`kfs. Titbdj Ldjl`r`h, _fsf`rgb Efcciw,

@MOD8 ^ftfr Airk`j, Wfjdir Gijsuct`jt, @MOD8 Jirdhi Ik`w`, Mfputy Mdrfgtir

Kfjfr`c, ^`gdffg Mfp`rtafjt, @MO8 L`f-B` ^`rh, Mfputy Mf`j, @MOD8 `jm Udgtir

îjtdjfs, _fsf`rgb Efcciw, @MOD privdmfm usfeuc sukkfstdijs eir tbf oiih.

Kdiv`jjd G`p`jjfccd, ^rdjgdp`c Fgijiadst, Gfjtr`c `jm [fst Mfp`rtafjt, @MO8

`jm K`jfsb`j [dkj`r`l`, @mvdsir, Fgijiadg _fsf`rgb ̀ jm _fkdij`c Giipfr`tdij

Mfp`rtafjt, @MO, bfcpfm mfvfcip tbf f`rcy gijgfpt eir tbf oiih eir @MOD `cijk

wdtb tbf @MOD `jm @MO t`sh a`j`kfrs. Fmdtdjk ie tbf oiih `csi ofjffftfm eria

giaafjts rfgfdvfm eria p`rtdgdp`jts `t ` wirhsbip bfcm dj Lucy ?>0= `t @MOD

dj ]ihyi.


15/219

xdv @ghjiwcfmkafjts

@ tfà giapisfm ie _iodj Oiuapbrfy, gijsuct`jt, @MO8 ^rdjgf Gruz8 _iaafc

_ò`j`c8 `jm G`r` ]djdi giapcftfm tbf fgijiadg fmdtdjk ie tbf oiih `cijk wdtb

tbf @MO t`sh a`j`kfrs. @cds` MdG`prdi, _fkdij`c Giipfr`tdij Wpfgd`cdst, ^`gdffgMfp`rtafjt, @MO, `ssdstfm dj tbf fmdtdjk ie Gb`ptfr ;. G`ricdjf @ba`m `jm

Bàafm Oicitìci fmdtfm tbf oiih. _dg`rmi Gb`j `jm H`f Wuk`w`r` priierf`m

tbf oiih. @c`j î mfvfcipfm tbf givfr. @cvdj ]uodi c`dm iut tbf oiih. Gfgdc

G`p`r`s giirmdj`tfm tbf puocdsbdjk prigfss.


16/219

I vfr tbf p`st tbrff mfg`mfs, mfvfcipdjk @sd` b`s `gbdfvfm gijsdmfròcf

fgijiadg prikrfss. @ctbiukb tbf @sd`j ffj`jgd`c grdsds (044;‗0442)

`jm tbf kcio`c ffj`jgd`c `jm fgijiadg grdsds (?>>2‗?>>4) b`m `mvfrsf

dap`gts ij @sd`j fgijiadfs, aist qudghcy rfturjfm ti bdkb kriwtb p`tbs. Dj

tbf cijk ruj, rfkdij`c kriwtb ds cdhfcy ti sciw, out tbf @sd`j Mfvfcipafjt O`jh

(@MO) fxpfgts @sd`—s rioust fgijiadg mfvfcipafjt ti gijtdjuf `jm ti cf`m tbf

kcio`c fgijiay dj tbf giadjk mfg`mfs. @MO eirfg`sts sukkfst tb`t, oy ?>7>, tbf

giaodjfm kriss miafstdg primugt (KM^) ie @sd`j fgijiadfs giucm of `s augb

`s eiur tdafs c`rkfr tb`j dj ?>0>.

@MO `csi eirfg`sts tb`t airf tb`j ?.5 odccdij pfipcf dj @sd` wdcc `tt`dj admmcf-

djgiaf gc`ss st`tus oy ?>7>. ]bds wdcc cf`m ti gb`jkfs dj t`stfs `jm gijsuaptdij

p`ttfrjs, cdhfcy djgrf`sdjk djtfrfst dj primugts ̀ jm sfrvdgfs tb`t tbf ̂ `gdffg g`j ifr.

Kriwtb dj @sd` sbiucm of rffgtfm dj kriwdjk mfa`jm eir a`jy rfsiurgfs `jm

kiims”fjfrky, adjfr`cs `jm tdaofr, bdkbfr-qu`cdty `jm airf v`rdfm eiimstus”

`s wfcc `s eir cfdsurf-rfc`tfm `gtdvdtdfs djgcumdjk ivfrsf`s tiurdsa, `cc ie wbdgb

sbiucm e`vir siaf ie @MO—s ^`gdffg mfvfcipdjk afaofr giujtrdfs (MAGs). Dj

rfc`tdij ti rdsdjk mfa`jm eir rfsiurgfs, tbf kriwtb str`tfkdfs ie @sd`j fgijiadfs

`rf `mlustdjk ti airf fjvdrijafjt`ccy sust`djòcf p`tbs, fapb`sdzdjk djgrf`sfm

rfsiurgf fgdfjgy. ]bds giucm rfmugf mfa`jm kriwtb eria wb`t dt wiucm of dj

tbf òsfjgf ie firts ti a`hf kriwtb airf sust`djòcf, `jm giucm privdmf pisdtdvf

spdccivfrs ti tbf ^`gdffg `s dt sffhs ti mfvfcip wdtbdj dts er`kdcf fgisystfas.

KM^ kriwtb dj tbf ^`gdffg b`s offj gijsdmfròcy sciwfr tb`j dj @sd`j giujtrdfs.

@jju`c kriwtb r`tfs b`vf offj bdkbcy vic`tdcf dj tbf sa`ccfr ^`gdffg fgijiadfs,

out b`vf kfjfr`ccy ̀ vfr`kfm `riujm ?%. C`rkfr ^̀ gdffg fgijiadfs b`vf pfreirafm

ofttfr, wdtb rfsiurgf-rdgb ̂ `pu` Jfw Kudjf` (^JK), ]dair-Cfstf, ̀ jm, ti ` cfssfr

fxtfjt, Wiciaij Dsc`jms, `cc fjliydjk bdkb kriwtb sdjgf `t cf`st ?>>6. Wtrugtur`c

e`gtirs sugb ̀ s sa`cc a`rhft sdzf ̀ jm kfikr`pbdg dsic`tdij ̀ rf cijk-ruj gijstr`djts

ij bdkbfr `jm airf sust`djòcf kriwtb dj tbf ^`gdffg.

FRFGV]DUF WVAA@_T


17/219

xvd Fxfgutdvf Wuaa`ry

Bdstirdg`ccy, kfikr`pbdg dsic`tdij b`s af`jt tb`t ^`gdffg MAGs a`djt`djfm

rfc`tdvfcy strijk cdjh`kfs wdtb @ustr`cd`, Jfw \f`c`jm, `jm eirafr gicijd`c

piwfrs. Cdjhs wdtb @sd` wfrf typdg`ccy cdadtfm `s aist @sd`j giujtrdfs wfrfstdcc `t `j f`rcy st`kf ie fgijiadg mfvfcipafjt. Biwfvfr, sdjgf ?>>>, tbf ^`gdffg

b`s ofjffftfm eria tbf rdsf ie @sd`j fgijiadfs, `jm tbf eigus ie tbfdr cdjh`kfs”

tr`mf, ffj`jgd`c, ̀ jm mdpcia`tdg”b`s offj sbdetdjk ̀ jm fxp`jmdjk eria tr`mdtdij`c

p`rtjfrs ti @sd`. Dt ds fxpfgtfm tb`t `cc ^`gdffg MAGs wdcc k`dj airf eria @sd`—s

euturf kriwtb.

]it`c tr`mf dj kiims (dapirts pcus fxpirts) oftwffj tbf ^`gdffg MAGs `jm @sd`djgrf`sfm eria $0.5 odccdij dj ?>>> ti `riujm $0=.6 odccdij dj ?>0?. ]bf kriwtb dj

dapirts b`s offj p`rtdguc`rcy strijk”` sdkj tb`t oitb gijsuafrs ̀ jm ousdjfssfs

dj tbf ^`gdffg `rf `crf`my ofjffftdjk eria gcisfr tr`mf rfc`tdijs wdtb @sd` tbriukb

daprivfm `ggfss ti ` wdmfr v`rdfty ie kiims `t ciwfr prdgfs.

^`gdffg fxpirts ti @sd` b`vf `csi djgrf`sfm gijsdmfr`ocy sdjgf ?>>6. ]bfrf b`s

offj ` suggfss dj fst`ocdsbdjk jdgbf a`rhfts eir ^`gdffg primugts sugb `s bdkb-qu`cdty oittcfm w`tfr `jm `krdguctur`c primugts (v`jdcc` `jm giff), gisaftdg

primugts, `jm gustia-a`mf k`rafjts. ]bds fxfapcdfffs wb`t ^`gdffg-o`sfm

ousdjfssfs g`j `gbdfvf de djjiv`tdvf ^`gdffg primugts `rf djtrimugfm ti @sd`j

gijsuafrs. @ctbiukb tbf @sd`j sb`rf ie rfsiurgf fxpirts eria rfsiurgf-rdgb

fgijiadfs”prda`rdcy ^JK, Wiciaij Dsc`jms, `jm ]dair-Cfstf”b`s jit djgrf`sfm

sdkjdffg`jtcy, @sd`—s kriwtb o`sfm ij r`w a`tfrd`cs b`s suppirtfm bdkb prdgfs eir


18/219

xvddFxfgutdvf Wuaa`ry

tbfsf rfsiurgfs kcio`ccy `jm ifrs krf`t pitfjtd`c eir ^`gdffg suppcdfrs ti djgrf`sf

tbfdr fxpirts ie prda`ry giaaimdtdfs.

Eurtbfr, tit`c eirfdkj mdrfgt djvfstafjt (EMD) dj ^`gdffg MAGs b`s djgrf`sfm

suost`jtd`ccy sdjgf tbf st`rt ie tbf ?0st gfjtury. @ctbiukb EMD efcc dj ?>0> `jm

?>00, eicciwdjk tbf kcio`c ffj`jgd`c `jm fgijiadg grdsds, EMD cfvfcs b`vf rfgivfrfm

sdjgf tbfj, `vfr`kdjk `riujm 7.6% ie tbf giaodjfm KM^ ie ^`gdffg MAGs pfr

yf`r. Wfvfr`c @sd`j giujtrdfs ̀ rf djvfstdjk bf v̀dcy dj tbf ̂ `gdffg rfkdij, fspfgd c̀cy

dj adjdjk, ffsbfrdfs, `jm `krdgucturf. Wtòcf a`grifgijiadg fjvdrijafjts `jm

ipfj tr`mf rfkdafs dj a`jy ^`gdffg MAGs b`vf gijtrdoutfm ti tbds mfvfcipafjt.Gijtdjufm djvfstafjt eria @sd` b`s tbf pitfjtd`c ti privdmf strijk stdaucus

ti fgijiadg mfvfcipafjt dj tbf ^`gdffg oy grf`tdjk lios `jm fjgiur`kdjk

tfgbjicikdg`c spdccivfrs. Eciws ie EMD g`j `csi mffpfj tr`mf ̀ jm itbfr fgijiadg

cdjh`kfs oftwffj tbf @sd`j `jm ^`gdffg fgijiadfs.

]bf a`dj iolfgtdvfs ie tbds oiih `rf ti (d) `ssfss biw tbf 0= ^`gdffg MAGs g`j

t`p djti tbf prilfgtfm kriwtb dj @sd`, (dd) fxpcirf biw fgijiadg `jm ffj`jgd`cdjtfkr`tdij oftwffj @sd` `jm tbf ^`gdffg g`j of fxp`jmfm `jm djtfjsdfffm ti ofjffft

^`gdffg MAG fgijiadfs, `jm (ddd) dmfjtdey grdtdg`c gijstr`djts ij djtfkr`tdij `jm

sukkfst w`ys ti `ccfvd`tf ir fcdadj`tf tbfa.

Dj pursudjk tbfsf iolfgtdvfs, dt ds dapirt`jt ti rfgikjdzf tbf fxtfjt ie mdvfrsdty

àijk tbf ^`gdffg MAGs”eria Jùru wdtb ` pipuc`tdij ie òiut 0>,>>> ti

^JK wdtb ` pipuc`tdij ie airf tb`j ; adccdij, eria ]uv`cu wdtb efw j`tur`c

rfsiurgfs ti rfsiurgf-rdgb ]dair-Cfstf. ]bfrf ̀ rf ̀ csi c`rkf mdfrfjgfs dj bua`j

mfvfcipafjt”^`cù ds r`jhfm 5>tb iut ie 02; fgijiadfs dj tbf ?>07 Vjdtfm

J`tdijs Mfvfcipafjt ^rikràaf—s Bua`j Mfvfcipafjt Djmfx, wbdcf ^JK `jm

Wiciaij Dsc`jms `rf r`jhfm 06;tb.

_fgfjt strfjktbfjfm fgijiadg cdjh`kfs oftwffj @sd` `jm tbf ^`gdffg `rf kfjfr`ccy

`ttrdoutòcf ti picdgy `jm djstdtutdij`c rfeiras `miptfm dj ^`gdffg MAGs. ]i siaf

mfkrff, tbfrf ds `j ujffjdsbfm rfeira `kfjm`. Cdjh`kfs g`j of fjb`jgfm de rfeira

aiafjtua g`j of sust`djfm `jm, dj siaf g`sfs, ori`mfjfm ti djgcumf krf`tfr

gijsdmfr`tdij ie picdgy `gtdijs wbdgb privfm suggfsseuc eir @sd`j giujtrdfs.


19/219

xvddd Fxfgutdvf Wuaa`ry

ivfr `j fdkbteicm djgrf`sf eria ?>>> ti ?>0?

ivfr . odccdijEria . odccdij

tr`jspirt `jm DG] djer`strugturf wdtb rfkdij`c ofjffftsWtr`tfkdg`ccy pc`jjfm djvfstafjts dj

Edvf hfy afss`kfs eir kudmdjk tbf mfvfcipafjt ie strijkfr `jm mffpfr cdjhs

oftwffj `̂gdffg fgijiadfs `jm @sd` fafrkf eria tbds rfsf`rgb<

]bf prdv`tf sfgtir t`hfs tbf cf`m dj tbf grf`tdij ie cdjh`kfs kfjfr`ccy tbriukb

tr`mf dj kiims ir sfrvdgfs Kivfrjafjt ds aist ffgtdvf dj e`gdcdt`tdjk”jit

grf`tdjk ir mdrfgtdjk”tbfsf cdjhs

Dj aist ^`gdffg MAGs, tbf puocdg sfgtir b`s pc`yfm ` a`lir ricf dj tbf fgijiay.

Wt`tf-iwjfm fjtfrprdsfs (WIFs) typdg`ccy privdmf kiims ir sfrvdgfs pfrgfdvfm ti of

vdt`c ti j`tdij c̀ mfvfcipafjt `jm, dj a`jy g`sfs, ofgiaf aijipicy suppcdfrs djbf`vdcy rfkuc`tfm ̀ jm pritfgtfm a`rhfts. ]bfdr prfsfjgf b`s djbdodtfm mfvfcipafjt

ie tbf prdv`tf sfgtir mdrfgtcy (tbriukb iutrdkbt o`js ij fjtry) ir djmdrfgtcy (tbriukb

bdkbfr ipfr`tdjk gists ir prfefrfjgf dj tbf `ccig`tdij ie rfsiurgfs).

Dapirt `jm fxpirt `rr`jkfafjts `rf usu`ccy a`mf ij ` ffra-ti-ffra, pfrsij-

ti-pfrsij o`sds. ]bf ^`gdffg MAGs b`vf offj sciw dj a`hdjk sugb cdjhs muf ti

tbfdr rfaitfjfss eria @sd` `jm tbf j`sgfjt st`tf ie a`jy ie tbfdr ousdjfssfs.Wdjgf ?>>>, daprivfafjts dj tfcfgiaaujdg`tdij `jm rfmugtdijs dj tbf gist ie

`dre`rfs bfcpfm dj eirkdjk sugb cdjhs. ]bds ds rffgtfm dj tbf strijk kriwtb dj


20/219

xdxFxfgutdvf Wuaa`ry

tr`mf oftwffj tbf ^`gdffg fgijiadfs `jm @sd`. Kriwtb dj f-giaafrgf `jm ijcdjf

`ggfss ti tiurdsa sfrvdgfs bicm eurtbfr pitfjtd`c eir tbf ^`gdffg.

Kivfrjafjts g`j pc`y ` grdtdg`c ricf dj e`gdcdt`tdjk tbfsf cdjhs oy `mmrfssdjk

a`rhft e`dcurfs oy (d) privdmdjk miafstdg ousdjfssfs wdtb pr`gtdg`c fxpirt `mvdgf

`jm a`rhft djeira`tdij eria @sd`8 (dd) sbiwg`sdjk miafstdg primugts `t hfy tr`mf

fxbdodtdijs8 (ddd) `jm djtrimugdjk ouyfrs, dapirtfrs, `jm mdstrdoutirs. ^`gdffg

Dsc`jms ]r`mf `jm Djvfst”`j `ra ie tbf ^`gdffg Dsc`jms Eirua Wfgrft`rd`t”pc`ys

sugb ` ricf dj tbf ^fipcf—s _fpuocdg ie Gbdj` `jm L`p`j, out dj itbfr @sd`j a`rhfts

sugb suppirt ds jit `v`dcòcf ti ^`gdffg ousdjfssfs.

^`gdffg MAGs gijtdjuf ti e`gf bdkb tr`mf gists dj `ggfssdjk @sd`j a`rhfts

Wuost`jtd`c djvfstafjts dj tr`jspirt djer`strugturf `jm djeira`tdij `jm

giaaujdg`tdij tfgbjiciky djer`strugturf `rf jffmfm ti priaitf airf

fgdfjt iw ie kiims `jm sfrvdgfs Dj a`jy g`sfs str`tfkdg pc`jjdjk ie

tbfsf djvfstafjts rfqudrfs ` rfkdij`c `ppri`gb wbdgb aust `csi afft prdirdty

j`tdij`c jffms

Fgdfjt sf`pirts `jm `drpirts `rf grdtdg`c dj e`gdcdt`tdjk tr`mf. Dj siaf ^`gdffg

MAGs, fvfj tbf òdcdty ie primugfrs ti fxpirt tbriukb fxdstdjk pirts ds gijstr`djfm

oy piir miafstdg tr`jspirt djer`strugturf `jm sfrvdgfs. Oitb djvfstafjt dj jfw

tr`jspirt djer`strugturf ̀ jm firts ti daprivf fxdstdjk djer`strugturf sfrvdgfs ̀ rf

jffmfm ti suppirt krf`tfr tr`mf. Wtfps tiw`rm giaafrgd`c ipfr`tdij ie sf`pirts,

`drpirts, ̀ jm pirt sfrvdgfs wdcc rfmugf tbf gists ie tr`mf, out tbf suost`jtd`c j`turf

ie `jy sugb djvfstafjt b`s ti of t`hfj djti gijsdmfr`tdij `jm wfdkbfm `k`djst

tbf cdhfcy us`kf ie tbf e`gdcdty. Eir tbf sa`ccfr ^`gdffg MAGs, c`rkf djtfrj`tdij`c

sf`pirts a`y jit a`hf fgijiadg sfjsf, si tbfsf giujtrdfs sbiucm rfcy djstf`m

ij tr`jssbdpafjt eria ` jfdkboirdjk sbdppdjk buo. C`rkfr ^`gdffg MAGs, sugb

`s Edld `jm ^JK, `rf wfcc pc`gfm ti sfrvf `s buos `jm ti privdmf tr`jsdt e`gdcdtdfs

ti sa`ccfr giujtrdfs.

^frb`ps tbf aist gijspdguius fxàpcf ie tbf e`dcurf ie WIFs b`s offj dj tbf

privdsdij ie `dr sfrvdgfs. ]bf kivfrjafjts ie 0> ie tbf 0= ^`gdffg MAGs b`vf

b`m”`jm, dj a`jy g`sfs, stdcc b`vf”`j iwjfrsbdp st`hf dj ̀ drcdjfs. Aist ie tbfsf


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xx Fxfgutdvf Wuaa`ry

vfjturfs b`vf offj ivfrcy àodtdius, `jm t`xp`yfrs b`vf fjmfm up suppirtdjk

suosdmdfs kivfrjafjts giucm dcc ìrm. Jijftbfcfss, kdvfj tbf rfaitfjfss ie tbf

^`gdffg MAGs, `dr sfrvdgfs `rf vdt`c dj rf`cdzdjk tbf pitfjtd`c ie tiurdsa `jm bdkb- v`cuf `krdguctur`c `jm ffsbfry fxpirts. _feiras `rf tbfrfeirf fssfjtd`c. –Ipfj-

shdfs‑ ̀ jm itbfr ̀ dr sfrvdgf `krffafjts ̀ rf ijf p`rt ie sugb rfeiras, wbdgb wiucm

e`gdcdt`tf `j djgrf`sf dj tbf juaofr ie dkbts oftwffj @sd` `jm tbf ^`gdffg.

Daprivdjk tfcfgiaaujdg`tdijs wdcc `csi of gfjtr`c ti strfjktbfjdjk cdjhs

oftwffj ^`gdffg fgijiadfs `jm @sd` `jm ti fjgiur`kdjk djgrf`sfm tr`mf.

Djjiv`tdijs dj tfcfgiaaujdg`tdijs sdjgf tbf 044>s b`vf b`m tbf pitfjtd`c

_faivdjk ir rfmugdjk tfgbjdg`c o`rrdfrs ti tr`mfti fjòcf primugfrs ti prifftòcy fxpirt jdgbf primugts `jm tiurdsa ipfr`tirs

ti privdmf djtfrj`tdij`ccy giapftdtdvf sfrvdgfs

Vjspidcfm tripdg`c fjvdrijafjts dmf`c eir tiurdsa `jm primugtdij ie siaf bdkb-v`cuf

kiims (f.k., Wiutb Wf` pf`rcs, `rtfsd`j w`tfr,gisaftdgs, b`jmdgrèts)

*@sd` ds mfffjfm `s tbf afaofr giujtrdfs ie @WF@J, tbf ^fipcf—s _fpuocdg ie Gbdj`, `jm Djmd`.

Ivfr b`ce ie wircm—s admmcf-djgiaf gc`ss wdcc of dj @sd`*

. ODCCDIJ . ODCCDIJ

.ODCCDIJ


22/219

xxdFxfgutdvf Wuaa`ry

ti `ccfvd`tf tbf dsic`tdij ie ^`gdffg MAGs. Biwfvfr, tbf `miptdij ie jfw

tfgbjiciky oy tbf WIFs b`s ietfj offj sciw. Wdjgf `riujm ?>>6, tbfrf b`s offj

tfcfgiaaujdg`tdijs cdofr`cdz`tdij dj siaf ^`gdffg MAGs tb`t fjòcfm tbf prdv`tfsfgtir ti pc`y ` cf`mdjk ricf dj privdmdjk tfcfgiaaujdg`tdijs sfrvdgfs. ]bds

wdcc gijtdjuf, out ^`gdffg kivfrjafjts wdcc b`vf ` grugd`c ricf dj fstòcdsbdjk

tbf o`sdg djer`strugturf eir privdmdjk ori`mo`jm sfrvdgfs oy suppirtdjk tbf

mfvfcipafjt ie ffofr iptdg cdjhs ir jfw s`tfccdtf cdjhs.

]bf mfvfcipafjt ie siet djer`strugturf ds `csi jffmfm ti fjb`jgf fgijiadg

cdjh`kfs wdtb @sd` Djstdtutdij`c `jm picdgy gijstr`djts sugb `s bdkb jijt`rdo`rrdfrs ti dapirts bdkb tr`mf gists `jm djfgdfjt gustias prigfmurfs jffm

ti of rfaivfm ]bfsf af`surfs djgcumf fjtfrdjk djti tr`mf `krffafjts tb`t

g`j ifr ofjfffts ti ^`gdffg MAGs tbriukb fjb`jgfm tr`mf wdtb @sd`

^`gdffg kivfrjafjts `csi b`vf `j dapirt`jt ricf dj rfmugdjk o`rrdfrs ti tr`mf `jm

f`sdjk rfkuc`tdijs tb`t r`dsf tbf gists ie midjk ousdjfss. Fxpcdgdt prfefrfjgfs eir

miafstdg primugfrs”a`jdefstfm dj dapirt t`rds ̀ jm quit`s, eir fxàpcf”b`vftr`mdtdij`ccy offj ijf ie tbf prda`ry gijstr`djts ij tr`mf. @ctbiukb, kcio`ccy,

dapirt t`rds b`vf offj rfmugfm `jm a`jy ^`gdffg MAGs jiw b`vf ciw dapirt

t`rds, tbfsf `rf stdcc suost`jtd`c dj siaf ^`gdffg MAGs.

]fgbjdg`c o`rrdfrs ti tr`mf”djgcumdjk gustias, qu`r`jtdjf, `jm rfkdstr`tdij

prigfmurfs”`csi strijkcy djufjgf tbf cfvfc `jm mdrfgtdij ie tr`mf. A`jy ie tbf

prigfmurfs `rf fssfjtd`c, out djfgdfjgy dj tbfdr `ppcdg`tdij b`s ` strijk jfk`tdvf

dap`gt ij ousdjfssfs `jm tr`mf. Dj ^`gdffg MAGs, a`jy ie tbfsf prigfmurfs dapisf

bdkb tr`js`gtdij gists ij ousdjfssfs, p`rtdguc`rcy dapirtfrs `jm fxpirtfrs. ]`rds

`jm gustias prigfmurfs, eir fxàpcf, ij pfrdsbòcf primugts sugb `s eiimstus

g`j r`dsf gists eir rfsirts, bitfcs, ̀ jm itbfr tiurdst vfjturfs, rfjmfrdjk tbfa cfss

`ttr`gtdvf ti tiurdsts.

_fkdij`c ir odc`tfr`c tr`mf `krffafjts wdtb a`lir @sd`j p`rtjfrs ifr pitfjtd`c

ofjfffts eir ^`gdffg MAGs, fspfgd`ccy de còir aiodcdty ds djgcumfm. Biwfvfr, dt

ds dapirt`jt ti rfgikjdzf tb`t, eir sa`cc giujtrdfs, tbf gists ie jfkitd`tdjk `jm

`madjdstfrdjk sugb tr`mf `krffafjts g`j of rfc`tdvfcy c`rkf. ^`gdffg MAGs g`j `csi


23/219

xxdd Fxfgutdvf Wuaa`ry

ofjffft eria ujdc`tfr̀ c tr`mf cdofr`cdz t̀dij, out tbf `ppriprd`tf str`tfky wdcc mdfr

mfpfjmdjk ij f`gb giujtry—s fgijiadg gdrguast`jgfs. ]bf ^`gdffg b`s `crf`my

rf`pfm ofjfffts tbriukb rfkdij`c giipfr`tdij, eir fx`apcf dj ffsbfrdfs `ggfss,wdtb pitfjtd`ccy airf ofjfffts ti of mfrdvfm eria gcisfr giipfr`tdij dj itbfr

jfkitd`tdijs wdtb fxtfrj`c p`rtdfs.

]i fjb`jgf euturf cdjh`kfs, ^`gdffg kivfrjafjts jffm ti eirauc`tf str`tfkdfs tb`t

wiucm fjgiur`kf gcisfr fgijiadg tdfs. ]bfy ̀ csi jffm ti dmfjtdey tr`mf e`gdcdt`tdij

rfeiras, djgcumdjk cfkdsc`tdvf `jm rfkuc`tiry `gtdijs ti `gbdfvf tbfdr tr`mf iolfgtdvfs.

^fipcf eirkf fgijiadg cdjhs Eir tbf ^`gdffg ti strfjktbfj fgijiadg cdjhs wdtb

@sd` fxdstdjk jftwirhs sbiucm of suppirtfm `jm krf`tfr fapb`sds sbiucm of

pc`gfm ij tbf qu`cdty ie fmug`tdij `jm shdccs mfvfcipafjt ]bfsf `gtdijs wdcc

ujmfrpdj tbf djjiv`tdij `jm fjtrfprfjfursbdp vdt`c ti autu`ccy ofjfffgd`c

kriwtb `jm fjb`jgfm tr`mf

@KFM G@_F

p`rtdguc`rcy bf`ctb g`rf systfas `jm bua`j rfsiurgf mfvfcipafjtDjvfstafjts dj puocdg sfrvdgfs”


24/219

xxdddFxfgutdvf Wuaa`ry

]bf strijk bdstirdg`c tdfs wdtb @sd`”fspfgd`ccy F`st @sd`”`jm aivfafjts ie

pfipcf `griss tbf rfkdijs b`vf sb`pfm tbf ^`gdffg—s mfvfcipafjt dj a`jy w`ys.

]bf @sd`j md`spir` dj tbf ^`gdffg `jm tbf ^`gdffg md`spir` òri`m juaofr djadccdijs `jm pc`y ` str`tfkdg ricf dj mrdvdjk fgijiadg mfvfcipafjt ofgùsf

tbfy `rf `j dapirt`jt siurgf ie rfadtt`jgfs `jm e`gdcdt`tf tr`mf `jm djvfstafjt.

Eurtbfr, sf`sij`c kufst wirhfr prikràs fjk`kf tbius`jms ie ^`gdffg wirhfrs

`jju`ccy, strfjktbfjdjk tdfs oftwffj tbf ^`gdffg `jm itbfr rfkdijs. Wuppirtdjk

tbfsf cdjhs `jm mfvfcipdjk fgdfjt `jm ipfj systfas eir còir `jm rfadtt`jgfs

g`j bfcp ^`gdffg fgijiadfs ti ofjffft airf eria @sd`—s fgijiadg fafrkfjgf.

Daprivdjk fmug`tdij systfas dj ^`gdffg MAGs wdcc of ` vdt`c p`rt ie tbds firt.

Dj a`jy ^`gdffg MAGs, tbf qu`cdty ie o`sdg fmug`tdij `jm shdccs mfvfcipafjt

rfa`dj piir. ]bds gijstr`djs fgijiadg mfvfcipafjt, rfstrdgts tbf privdsdij

ie shdcc-djtfjsdvf primugts `jm sfrvdgfs, `jm rfmugfs iptdijs eir wirh òri`m,

`jm bfjgf rfmugfs rfadtt`jgfs. _fstrugturdjk fmug`tdij systfas `jm `ctfrdjk

fmug`tdij`c djgfjtdvfs ti daprivf tbf qu`cdty `jm rfcfv`jgf ie fmug`tdij `jm

tr`djdjk `rf dapirt`jt, eir fxàpcf, ti oudcm shdccs sudtòcf eir tbf tiurdsadjmustry `jm eir a`j`kdjk sa`cc ousdjfss. [dtb krf`tfr juaofrs ie ^`gdffg

stumfjts t`hdjk up sgbic`rsbdps dj @sd`j ujdvfrsdtdfs, tbf pitfjtd`c eir fxgb`jkf

oftwffj @sd`j `jm ^`gdffg djstdtutdijs wdcc djgrf`sf.

]bf dapirt`jgf ie bua`j g`pdt`c ti fgijiadg pfreira`jgf `jm ie gcisfr tdfs

oftwffj @sd` `jm tbf ^`gdffg ds `csi bdkbcdkbtfm oy tbf ricf ie djjiv`tdij dj

primugtdvdty kriwtb ̀ jm daprivfafjts dj tbf qu`cdty ie kiims ̀ jm sfrvdgfs. [bdcf

^`gdffg MAGs g`jjit djgrf`sf primugtdvdty dj tbf sàf a`jjfr `s tbf còir-rdgb

r`pdmcy kriwdjk @sd`j fgijiadfs tbriukb fapb`sds ij a`jue`gturdjk, tbf sfrvdgf

sfgtir b`s djstf`m ofgiaf ` eigus eir tbf ^`gdffg, wdtb stdcc augb ti of cf`rjfm

eria @sd`.

]bf gb`ccfjkf eir tbf sa`cc ^`gdffg MAGs ds fvfj krf`tfr tb`j eir @sd`j giujtrdfs<

^`gdffg MAGs b`vf ti `m`pt `jm djjiv`tf ti kfjfr`tf wf`ctb oy ffjmdjk jfw w`ys

ie `mmdjk v`cuf ti tbfdr c`jm, còir, `jm j`tur`c rfsiurgfs. ]i t`hf `mv`jt`kf ie tbf

ippirtujdtdfs ifrfm oy @sd`j fgijiadg kriwtb”sugb ̀ s dj s`tdseydjk tbf djgrf`sfm

mfa`jm eir cuxury kiims ̀ jm sfrvdgfs”^`gdffg MAGs aust fjgiur`kf djjiv`tdij.


25/219

xxdv Fxfgutdvf Wuaa`ry

]bf òdcdty ti mfvfcip ir `m`pt djjiv`tdijs, wbftbfr miafstdg ir ivfrsf`s, wdcc

c`rkfcy mfffjf tbf suggfss ir e`dcurf ie djtfkr`tdij firts. Ipfjjfss ti eirfdkj dmf`s

`jm tfgbjiciky, `s wfcc `s shdccfm ivfrsf`s wirhfrs, wdcc of fssfjtd`c.

Cfssijs eria @sd` sbiw tb`t cdjh`kfs aust of pri`gtdvfcy a`j`kfm ti

adtdk`tf pitfjtd`c jfk`tdvf fgijiadg fjvdrijafjt`c `jm sigdiguctur`c

dap`gts ^`gdffg kivfrjafjts aust of gcf`r òiut picdgy iolfgtdvfs rfc`tdjk ti

rfkuc`tdij ie v`rdius cdjh`kfs `jm jffm ti `mipt pr`gtdg`c picdgdfs ti `gbdfvf

tbfsf ki`cs

@jy fxtfrj`c cdjh`kfs a`y ordjk wdtb tbfa rdshs ti tbf gucturfs, er`kdcf

fjvdrijafjts, `jm sigd`c `jm fgijiadg eòrdg ie ^`gdffg MAGs. ]bds ds p`rtdguc`rcy

truf eir gcisfr cdjh`kfs oftwffj @sd` `jm tbf ^`gdffg, kdvfj tbfdr mdfrfjgfs.

]bf sg`cf ie pitfjtd`c fgijiadg fjk`kfafjts wdtb @sd` rfqudrfs tbf rfc`tdvfcy

sa`ccfr ^`gdffg MAGs ti pri`gtdvfcy a`j`kf tbfdr cdjhs wdtb @sd` ti a`xdadzf

ofjfffts `jm àfcdir t̀f rdshs `jm tr`jsdtdij`c gists.

@ppriprd t̀f kivfrjafjt ivfrsdkbt ie eirfdkj djvfstafjts g`j pc`y `j dapirt`jt

ricf dj fjsurdjk tb`t `gtdvdtdfs `rf sigd`ccy `jm guctur`ccy gijkrufjt wdtb ^`gdffg

jiras. Biwfvfr, `miptdij ie rfkuc`tdijs ds jit fjiukb. ^`gdffg MAGs jffm ti

put rfsiurgfs djti tbf fjeirgfafjt ie tbfsf rfkuc`tdijs. Dj siaf `rf`s, EMD a`y

jit ordjk `jy jitòcf fgijiadg k`djs, si picdgdfs ti fjsurf sp`gf eir miafstdg

djvfstirs `rf `ppriprd`tf.

Fjvdrijafjt`c pritfgtdij ds grdtdg`c ti a`djt`dj tbf tr`mdtdij`c w`y ie cdef ie tbf

pfipcf dj tbf ^`gdffg. Dt g`j `csi sfrvf ti fjb`jgf tbf `ppf`c ie tbf ^`gdffg dsc`jms `s

tiurdst mfstdj`tdijs. A`jy ie tbf fxdstdjk cdjhs oftwffj ^`gdffg fgijiadfs `jm @sd`

rfc`tf ti fxtr`gtdvf djmustrdfs, si tbf rfkuc`tdij ie tbfdr ipfr`tdijs ds ̀ j dapirt`jt

kivfrjafjt eujgtdij ti pritfgt tbf fjvdrijafjt `jm tbf rdkbts ie giaaujdtdfs.

]bf bdstiry ie ofjfffgd`c tr`mf oftwffj @sd` `jm tbf ^`gdffg, `s wfcc `s tbf

ijkidjk aivfafjt dj @sd`j fgijiadfs tiw`rm airf fjvdrijafjt`ccy sust`djòcf

mfvfcipafjt, sukkfsts tb`t gcisfr fgijiadg tdfs wdcc privdmf ffj`jgd`c mfvfcipafjt

`jm tfgbjicikdg`c ofjfffts ti ^`gdffg MAGs.


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^@_] DGV__FJ] FGIJIADGGIJMD]DIJW DJ @WD@

@JM ]BF ^@GDEDG


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28/219

]bf @sd`j rfkdij b`s `gbdfvfm gijsdmfròcf fgijiadg prikrfss sdjgf tbf

042>s. Dt jiw primugfs òiut ijf-tbdrm ie kcio`c kriss miafstdg primugt

(KM^) `jm `ggiujts eir airf tb`j ijf-tbdrm ie kcio`c tr`mf. Eir tbf

0= ^`gdffg mfvfcipdjk afaofr giujtrdfs (MAGs)0 ie tbf @sd`j Mfvfcipafjt

O`jh (@MO), tbds fafrkfjgf ie @sd` b`s sdkjdffg`jt gijsfqufjgfs `jm ifrs

ippirtujdtdfs eir euturf fgijiadg mfvfcipafjt. ]bds oiih `ssfssfs tbfsf

ippirtujdtdfs, dmfjtdfffs tr`jsadssdij gb`jjfcs oftwffj @sd`j `jm ^`gdffg

MAGs, `jm eirauc`tfs picdgy rfgiaafjm`tdijs eir ^`gdffg MAGs.

@sd —̀s sb`rf ie kcio`c fgijiadg iutput b`s kriwj stf`mdcy sdjgf tbf f`rcy 046>s `jm

b`s offj fxp`jmdjk airf r`pdmcy sdjgf ?>>>. Dt ds fxpfgtfm ti `ggiujt eir b`ce ie

kcio`c fgijiadg iutput oy ?>6> (@MO ?>00). @sd`—s r`pdm fgijiadg mfvfcipafjt

b`s offj `ggiap`jdfm oy djgrf`sfm kcio`c tr`mf, djgcumdjk tbf mfvfcipafjt ie

rfkdij`c primugtdij jftwirhs `jm suppcy gb`djs. ]bf trfjm w`s djtfrruptfm oy

tbf @sd`j ffj`jgd`c grdsds ie 044;‗0442, out mffp strugtur`c rfeiras `jm rfkdij`c

giipfr`tdij djdtd`tdvfs `miptfm dj rfspijsf ti tbf grdsds strfjktbfjfm fgijiadg

eujmàfjt`cs dj tbf rfkdij, `jm a`jy @sd`j giujtrdfs rfa`djfm rfc`tdvfcy rfsdcdfjt

ti tbf kcio`c fgijiadg `jm ffj`jgd`c grdsds dj ?>>2‗?>>4.

]bf ^`gdffg rfkdij b`s offj òcf ti rf`p siaf ie tbf ofjfffts ie @sd`—s kriwtb.

]r`mf p`ttfrjs ie ^`gdffg MAGs b`vf offj sbdetdjk eria tr`mdtdij`c a`rhfts”

@ustr`cd ,̀ Jfw \f`c`jm, `jm tbf Vjdtfm Wt`tfs”ti @sd`, tbf ^fipcf—s _fpuocdg ie

Gbdj` (^_G) dj p`rtdguc`r. Djvfstafjt iws `jm picdtdg`c fxgb`jkfs b`vf `csi

offj djtfjsdeydjk, out tbf rfirdfjt`tdij tiw`rm @sd` b`s jit offj ujdeira ̀ griss

^`gdffg MAGs.

]bf Giih Dsc`jms Edld Hdrdo`td tbf _fpuocdg ie tbf A`rsb`cc Dsc`jms (_AD) tbf Efmfr`tfm Wt`tfsie Adgrijfsd` (EWA) Jùru ^`cù ^`pu` Jfw Kudjf` (^JK) Wài` Wiciaij Dsc`jms]dair-Cfstf ]ijk` ]uv`cu `jm U`ju`tu

DJ]_IMVG]DIJ G B @ ^ ] F _


29/219

^`gdffg Ippirtujdtdfs< Cfvfr`kdjk @sd`—s Kriwtb

Fgijiadg pfreira`jgf ie ^`gdffg MAGs sdjgf ?>>> b`s offj r`tbfr mdvfrsf.

_fkdij`c kriwtb b`s offj cfm oy tbf rfsiurgf-rdgb giujtrdfs”^`pu` Jfw Kudjf`

(^JK), ]dair-Cfstf, ̀ jm, ti ̀ cfssfr fxtfjt, Wiciaij Dsc`jms”tb`t b`vf ofjffftfmeria @sd`—s mfa`jm eir r`w a`tfrd`cs. ]bf `jju`c kriwtb r`tfs ie tbf rfa`djdjk

^`gdffg MAGs b`vf offj ugtu`tdjk out typdg`ccy `vfr`kfm 0%‗?% (airf si àijk

tbf sa`ccfst ^`gdffg MAGs). Wiaf giujtrdfs b`vf rfspijmfm ofttfr ti kriwdjk

mfa`jm eria @sd`.

]bf wf`h fgijiadg kriwtb tb`t aist ^`gdffg MAGs b`vf fxpfrdfjgfm ds

`ttrdoutòcf ti v`rdius e`gtirs, spfgdffg`ccy ti tbrff strugtur`c gijstr`djts<(d) sa`cc miafstdg a`rhfts, wbdgb a`hf dt fxtrfafcy mdguct ti rf`cdzf

fgijiadfs ie sg`cf8

(dd) kfikr`pbdg dsic`tdij, wbdgb rfsucts dj bdkb tr`js`gtdij gists8 `jm

(ddd) erfqufjt mds`stfrs, sugb `s tsujàds, gygcijfs, `jm vicg`jdg mdsturo`jgfs,

wbdgb `csi gijtrdoutf ti fgijiadg ugtu`tdijs.

Aist ̂ `gdffg MAGs b`vf st`rtfm ti dapcfafjt strugtur`c rfeiras ti fjb`jgf tbfdrfgijiadg kriwtb prispfgts. ]bfrf ds cdadtfm ippirtujdty ti eicciw tbf p`tb ie tbf

r`pdmcy kriwdjk F`st @sd`j giujtrdfs, wbfrf primugtdvdty kriwtb dj `krdgucturf

ffj`jgfm djmustrd`c mfvfcipafjt ̀ jm privdmfm tbf wirheirgf eir còir-djtfjsdvf

a`jue`gturdjk. Djstf`m, hfy strugtur`c rfeiras dj tbf ^`gdffg MAGs”tbf fjtry ie

oumkft `drcdjfs `jm ipfjdjk ie tbf tfcfgiaaujdg`tdijs a`rhft ti giapftdtdij”

b`vf fjòcfm tbf kriwtb ie tbf sfrvdgf sfgtir.

]bf fjvdrijafjt`c er`kdcdty ie ^`gdffg giujtrdfs rfprfsfjts `jitbfr gijstr`djt ij

tbfdr fgijiadg mfvfcipafjt. J`tur`c rfsiurgfs tb`t g`j of prifftòcy fxpcidtfm

dj aist ie tbf ^`gdffg giujtrdfs `rf a`djcy igf`j rfsiurgfs. Edsbdjk `jm tiurdsa

`rf dapirt`jt djmustrdfs dj aist ^`gdffg dsc`jm giujtrdfs, out tbfy mfpfjm ij

g`rfeuc sust`djòdcdty ̀ jm fjvdrijafjt`c a`j`kfafjt. Wfòfm adjfr`c mfpisdts dj

tbf ^`gdffg b`vf r`dsfm siaf giaafrgd`c djtfrfst, p`rtdguc`rcy dj ^JK, `jm siaf

sfrdius fjvdrijafjt`c gijgfrjs. Out fxpcidt`tdij ds ijcy ` pissdodcdty `t prfsfjt.

Wiaf giujtrdfs wdtb ciw-cydjk gir`c `ticcs, sugb `s Hdrdo`td, tbf _fpuocdg ie tbf

A`rsb`cc Dsc`jms, `jm ]uv`cu, b`vf cdadtfm c`jm, si ippirtujdtdfs eir `krdguctur`c

`jm itbfr c`jm-djtfjsdvf mfvfcipafjt ̀ rf vfry cdadtfm. ]bfdr tipikr`pby af`js


30/219

Djtrimugtdij

tbfy e`gf sdkjdffg`jt tbrf`ts eria sf`-cfvfc rdsf, djgcumdjk djujm`tdij ie tbf

erfsbw`tfr cfjsfs tb`t privdmf augb ie tbfdr pitòcf w`tfr.

Bdstirdg`ccy, ^`gdffg MAGs— fxtfrj`c gijt`gts b`vf offj eigusfm ij ` sa`cc kriup

ie `mv`jgfm fgijiay p`rtjfrs `jm o`sfm ij sb`rfm gicijd`c bdstirdfs, cdjkudstdg

`jdtdfs, `jm spbfrfs ie djufjgf (Oix 0). @ustr`cd` `jm Jfw \f`c`jm b`vf offj

tbf prda`ry p`rtjfrs ie siutbfrj ^`gdffg st`tfs, wbdcf L`p`j `jm tbf Vjdtfm Wt`tfs

b`vf a`djt`djfm strijk tdfs wdtb jirtbfrj ̂ `gdffg st`tfs. Wiaf ̂ `gdffg MAGs b`vf

rfc`tdijsbdps wdtb mfvfcipfm fgijiadfs”tbf Giih Dsc`jms wdtb Jfw \f`c`jm8 tbf

A`rsb`cc Dsc`jms, tbf Efmfr`tfm Wt`tfs ie Adgrijfsd` (EWA), `jm ^`cù wdtb tbfVjdtfm Wt`tfs”tb`t `cciw ^`gdffg gdtdzfjs f`sy `ggfss ti còir a`rhfts. Gdtdzfjs

ie tbf Afc`jfsd`j st`tfs (Edld, ^JK, Wiciaij Dsc`jms, `jm U`ju`tu), Hdrdo`td,

Jùru, `jm ]uv`cu mi jit b`vf sugb ipfj `ggfss. Airfivfr, tbfdr kfjfr`ccy

piir fmug`tdij iutgiafs b`vf gijstr`djfm ivfrsf`s fapciyafjt, fxgfpt eir

tbf sfè`rfrs ie Hdrdo`td `jm ]uv`cu. Biwfvfr, fvdmfjgf pidjts ti djgrf`sfm

dapirt`jgf ie fgijiadg rfc`tdijs ie ^`gdffg st`tfs wdtb @sd`j p`rtjfrs sdjgf ?>>6,

fspfgd`ccy dj tr`mf `jm djvfstafjt. Wtrfjktbfjdjk fgijiadg rfc`tdijs wdtb @sd`b`vf offj `ggiap`jdfm oy gcisfr tdfs dj ` r`jkf ie `rf`s `jm ^`gdffg MAGs ti

djgrf`sdjkcy ciih ti @sd` eir `mvdgf ij picdgdfs `jm rfeira `ppri`gbfs.

]bf a`dj iolfgtdvf ie tbds oiih ds ti `ssfss biw tbf 0= ^`gdffg MAGs g`j t`p

djti tbf prilfgtfm kriwtb dj @sd`. ]bf oiih `csi fxpcirfs biw fgijiadg `jm

ffj`jgd`c djtfkr`tdij oftwffj @sd` ̀ jm tbf ̂ `gdffg g`j of fxp`jmfm ̀ jm djtfjsdfffm

ti ofjffft ^`gdffg MAG fgijiadfs. Dt `csi sffhs ti dmfjtdey grdtdg`c gijstr`djts ij

djtfkr`tdij `jm ti sukkfst picdgy rfeiras ti `mmrfss tbfsf.

Dt ds dapirt`jt ti rfgikjdzf tbf gijsdmfròcf mdvfrsdty àijk tbf ^`gdffg MAGs

tb`t sb`pf tbf w`ys djtfkr`tdij prigffms. ^`gdffg MAGs r`jkf eria Jùru wdtb

` pipuc`tdij ie òiut 0>,>>> ti ^JK wdtb ` pipuc`tdij ie airf tb`j ; adccdij,

eria `ticc st`tfs sugb `s ]uv`cu wdtb efw j`tur`c rfsiurgfs ti idc-rdgb ]dair-

Cfstf. ]bfrf `rf `csi c`rkf mdfrfjgfs `griss tbf 0= ^`gdffg MAGs dj tbfdr cfvfcs

ie mfvfcipafjt. Eir fxàpcf, tbf ?>07 Vjdtfm J`tdijs Mfvfcipafjt ^rikràaf—s

Bua`j Mfvfcipafjt Djmfx r`jhs ̂ `c̀ u 5>tb iut ie 02; giujtrdfs, wbdcf ̂ JK ̀ jm

Wiciaij Dsc`jms `rf r`jhfm 06;tb.


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Oix


32/219

Djtrimugtdij

]bf rfpirt `mmrfssfs tbf eicciwdjk djtfrrfc`tfm qufstdijs<

(d) [bdgb `spfgts ie @sd`—s kriwtb ifr tbf odkkfst ippirtujdtdfs eir ^`gdffg

MAGs9 [bdgb `rf tbf aist priadsdjk a`rhft sfkafjts9(dd) Biw b`vf fgijiadg cdjhs oftwffj @sd` `jm ^`gdffg MAGs fvicvfm sdjgf

?>>6, fspfgd`ccy dj tr`mf ie kiims `jm sfrvdgfs `s wfcc `s eirfdkj mdrfgt

djvfstafjt (EMD)9

(ddd) [b`t `rf tbf a`dj jijstrugtur`c gijstr d̀jts ij `̂gdffg MAGs t`ppdjk djti

@sd`—s kriwdjk a`rhfts9 [b`t picdgdfs g`j of `miptfm ti `mmrfss tbfsf

gijstr`djts9

(dv) [b`t fgijiadg mfvfcipafjt cfssijs g`j ^`gdffg MAGs cf`rj eria @sd`—skriwtb fxpfrdfjgf9

(v) Biw g`j rfkdij`c giipfr`tdij wdtbdj tbf ^`gdffg `jm oftwffj @sd` `jm tbf

^`gdffg of eurtbfr cfvfr`kfm9

]bf oiih privdmfs mft`dcfm `j`cysds ie tbf hfy fgijiadg cdjhs oftwffj ^`gdffg

fgijiadfs `jm @sd`, fspfgd`ccy dj tr`mf, EMD, tiurdsa, còir aivfafjts,

rfadtt`jgfs, `jm mfvfcipafjt `ssdst`jgf. ]bf dapcdg`tdijs ie tbf djgrf`sfmfgijiadg djtfrmfpfjmfjgf `rf stumdfm, `jm picdgy rfgiaafjm`tdijs `rf

mfrdvfm eria tbf `j`cysds. ]bf oiih tbus privdmfs str`tfkdg mdrfgtdijs ti ^`gdffg

kivfrjafjts, gdvdc sigdfty, `jm mfvfcipafjt p`rtjfrs ij w`ys ti t`hf `mv`jt`kf

ie @sd`—s kriwtb `jm tr`jsc`tf djgrf`sdjk fgijiadg djtfrmfpfjmfjgf wdtb @sd`

djti e`stfr, airf djgcusdvf kriwtb `jm ofttfr qu`cdty ie cdef. Wfvfr`c g`sf stumdfs

privdmf dj-mfptb `j`cysds ie tbf strugtur`c gijstr`djts e`gdjk tbf ^`gdffg. ]bf g`sf

stumdfs, wbdgb typdg`ccy giap`rf tbf fxpfrdfjgf ie `j @sd`j giujtry wdtb tb`t

ie ` ^`gdffg giujtfrp`rt, privdmf `mmdtdij`c fvdmfjgf eir tbf pidjts dj tbf oiih.

@griss tbf kciof, a`jy sa`cc fgijiadfs e`gf tiukb gb`ccfjkfs dj djtfkr`tdjk

suggfsseuccy djti wircm a`rhfts. @sd`—s prispfrdty ifrs ^`gdffg MAGs

ippirtujdtdfs ti ivfrgiaf tbfdr vucjfròdcdtdfs `jm ti kfjfr`tf rioust `jm

sust`djòcf fgijiadg kriwtb.


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]bds gb`ptfr mfsgrdofs tbf gurrfjt sigdifgijiadg gijmdtdijs ie tbf 0=

^`gdffg mfvfcipdjk afaofr giujtrdfs (MAGs) ie tbf @sd`j Mfvfcipafjt

O`jh (@MO), `s wfcc `s tbf gb`jkfs dj tbfdr fgijiadg strugturf ivfr tdaf.

]bf dapcdg`tdijs tbfsf b`vf eir tbf mfvfcipafjt ie cdjhs wdtb @sd` `rf gijsdmfrfm.

^`gdffg MAGs mdfr dj a`jy rfspfgts, djgcumdjk tbfdr c`jm `rf`, mfaikr`pbdg

`jm fgijiadg sdzf, `jm cfvfc ie mfvfcipafjt (]òcf 0). Dj tfras ie pipuc`tdij,

tbf sa`ccfst giujtrdfs b`vf efwfr tb`j 06,>>> pfipcf, `jm tbf c`rkfr ijfs b`vf

pipuc`tdijs ie >.5 adccdij‗;.5 adccdij. ^`pu` Jfw Kudjf` (^JK) ds tbf c`rkfst

^`gdffg MAG dj tfras ie oitb c`jm `rf` `jm pipuc`tdij, `jm ds biaf ti `caist

twi-tbdrms ie tbf tit`c ^`gdffg MAG pipuc`tdij. ]bf mdstrdoutdij ie c`jm `rf` ds

fvfj airf shfwfm tb`j pipuc`tdij, wdtb ^JK b`vdjk airf tb`j ffvf tdafs tbf

c`jm `rf` ie `cc itbfr ^`gdffg MAGs giaodjfm. Fgijiadg `gtdvdty ds `csi shfwfm,

wdtb tbf twi c`rkfst fgijiadfs”Edld ̀ jm ̂ JK”`ggiujtdjk eir ;;% ie tit`c kriss

miafstdg primugt (KM^) dj tbf rfkdij. ]bfsf mdfrfjgfs b`vf dapirt`jt fgijiadg

dapcdg`tdijs.

K_I[]B ̂ F_EI_A@JGF

_fc`tdvfcy Mdvfrsdfffm Fgijiadfs

]bf Giih Dsc`jms, Edld, ^`cù, Wài`, ]ijk`, `jm U`ju`tu b`vf kfjfr`ccy mr`wj

ij tiurdsa eir siaf ie tbfdr j`tdij`c djgiafs, wbdcf `krdgucturf, ffsbfrdfs, `jm

o`sdg djmustry pc`y ` suppirtdjk ricf dj a`jy ie tbfa. ]bfsf fgijiadfs b`vf

`gbdfvfm rf`sijòcy kiim kriwtb r`tfs `t tdafs, suppirtfm oy tbf sdkjdffg`jt ricf

FGIJIADG GIJMD]DIJW@JM ]BF _FGFJ]^F_EI_A@JGF IE^@GDEDG MFUFCI^DJKAFAOF_ GIVJ]_DFW

G B

@ ^ ] F _


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Fgijiadg Gijmdtdijs `jm tbf _fgfjt ^freira`jgf ie ^`gdffg MAGs

]òcf Fgijiadg Djmdg`tirs eir ^`gdffg MAGs

Giujtryîpuc`tdij

()C`jm @rf`

(ha)

KM^( adccdijgurrfjt

)

KM^ pfrG`pdt`

(gurrfjt )

@jju`c_f`c KM^

Kriwtb _`tf‗

()

@jju`c_f`c KM^Kriwtb _`tfpfr G`pdt`‗

()

Giih Dsc`jms ()

Edld

Hdrdo`td ()

A`rsb`cc Dsc`jms

EWA () ()

Jùru

^`cù ()

^JK

Wài`

Wiciaij Dsc`jms

]dair-Cfstf

]ijk`

]uv`cu

U`ju`tu

( ) jfk`tdvf EWA Efmfr`tfm Wt`tfs ie Adgrijfsd` KM^ kriss miafstdg primugt ha squ`rf hdciaftfr^JK ^`pu` Jfw Kudjf`

Jitf KM^ eir ]dair-Cfstf fxgcumfs idc `jm Vjdtfm J`tdijs ipfr`tdijs

Wiurgfs@sd`j Mfvfcipafjt O`jh (v`rdius yf`rs)

@sd`j Mfvfcipafjt Iutciih A`jdc`

tbf prdv`tf sfgtir kfjfr`ccy pc`ys dj tbfsf fgijiadfs `jm tbfdr rfc`tdvfcy kiim

fgijiadg kivfrj`jgf (djgcumdjk strugtur`c rfeiras `miptfm dj siaf ie tbfa).

Biwfvfr, ` juaofr ie tbfa b`s sufrfm sfto`ghs muf ti mds`stfrs ir fgijiadg

sbighs, `jm tbfdr kriwtb p`tbs b`vf tbfrfeirf mdfrfm a`rhfmcy.

Bf`vdcy mfpfjmfjt ij tiurdsa ivfr ` cijk pfrdim, tbf Giih Dsc`jms b`s fjliyfm

sicdm KM^ kriwtb r`tfs sdjgf tbf adm-042>s”fxgfpt murdjk tbf adm-044>s

rfgfssdij `jm tbf kcio`c ffj`jgd`c `jm fgijiadg grdsds (KEFG) ie ?>>2‗?>>4,

pfrdims `ssigd`tfm wdtb ` sdkjdffg`jt scuap dj tiurdsa (@MO ?>0=o). ^`cù—s KM^


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b`s kfjfr`ccy rdsfj stf`mdcy sdjgf djmfpfjmfjgf dj 044=, `ctbiukb tbds trfjm w`s

`csi mdsruptfm murdjk ?>>2‗?>0?. Airf rfgfjtcy, ^`cù—s kriwtb b`s pdghfm up

strijkcy ij tbf o`gh ie kriwtb dj tiurdst `rrdv`cs eria @sd`.

Edld, ` airf mdvfrsdfffm, cfss tiurdsa-mfpfjmfjt fgijiay, krfw `t airf stòcf

r`tfs murdjk tbf ffrst mfg`mf ie ?>>>s, `ctbiukb dt w`s jit sp`rfm tbf jfk`tdvf

dap`gts ie tbf KEFG, picdtdg`c ujgfrt`djty, `jm kcio`c giaaimdty prdgf djgrf`sfs

(@MO ?>0=g). @ctbiukb tbf Wài`j `jm ]ijk`j fgijiadfs `rf `csi rfc`tdvfcy

mdvfrsdfffm, tbfy b`vf offj bdkbcy vucjfròcf ti fxtfrj`c sbighs”p`rtdguc`rcy

mds`stfrs sugb `s gygcijfs (@MO ?>0=e, ?>0=d). ]ijk`—s fgijiay rfcdfm bf`vdcy ijrfadtt`jgfs ujtdc tbf KEFG8 tbf puocdg sfgtir rfa`djs miadj`jt `s tbf prdv`tf

sfgtir strukkcfs dj ` gb`ccfjkdjk ousdjfss fjvdrijafjt. Dj Wài`, KM^ pfr g`pdt`

kriwtb w`s pisdtdvf eria 0442 ti ?>0?, fxgfpt dj ?>>4 muf ti tbf sb`rp mfgcdjf dj

eirfdkj mdrfgt djvfstafjt dj tbf ètfra`tb ie tbf KEFG (@MO ?>0=e ).

]bf U`ju`tu fgijiay fxpfrdfjgfm tiurdsa kriwtb eicciwdjk tbf mfrfkuc`tdij

ie djtfrj`tdij`c `drcdjf sfrvdgfs ti tbf giujtry dj ?>>=. Mfrfkuc`tdij ie tbftfcfgiaaujdg`tdijs djmustry eicciwfm dj ?>>2, spurrdjk eurtbfr kriwtb. C`jm

a`rhft rfeiras tb`t `cciwfm c`jmiwjfrs ti jfkitd`tf ;6-yf`r cf`sfs `jm ipfjfm

up c`jm eir usf eir tiurdsa `jm itbfr giaafrgd`c purpisfs b`vf `csi gijtrdoutfm

ti tbf giujtry—s strijk kriwtb pfreira`jgf (@MO ?>0=h). ]bf rfsuctdjk kriwtb

dj tiurdsa `jm rfc`tfm djmustrdfs, sugb `s gijstrugtdij, pusbfm `jju`c KM^ pfr

g`pdt` kriwtb ti `j `vfr`kf ie =% murdjk ?>>6‗?>>2. U`ju`tu—s a`dj tiurdst

a`rhfts `rf @ustr`cd` `jm Jfw \f`c`jm, `jm rfturjs `rf susgfptdocf ti fgijiadg

sbighs dj tbfsf a`rhfts, ̀ s wfcc ̀ s ti tbf dap`gts ie gcda`tf- ir j`tur`c mds`stfrs.

Kriwtb dj tbfsf MAGs ds fxpfgtfm ti of spurrfm oy prdv`tf djvfstafjt dj tbf

tiurdsa `jm rfc`tfm djmustrdfs, `s wfcc `s puocdg djer`strugturf djvfstafjt.

Kdvfj tbf cdadtfm ffj`jgd`c rfsiurgfs ie tbfsf giujtrdfs, prdv`tf djvfstafjts `rf

grugd`c dj cdadtdjk tbf djgrf`sf dj mfot-ffj`jgfm kivfrjafjt spfjmdjk.


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_fsiurgf Fxpirt-Cfm Fgijiadfs

]bf prda`ry fjkdjf eir kriwtb dj tbf fgijiadfs ie ^JK, Wiciaij Dsc`jms,

`jm ]dair-Cfstf b`s offj rfsiurgf fxpirts. ]bfy fxpfrdfjgfm wf`h fgijiadg

pfreira`jgf ivfr ?>>>‗?>>6, eicciwfm oy strijk kriwtb muf ti oiias dj tbfdr

rfsiurgf fxpirts tb`t fjmfm dj adm-?>0=. Daprivdjk kriwtb prispfgts dj tbfsf

fgijiadfs rfqudrfs picdgdfs tb`t suppirt sust`djòcf rfsiurgf a`j`kfafjt,

tikftbfr wdtb itbfr picdgy `jm djstdtutdij`c rfeiras `jm picdtdg`c stòdcdty.

Biwfvfr, tbfy b`vf a`mf cdadtfm prikrfss dj tbfdr firts ti tr`jseira `jm

mdvfrsdey tbfdr fgijiadfs.

B`vdjk ` wdmf r`jkf ie r`w a`tfrd`cs eir fxpirt”kicm, gippfr, jdghfc, idc, k`s, g`sb

grips (giff, gigi`, tf`, `jm p`ca idc), `jm tdaofr”^JK fjliyfm bdkb kriwtb

r`tfs murdjk dts adjdjk oiias dj tbf 044>s `jm pist-?>>6. Biwfvfr, tbfrf w`s

vfry cdttcf daprivfafjt dj ̀ vfr`kf pfr g`pdt` djgiaf ivfr tbds pfrdim ̀ jm djgiaf

djfqu`cdty wirsfjfm. ]bds sukkfsts rfvfjufs ofjffftfm ` sa`cc adjirdty `jm mdm

jit trdghcf miwj ti tbf piir a`lirdty. Fvfj tbf gijstrugtdij ie ` cdquffffm j`tur`c

k`s (CJK) pdpfcdjf `jm tbf giaafjgfafjt ie fxpirts dj ?>0= b`vf jit turjfm

`riujm tbds sdtu`tdij. ]bf CJK prilfgt gist w`s òiut $04 odccdij, fqudv`cfjt ti

`riujm 0??.6% ie ^JK—s ?>0? KM^.

Wiciaij Dsc`jms `csi b`m `j djgrf`sf dj fxpirt f`rjdjks eria dts kicm `jm tdaofr

rfsiurgfs, mrdvfj dj p`rt oy kriwdjk mfa`jm eria F`st @sd`. Biwfvfr, sdjgf ?>07,

fxpirt f`rjdjks eria tdaofr `jm kicm b`vf mfgcdjfm `s kcio`c prdgfs eir tbfsf

giaaimdtdfs ofk`j ti e`cc (@MO ?>0=k). @ iim dj @prdc ?>0= gùsfm sdkjdffg`jt

mà`kf ti Wiciaij Dsc`jms— fgijiay, gùsdjk ` rfgfssdij `jm cf`mdjk ti tbf

pfra`jfjt gcisurf ie tbf giujtry—s sicf kicm adjf.

]dair-Cfstf k`djfm djmfpfjmfjgf eria Djmijfsd` dj 0444. Cdhf ^JK `jm Wiciaij

Dsc`jms, aist ]dairfsf cdvf dj rur`c `rf`s `jm mfrdvf tbfdr cdvfcdbiims eria

suosdstfjgf ̀ krdgucturf. ]dair-Cfstf ds fxpcidtdjk dts suost`jtd`c isbirf idc ̀ jm

k`s rfsfrvfs, `jm riy`cty p`yafjts eria tbf idc fffcms b`vf offj tbf a`dj siurgf

ie kivfrjafjt rfvfjufs. ]bf ffj`jgd`c rfsiurgfs oudct up dj tbf ^ftricfua Eujm

b`vf fjòcfm sdkjdffg`jt djgrf`sfs dj kivfrjafjt fxpfjmdturf (@MO ?>0=b).


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@cc tbrff ie tbfsf giujtrdfs b`vf strukkcfm ti tr`jsc`tf fxpirt kriwtb djti

bdkbfr djgiafs `jm daprivfm cdvdjk st`jm`rms eir tbf kfjfr`c pipuc`tdij”`jm

p`rtdguc`rcy eir tbf rur`c a`lirdty.

Wa`ccfst Dsc`jm Fgijiadfs wdtb Cdadtfm _fsiurgf O`sfs

Hdrdo`td, tbf A`rsb`cc Dsc`jms, tbf Efmfr`tfm Wt`tfs ie Adgrijfsd` (EWA), Jùru,

`jm ]uv`cu `cc b`vf cdadtfm j`tur`c rfsiurgfs ofsdmfs tuj` ffsbfrdfs dj tbfdr

j`tdij`c w`tfrs (`jm pbispb`tf mfpisdts dj tbf g`sf ie Jùru), `jm `rf bf`vdcy

rfcd`jt ij eirfdkj `dm `jm oumkft suppirt. _fgfjt `gbdfvfafjts ujmfr tbf ^`rtdfsti tbf Jùru @krffafjt b`vf rfsuctfm dj sdkjdffg`jt rdsfs dj rfvfjufs eria tbf

s`cf ie ffsbdjk cdgfjsfs ujmfr tbf vfssfc m`y sgbfaf, eistfrdjk kriwtb dj tbfsf

fgijiadfs.

Kdvfj tbfdr c`gh ie fgijiadfs ie sg`cf, sa`ccfr giujtrdfs a`y e`gf krf`tfr

mdguctdfs mdvfrsdeydjk tbfdr fgijiadg strugturf, `ttr`gtdjk djvfstirs, ir ciwfrdjk

tbf gist ie sfrvdgfs. @cc b`vf strukkcfm ti `mipt picdgdfs `jm mfvfcip djstdtutdijsti grf`tf `jm sust`dj prdv`tf sfgtir kriwtb, wirsfjdjk tbf djbfrfjt fgijiadg

gb`ccfjkfs tbfy e`gf. @s ` rfsuct, fgijiadg kriwtb dj tbfsf giujtrdfs b`s offj

vic`tdcf. Dj turj, tbds b`s dapcdg`tdijs eir tbf mfvfcipafjt ie fgijiadg cdjhs

wdtb @sd`. Mfspdtf g`p`gdty gijstr`djts, sfvfr`c ie tbf sa`ccfr ^`gdffg MAGs b`vf

ujmfrt`hfj sdkjdffg`jt rfeira firts, wdtb ` p`rtdguc`r eigus ij daprivdjk tbf

ousdjfss ̀ jm djvfstafjt fjvdrijafjt, ti stdauc`tf krf`tfr tr`mf `jm djvfstafjt,

djgcumdjk wdtb @sd`.

Oitb tbf A`rsb`cc Dsc`jms `jm tbf EWA mfpfjm ij `dm, `jm `jju`c oumkft

suppirt privdmfm tbriukb giap`gt `krffafjts wdtb tbf Vjdtfm Wt`tfs. J`tdij`cs

b`vf tbf rdkbt ti cdvf `jm wirh dj tbf Vjdtfm Wt`tfs, si fgijiadg tdfs”djgcumdjk

rfadtt`jgfs”wdtb tbf md`spir` cdvdjk tbfrf `rf strijk. Kr`jt `ssdst`jgf ujmfr

tbf Giap`gt ie Erff @ssigd`tdij wdtb tbf Vjdtfm Wt`tfs b`s offj kr`mu`ccy

mfgcdjdjk `jm ds sgbfmucfm ti fjm dj ?>?7 (@MO ?>0=f). Firts b`vf offj

ujmfr w`y eir sfvfr`c yf`rs ti oudcm up ffj`jgd`c rfsfrvfs dj ` trust eujm ti

suppirt kivfrjafjt `gtdvdtdfs ètfr ?>?7. Biwfvfr, `j`cysds sukkfsts tb`t tbfsf


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eujms `rf cdhfcy ti of dj`mfqu`tf wdtbiut bdkbfr mfpisdts ir sdkjdffg`jt guts dj

fxpfjmdturf.

Hdrdo`td `jm ]uv`cu rfgfdvf sdkjdffg`jt `dm eria @ustr`cd`8 L`p`j8 Jfw \f`c`jm8

`jm ]`dpfd,Gbdj`. Dj Hdrdo`td, wbfrf tbf kivfrjafjt ds tbf c`rkfst fapciyfr,

ijkidjk grdtdg`c djer`strugturf djvfstafjts, suppirtfm oy mfvfcipafjt p`rtjfrs,

`rf `jtdgdp`tfm ti cdet kriwtb. ]uv`cu—s prdv`tf sfgtir ds j`sgfjt, out dt tii ds

ofjffftdjk eria djer`strugturf djvfstafjts, `cofdt ij ` sa`ccfr sg`cf. Jùru

s`vfm gijsdmfròcf wf`ctb dj ` trust eujm eria tbf s`cf ie dts pbispb`tf rfsfrvfs8

biwfvfr, girruptdij `jm adsa`j`kfafjt mdssdp`tfm tbfsf eujms. ]bf giujtry jiwrfcdfs ij adjdjk ie sfgijm`ry pbispb`tf rfsfrvfs, `dm, `jm sdkjdffg`jt rfvfjufs

eria tbf Kivfrjafjt ie @ustr`cd` rfc`tfm ti tbf ipfr`tdij ie tbf Jùru _fkdij`c

^rigfssdjk Gfjtrf eir `sycua sffhfrs. Firts `rf ofdjk a`mf ti prfsfrvf tbf

fxtrìrmdj`ry rfvfjuf iws ti afft tbf jffms ie euturf kfjfr`tdijs.

J@]V_@C FJMI[AFJ]W @JMW]_VG]V_@C ]_@JWEI_A@]DIJW

]bf picdgdfs tb`t tbf ^`gdffg kivfrjafjts `mipt ti rfeira tbfdr fgijiadfs ti

ofjffft eria tbf ippirtujdtdfs tb`t @sd`—s rdsdjk prispfrdty ifrs sbiucm rffgt

tbfdr rfc`tdvf `mv`jt`kfs dj tfras ie tbfdr j`tur`c fjmiwafjts. ]bds sfgtdij

ordfy mdsgussfs tbf ^`gdffg—s twi a`dj fjmiwafjts”dts j`tur`c `jm bua`j

rfsiurgfs. ]bf ricf ie tbfsf `ssfts dj tbf fgijiay ds tbfj `j`cyzfm dj tbf gijtfxt

ie strugtur`c tr`jseira`tdij dj tbf ^`gdffg.

Dt ds p`rtdguc`rcy mdguct ti dapcfafjt rfeiras `jm a`hf strugtur`c

tr`jseira`tdijs dj sa`cc giujtrdfs wdtb cdadtfm bua`j `jm ffj`jgd`c g`p`gdty.

_fkdij`c giipfr`tdij b`s cijk offj pirtr`yfm `s ` af`js oy wbdgb ^`gdffg

MAGs g`j gist-ffgtdvfcy dapcfafjt `krffm picdgdfs. Airf ffgtdvf rfkdij`c

giipfr`tdij giucm e`gdcdt`tf `jm giapcfafjt djvfstafjts dj fjfrky, djeira`tdij

`jm giaaujdg`tdij tfgbjiciky (DG]), `jm fmug`tdij, `s wfcc `s j`tur`c rfsiurgf

a`j`kfafjt.


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J`tur`c _fsiurgfs

]bf ̂ `gdffg—s rdgb a`rdjf, eirfst, c`jm, adjfr`c, ̀ jm itbfr j`tur`c rfsiurgfs ̀ ttr`gt

tiurdsts `jm djvfstirs `jm ifr ippirtujdtdfs eir sust`djdjk cijk-tfra djgiaf

kriwtb de a`j`kfm ffgtdvfcy. ]bf mdst`jgf ie ^`gdffg MAGs eria a`lir djmustrd`c

gfjtfrs g`j of vdfwfm `s `j `mv`jt`kf dj tfras ie `vidm`jgf ie griss-oirmfr

fjvdrijafjt`c fxtfrj`cdtdfs tb`t `rf ` rdsdjk gijgfrj dj F`st `jm Wiutbf`st @sd`.

]bf ^`gdffg MAGs b`vf fxtfjsdvf a`rdtdaf zijfs tb`t givfr augb ie tbf ^`gdffg

tuj` ffsbfry, `jm rfvfjuf eria tbf s`cf ie ffsbdjk cdgfjsfs ds dapirt`jt eir a`jy.

Biwfvfr, sfcfgtfm v`rdftdfs ie tuj` `rf `crf`my ofdjk ivfrfxpcidtfm (f.k., odk fyf

`jm yfcciwffj) `jm siaf jijadkr`tiry ffsb stighs `rf ofdjk mfpcftfm dj ` efw

^`gdffg MAGs (f.k., gi`st`c ffsbfrdfs dj Wiciaij Dsc`jms) (@MO ?>0=k). Giccfgtdvf

`gtdij eir tbf lidjt a`j`kfafjt ie tbf ^`gdffg—s ffsbdjk kriujms ds mdsgussfm dj

Gb`ptfr 5 (Oix 5).

^`gdffg MAGs b`vf strukkcfm ti mfvfcip v`cuf `mmfm eria tbfdr ffsbfrdfs. Wfvfr`c

`ttfapts ti mfvfcip ffsb-prigfssdjk djmustrdfs dj tbfsf giujtrdfs b`vf e`dcfm

ofgùsf tbf djtfjsdty ie g`pdt`c `jm còir tb`t ffsb prigfssdjk rfqudrfs ds jit `

giap`r`tdvf `mv`jt`kf ie aist ie tbfsf giujtrdfs. ^JK ds `j fxgfptdij. _fgfjt

djvfstafjts dj tuj` prigfssdjk `ppf`r ti of airf suggfsseuc ofgùsf ie tbf

e`viròcf `ggfss oy ^JK primugfrs ti Furipf`j Vjdij a`rhfts tbriukb tbf

Djtfrda Fgijiadg ^`rtjfrsbdp @krffafjt.

]dair-Cfstf `jm tbf Afc`jfsd`j giujtrdfs”Edld, ^JK, Wiciaij Dsc`jms, `jm

U`ju`tu”b v̀f rfc t̀dvfcy c`rkf c`jm fjmiwafjts oy ̂ `gdffg st`jm`rms (@ppfjmdx 0,

]òcf @0.0). ]bf îcyjfsd`j giujtrdfs ie Wài` `jm ]ijk` `csi b`vf sdkjdffg`jt

`krdguctur`c rfsiurgfs. Biwfvfr, tbfrf `rf rfc`tdvfcy efw fxàpcfs ie ^`gdffg

giujtrdfs suggfsseuccy fxpcidtdjk tbfdr c`jm eir giaafrgd`c fxpirt `krdgucturf.

]bfy djgcumf suk`rg`jf dj Edld, giff dj ^JK `jm ]dair-Cfstf, squ`sb dj ]ijk`,

`jm offe g`ttcf dj U`ju`tu.

Edld, ^JK, `jm Wiciaij Dsc`jms b`vf sdkjdffg`jt adjfr`c rfsiurgfs, wbdcf ^JK `jm

]dair-Cfstf b`vf sdzòcf idc rfsfrvfs. ̂ JK ̀ jm Wiciaij Dsc`jms ̀ csi b`vf sdzòcf


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j`tur`c eirfsts. ]bfsf `cciw tbfa ti ofjffft eria tbf strijk kcio`c mfa`jm”eufcfm

oy rdsdjk mfa`jm eria @sd`”eir r`w a`tfrd`cs. ]i mfrdvf krf t̀fr `mv`jt`kf eria

@sd`—s kriwtb, ^`gdffg j`tur`c rfsiurgf fxpirtfrs aust fstòcdsb tbf eiujm`tdijseir ori`m-o`sfm mfvfcipafjt `griss `cc sfgtirs”r`tbfr tb`j lust rfcydjk ij

adjdjk ir eirfstry sfgtir kriwtb. ]bds rfqudrfs prdv`tf `jm puocdg djvfstafjts

dj djer`strugturf ti daprivf tbf gijjfgtdvdty ie rur`c ̀ rf`s, gc`rdeydjk ̀ jm sfgurdjk

c`jm rdkbts, daprivdjk `ggfss ti ffj`jgf, `jm eistfrdjk mfvfcipafjt ie ` e`viròcf

ousdjfss fjvdrijafjt tb`t suppirts tbf grf t̀dij ie v`cuf gb`djs. ]bf v`st a`lirdty

ie tbf pipuc`tdij dj tbfsf giujtrdfs wdcc ijcy ofjffft eria fgijiadg rfc`tdijs wdtb

@sd` de `krdguctur`c primugtdvdty djgrf`sfs.

@mv`jgfs dj tfgbjiciky `rf a`hdjk piwfr kfjfr`tdij eria rfjfwòcf fjfrky

siurgfs vdòcf dj tbf ^`gdffg, p`rtdguc`rcy eir suppcydjk tbf cdadtfm fjfrky jffms ie

pipuc`tdijs ij rfaitf dsc`jms. ]bfsf tfgbjicikdfs t`hf `mv`jt`kf ie tbf ^`gdffg—s

j`tur`c fjmiwafjts ie wdjm, suj, `jm iwdjk w`tfr. Dj tbds sfttdjk, rfjfwòcf

fjfrky kfjfr`tdij g`j rfmugf tbf gist ie fcfgtrdgdty, rfcd`jgf ij dapirtfm eissdc

eufcs, `jm fxpfjmdturfs ij eufc dapirts. @MO b`s privdmfm gijsdmfròcf suppirteir rfjfwòcf fjfrky `jm fjfrky fgdfjgy djvfstafjts. @t tbf fjm ie ?>0=, dts

fjfrky pirteicdi ie 00 prilfgts dj ; giujtrdfs w`s v`cufm `t airf tb`j $7>> adccdij.?

]iurdsa rfgfdpts a`hf ` c`rkf gijtrdoutdij ti tbf j`tdij`c djgiaf dj tbf

Giih Dsc`jms, Edld, ^`cù, Wài`, `jm U`ju`tu, `jm aist ie tbf itbfr ^`gdffg

giujtrdfs b`vf kiim guctur`c tiurdsa ̀ jm fgitiurdsa pitfjtd`c. Biwfvfr, tiurdsa

mfvfcipafjt dj tbf ^`gdffg e`gfs rdshs, djgcumdjk tbf bdkb vucjfròdcdty ie ^`gdffg

giujtrdfs ti mds`stfrs `jm gcda`tf gb`jkf.

Eir djst`jgf krdm-gijjfgtfm sic`r pbitivict`dg piwfr pc`jts `rf ujmfr gijstrugtdij ijtbf iutfr dsc`jms ie ]ijk` wdtb tbf `ssdst`jgf ie @MO `jm tbf Kivfrjafjt ie @ustr`cd`(@MO g) ]bf Kivfrjafjt ie Wài` ds gijstrugtdjk tbrff jfw bymripiwfr pc`jts ijVpicu `jm W`v`d—d wdtb @MO `ssdst`jgf ti daprivf rfsdcdfjgf `k`djst euturf mds`stfrs (@MO`) Wiciaij Dsc`jms ofk`j ti usf sic`r `jm wdjm fjfrky ti piwfr aiodcf o`sf st`tdijs tiprivdmf bdkb-qu`cdty ìrmòcf aiodcf tfcfgiaaujdg`tdij sfrvdgfs ti tbf giujtry—s mdspfrsfmpipuc`tdij dj wdtb @MO suppirt @MO b`s `csi privdmfm suppirt ti tbf Kivfrjafjt ieWiciaij Dsc`jms ti mfvfcip bymripiwfr `jm fxp`jm dts mdstrdoutdij krdms (@MO `) Djtbf EWA ` wdjm e`ra ds ujmfr gijstrugtdij fxpfgtfm ti kfjfr`tf piwfr fqudv`cfjt ti òiut ie T`p Wt`tf—s gurrfjt fjfrky mfa`jm (@MO o) Krdm-gijjfgtfm sic`r p`jfcs wdcc `csiof djst`ccfm ij òiut kivfrjafjt oudcmdjks ti primugf fjfrky fqudv`cfjt ti ie gurrfjtgijsuaptdij


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Bua`j _fsiurgfs

^`gdffg MAGs jit ijcy mdfr suost`jtd`ccy dj tfras ie fgijiadg sdzf `jm kriwtb

out ̀ csi dj tfras ie bua`j mfvfcipafjt (]̀ ocf ?), ̀ s af`surfm oy tbf ?>07 Vjdtfm

J`tdijs Mfvfcipafjt ^rikràaf—s Bua`j Mfvfcipafjt Djmfx (BMD). Ie 02;

fgijiadfs, tbf BMD r`jh ie ^`gdffg MAGs r`jkfs eria 5> (^`cù) ti 06; (^JK

`jm Wiciaij Dsc`jms). ]bf BMD r`jhdjks `rf jit `v`dcòcf eir tbf Giih Dsc`jms,

tbf A`rsb`cc Dsc`jms, Jùru, `jm ]uv`cu, `jm @ppfjmdx ? privdmfs ` jitf ij m`t`

`v`dcòdcdty dj tbf ^`gdffg.

]òcf Wigd`c Djmdg`tirs eir ^`gdffg MAGs

GiujtryBMD

()BMD _`jhdjk

iut ie

CdefFxpfgt`jgy

`t Odrtb Tf`rs()`

Af`j Tf`rs ieWgbiicdjk ie

@mucts ()

@vfr`kf @jju`cîpuc`tdij

Kriwtb(‗ )

Giih Dsc`jms

Edld

Hdrdo`td

A`rsb`cc Dsc`jms

EWA ()

Jùru

^`cù

^JK

Wài`

Wiciaij Dsc`jms

]dair-Cfstf

]ijk`

]uv`cu

U`ju`tu

( ) jfk`tdvf jit `v`dcòcf EWA Efmfr`tfm Wt`tfs ie Adgrijfsd` BMD Bua`j Mfvfcipafjt Djmfx^JK ^`pu` Jfw Kudjf`

Jitf ]bf BMD v`cufs ie `jm ofciw rfefr ti ciw bua`j mfvfcipafjt ‗ ti afmdua bua`j mfvfcipafjt‗ ti bdkb bua`j mfvfcipafjt `jm `jm òivf ti vfry bdkb bua`j mfvfcipafjt` Eir Edld tbf EWA ^JK Wài` Wiciaij Dsc`jms ]dair-Cfstf ]ijk` `jm U`ju`tu cdef fxpfgt`jgy m`t` `rf eir

Wiurgfs Vjdtfm J`tdijs Mfvfcipafjt ^rikràaf Bua`j Mfvfcipafjt _fpirt Jfw Tirh `jm @MO HfyDjmdg`tirs eir @sd` `jm tbf ^`gdffg A`jdc`


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Mdfrfjgfs dj BMD sgirfs rffgt v`rd`tdijs dj cdef fxpfgt`jgdfs `t odrtb. ]bds

r`jkfs eria 5?.7 yf`rs dj ^JK ti ;6.? yf`rs dj tbf Giih Dsc`jms. Dj rfgfjt yf`rs,

iofsdty-rfc`tfm jijgiaaujdgòcf mdsf`sfs `rf cf`mdjk ti jfw puocdg bf`ctbpriocfas dj a`jy ^`gdffg MAGs.

]bf af`j yf`rs ie sgbiicdjk ie `mucts sbiw `j fvfj krf`tfr mdsgrfp`jgy. Dj Edld,

^`cù, Wài`, ]ijk`, `jm U`ju`tu, tbf `vfr`kf ds airf tb`j 4 yf`rs, wbfrf`s dj

^JK, Wiciaij Dsc`jms, `jm ]dair-Cfstf, dt ds cfss tb`j 6 yf`rs. ^JK, Wiciaij

Dsc`jms, ]dair-Cfstf `jm U`ju`tu `csi b`vf tbf bdkbfst pipuc`tdij kriwtb r`tfs

(krf`tfr tb`j ?.7%), `jm `rf àijk tbf piirfst ^`gdffg giujtrdfs. Dt ds vdt`c eirtbfsf fgijiadfs ti fxp`jm ̀ jm upkr`mf tbfdr fmug`tdij systfas ti hffp up wdtb

tbfdr kriwdjk pipuc`tdijs.

^`gdffg MAGs b`vf jit euccy b`rjfssfm tbfdr bua`j rfsiurgfs `jm rdgb guctur`c

bfrdt`kfs. Tft tbf primugtdvdty ie tbfdr yiujk `jm kriwdjk còir eirgfs giucm of

cdetfm wdtb krf`tfr bua`j g`pdt`c djvfstafjts (@MO ?>0=i). Edld, eir djst`jgf,

wdtb dts rfc`tdvfcy ciw-gist còir `jm Fjkcdsb c`jku`kf `mv`jt`kf, b`s `ttr`gtfm ousdjfss prigfss iutsiurgdjk djvfstafjts. Daprivfafjts dj tbf giujtry—s DG]

djer`strugturf kdvf dt tbf ippirtujdty ti fxp`jm tbds djmustry `jm privdmf jfw lio

ippirtujdtdfs eir dts yiujk `jm rfc`tdvfcy wfcc-fmug`tfm wirheirgf. Vpkr`mfs dj

tbf djeira`tdij tfgbjiciky shdccs ie dts stumfjts ̀ jm daprivfafjts ti tbf ousdjfss

fjvdrijafjt giucm eurtbfr `mv`jgf Edld—s giapftdtdvf `mv`jt`kf dj privdmdjk

ousdjfss suppirt sfrvdgfs (M`vds, AgA`stfr, `jm Jiw`h ?>>6).

Còir primugtdvdty. Ciw còir primugtdvdty rfa`djs ` sfrdius gijgfrj dj aist

^`gdffg MAGs, wbfrf c`rkf pripirtdijs ie tbf còir eirgf rfa`dj ujfapciyfm,

ujmfrfapciyfm, ir fjk`kfm dj ciw-primugtdvdty suosdstfjgf `krdgucturf

(]òcf 7). Wdx ^`gdffg MAGs e`cc ofciw tbf 5>%‗;6% còir eirgf p`rtdgdp`tdij r`tfs

tb`t `rf typdg`c ie a`lir mfvfcipdjk @sd`j fgijiadfs.

_`pdm pipuc`tdij kriwtb `jm ` mf`rtb ie miafstdg fapciyafjt ippirtujdtdfs

b`vf djgrf`sfm rfcd`jgf ij ivfrsf`s fapciyafjt `jm rfadtt`jgfs. Wiaf ^`gdffg

MAGs b`vf b`m prdvdcfkfm `ggfss ti sfcfgtfm còir a`rhfts ivfrsf`s (f.k.,

Giih Dsc`jmfrs ti Jfw \f`c`jm, j`tdij`cs ie tbf Jirtb ^`gdffg giujtrdfs ti tbf


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]òcf Còir A`rhft Djmdg`tirs eir ^`gdffg MAGs(`s ie ir c`tfst `v`dcòcf yf`r)

Giujtry[irhdjk-@kf

îpuc`tdij

Còir Eirgf^`rtdgdp`tdij _`tf( ie wirhdjk-`kf

pipuc`tdij)

Eira`cFapciyafjt

( ie còireirgf)

Wuosdstfjgf( ie

fapciyfm)

Vjfapciyfm( ie còir

eirgf)

Giih Dsc`jms

Edld

Hdrdo`td

A`rsb`cc Dsc`jms

EWA

Jùru

^`cù

^JK

Wài`

Wiciaij Dsc`jms

]dair-Cfstf

]ijk`

]uv`cu

U`ju`tu

^`gdffg MAGs(tit`c`vfr`kf)

^`gdffg fxgc ̂ JK

MAG mfvfcipdjk afaofr giujtry EWA Efmfr`tfm Wt`tfs ie Adgrijfsd` ^JK ^`pu` Jfw Kudjf`Jitf [irhdjk-`kf pipuc`tdij ds st`jm`rmdzfm ti `kfs ‗ _fkdij`c `vfr`kfs `rf wfdkbtfm `vfr`kfs

Wiurgfs @sd`j Mfvfcipafjt O`jh fstda`tfs usdjk m`t` eria tbf Wfgrft`rd`t ie tbf ^`gdffg Giaaujdty Wt`tdstdgs eirMfvfcipafjt Mdvdsdij wfosdtf `jm tbf Giih Dsc`jms Gfjsus Edld ‗ Fapciyafjt `jm VjfapciyafjtWurvfy Hdrdo`td Gfjsus A`rsb`cc Dsc`jms `jm gfjsusfs Efmfr`tfm Wt`tfs ie Adgrijfsd` GfjsusJùru Gfjsus ^`cù Gfjsus ^`pu` Jfw Kudjf` Biusfbicm Djgiaf `jm Fxpfjmdturf Wurvfy Wài` Gfjsus Wiciaij Dsc`jms Gfjsus ]dair-Cfstf Còir Eirgf Wurvfy ]ijk` Gfjsus ]uv`cu‗ Biusfbicm Djgiaf `jm Fxpfjmdturf Wurvfy `jm U`ju`tu Gfjsus

Vjdtfm Wt`tfs). Dj itbfr ^`gdffg MAGs, ippirtujdtdfs eir ivfrsf`s fapciyafjt

b`vf offj airf cdadtfm. Biwfvfr, tbfrf ds ` strijk pusb eir `cc ^`gdffg MAGs ti

b`vf daprivfm ippirtujdtdfs eir ivfrsf`s fapciyafjt, `jm rfkdij`c djdtd`tdvfs

g`j daprivf `ggfss ti ivfrsf`s còir a`rhfts. ]bds ds fxpcirfm eurtbfr dj

Gb`ptfr 6.


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Bua`j g`pdt`c djvfstafjt ds `jitbfr `vfjuf eir oudcmdjk tbf pitfjtd`c ti fjb`jgf

tbf fgijiadg cdjhs oftwffj ^`gdffg fgijiadfs `jm @sd`. ^`gdffg MAGs aust fjsurf

tbfy b`vf sugdfjt shdccfm wirhfrs ti afft rfqudrfafjts ie wiucm-of djvfstirs.Dj `mmdtdij, tbf kriwdjk còir primugtdvdty tb`t rfsucts eria bua`j g`pdt`c

djvfstafjt ds fvfjtu`ccy tr`jsc`tfm djti bdkbfr djgiaf, djgrf`sfm purgb`sdjk

piwfr, `jm c`rkfr a`rhfts dj ^`gdffg MAGs.

Fmug`tdij. _fsf`rgb ij tbf strugtur`c tr`jseira`tdij ie tbf fgijiadfs ie @sd`

`jm tbf ^`gdffg sbiws tb`t tbf piir qu`cdty ie prda`ry fmug`tdij `jm cdadtfm shdccs

mfvfcipafjt `rf pitfjtd`c gijstr`djts ti fgijiadg mfvfcipafjt dj ^`gdffg MAGs(Ordijfs `jm Efcdpf ?>07). Ivfr tbf cijkfr tfra, daprivfm fmug`tdij `jm tr`djdjk

iutgiafs wdcc ofjffft cig`c djvfstafjt `jm fapciyafjt. Ofttfr fmug`tdij `csi

af`js wfcc-djeirafm gdtdzfjs wbi ̀ rf airf rfgfptdvf ti eirfdkj gucturfs, wbdgb

ds p`rtdguc`rcy dapirt`jt eir daprivdjk djtfrj`tdij`c cdjhs.

Dj ̀ mmdtdij, ofttfr fmug`tdij wdcc fjb`jgf ^`gdffg dsc`jmfrs— prispfgts eir ivfrsf`s

fapciyafjt. ]bds ds p`rtdguc`rcy dapirt`jt eir sa`ccfr dsc`jm fgijiadfs, wbdgb`rf airf mfpfjmfjt ij rfadtt`jgfs. Biwfvfr, eir tbf c`rkfr giujtrdfs, fspfgd`ccy

Edld `jm ^JK, dt ds dapirt`jt ti fstòcdsb `j djvfstir-erdfjmcy fjvdrijafjt ti

kfjfr`tf sugdfjt lios eir tbf –yiutb ouckf.‑ @ wfcc-fmug`tfm, shdccfm wirheirgf

ds vfry dapirt`jt eir `gbdfvdjk tbds, out wdcc t`hf tdaf ti mfvfcip.

Vjdvfrs`c prda`ry fmug`tdij ds ` Adccfjjdua Mfvfcipafjt Ki`c. Ijf ie dts

t`rkfts ds tbf juaofr ie gbdcmrfj tb`t rfa`dj dj sgbiic tbriukbiut prda`ry kr`mfs

(]òcf =). @s ie ?>0=, Edld ds tbf ijcy ^`gdffg MAG tb`t ds `j f`rcy `gbdfvfr eir tbds

t`rkft. ]brff itbfr giujtrdfs b`vf a`mf sciw prikrfss `jm sfvfj b`vf a`mf ji

prikrfss. ]i daprivf primugtdvdty `jm cdvdjk st`jm`rms, ^`gdffg MAGs wdcc b`vf

ti `gbdfvf ofttfr fmug`tdij iutgiafs.

Bf`ctb. ̂ rikrfss b`s `csi offj sciw tiw`rm ̀ gbdfvdjk Adccfjjdua Mfvfcipafjt

Ki`cs rfc`tdjk ti bf`ctb. @s ie ?>0=, ]dair-Cfstf w`s tbf ijcy giujtry ti b`vf aft

tbf ki`c ie rfmugdjk ujmfr-6 gbdcm airt`cdty oy twi-tbdrms. ]bf itbfr giujtrdfs

`rf a`hdjk sciw prikrfss dj `gbdfvdjk tbds t`rkft. ]dair-Cfstf ds `csi `j f`rcy


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`gbdfvfr dj rfmugdjk tbf a`tfrj`c airt`cdty r`tdi oy ;6%. Wfvfj giujtrdfs `rf

a`hdjk sciw prikrfss tiw`rm tbds ki`c, ]ijk` ds a`hdjk ji prikrfss ir rfkrfssdjk,

`jm ji djeira`tdij ds `v`dcòcf eir tbf rfa`djdjk ^`gdffg MAGs. Wdadc`r adxfm

rfsucts `ppcy eir tbf ki`c ie privdmdjk o`sdg s`jdt`tdij. ^rikrfss tiw`rm tbf ki`c

ie privdmdjk sèf mrdjhdjk w`tfr b`s offj airf fjgiur`kdjk8 sdx ^`gdffg MAGsb`vf offj f`rcy `gbdfvfrs.7

Dj a`jy ^`gdffg MAGs, ` bdkb djgdmfjgf ie jijgiaaujdgòcf mdsf`sfs sugb `s

mdòftfs ̀ jm bf`rt mdsf`sf rfsucts dj bf`vy afmdg`c fxpfjmdturf (ietfj isbirf).

Ofttfr bf`ctb iutgiafs, wbdgb ietfj ki b`jm dj b`jm wdtb ofttfr fmug`tdij, `rf

dapirt`jt eir a`xdadzdjk tbf ippirtujdtdfs eir ^`gdffg còir.

Itbfr siurgfs ij puocdg bf`ctb `jm fmug`tdij iutgiafs `rf tbf @ustr c̀d`j @kfjgy eirDjtfrj`tdij`c Mfvfcipafjt () C`hdjk () `jm @MO‗@MOD ()

]òcf


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Wtrugtur`c ]r`jseira`tdij dj ^`gdffg Mfvfcipdjk Afaofr Giujtrdfs

]bf fgijiadg strugturf ie ^`gdffg MAGs ds rfc`tfm ti cfvfcs ie fgijiadg

mfvfcipafjt, `s wfcc `s tbf giap`r`tdvf `mv`jt`kf ie f`gb fgijiay (@ppfjmdx 0,

]òcf @0.?). ^`gdffg MAGs ori`mcy eicciw tbf djtfrj`tdij`ccy iosfrvfm p`ttfrj tb`t

tbf sb`rf ie `krdgucturf, eirfstry, `jm ffsbdjk dj kriss miafstdg primugt (KM^)

tfjms ti of djvfrsfcy rfc`tfm ti djgiaf wbdcf tb`t ie sfrvdgfs tfjms ti of mdrfgtcy

rfc`tfm ti djgiaf (Wukmfj `jm ]`jdkugbd ?>>;).

]bf sfrvdgf sfgtir, wbdgb ds c`rkfcy giapisfm ie tiurdsa `jm kivfrjafjt sfrvdgfs,

miadj`tfs tbf fgijiadfs ie aist ^`gdffg MAGs. ]bf jft iutput ie tbf sfrvdgf

sfgtir `ggiujtfm eir airf tb`j 5>% ie tbf iutput ie ^`gdffg MAGs dj 044> `jm

`caist 5=% dj ?>0>”bdkbfr tb`j dj aist fgijiadfs dj @sd`. ]bf sfgtir—s sb`rf

dj tit`c iutput fxp`jmfm oy 7.= pfrgfjt`kf pidjts oftwffj 044> `jm ?>0>. @t tbf

giujtry cfvfc, tbf sfgtir—s fxp`jsdij r`jkfs eria 7.; pfrgfjt`kf pidjts dj U`ju t̀u

ti 0;.7 pfrgfjt`kf pidjts dj ^`cù murdjk tbf sàf pfrdim.

]bf djmustry sfgtir (a`djcy adjdjk `jm gijstrugtdij) pc`ys ` rfc`tdvfcy adjir

ricf dj aist ^`gdffg MAG fgijiadfs, `ggiujtdjk eir `j `vfr`kf ie 06% ie KM^

dj 044> `jm 02% dj ?>0>. ]bf ^`gdffg MAGs wbfrf tbf djmustry sfgtir pc`ys tbf

krf`tfst ricf (^JK `jm Jùru) b`vf `csi fxpfrdfjgfm tbf c`rkfst fxp`jsdij. ]bf

sb`rf ie tbf djmustry sfgtir ti iutput djgrf`sfm eria 70.?% dj 044> ti ==.;% dj

?>0> dj ^JK, `jm eria =.=% ti 76.5% dj Jùru (c`rkfcy ofgùsf ie pbispb`tf

adjdjk). Dj gijtr`st, tbf sfgtir `ggiujtfm eir cfss tb`j 0>% ie KM^ dj tbf Giih

Dsc`jms, tbf EWA, Hdrdo`td, `jm ]uv`cu dj ?>0>.

]bf `krdgucturf, eirfstry, `jm ffsbdjk sfgtirs dj ^`gdffg MAGs `csi kfjfr`ccy

gijtrdoutf ` sa`cc sb`rf ie tbf tit`c KM^”`j `vfr`kf ie ?=% dj 044> `jm cfss tb`j

02% dj ?>0> `griss tbf 0= ^`gdffg MAGs. ]bds sb`rf ds c`rkfst dj tbf ^`gdffg MAGs

tb`t `rf fxpfrdfjgdjk strijk kriwtb o`sfm ij tbf fxpirt ie rfsiurgfs, out dt ds `csi

bdkb dj Hdrdo`td `jm tbf EWA (wbfrf ffsbfrdfs `rf sdkjdffg`jt). ]bf `vfr`kf sb`rf

ie `krdgucturf, eirfstry, `jm ffsbdjk dj KM^ `griss tbf ^`gdffg MAGs gijtr`gtfm

oy 5.= pfrgfjt`kf pidjts oftwffj 044> `jm ?>0>”airf tb`j tbf `vfr`kf r`tf

iosfrvfm àijk giujtrdfs dj Wiutbf`st @sd`, out cfss tb`j dj Wiutb @sd`. Biwfvfr,


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tbds sb`rf risf dj tbf EWA (oy 0.= pfrgfjt`kf pidjts) ̀ jm ^JK (oy ?.0 pfrgfjt`kf

pidjts), `jm bfcm stf`my dj ]dair-Cfstf.

]bf `krdgucturf sfgtir dj ^`gdffg MAGs a`djcy sfrvfs miafstdg a`rhfts `jm dts

sb`rf dj KM^ b`s mfgcdjfm dj aist ^`gdffg MAGs. ]bds rffgts adkr`tdij p`ttfrjs,

rdsdjk sfrvdgf sfgtir fapciyafjt ippirtujdtdfs, `jm tbf mfgcdjdjk djtfrfst ie

yiujkfr kfjfr`tdijs dj tbf `̂gdffg dj `krdguctur`c wirh.

@sd`j a`rhfts ̀ rf e`stfr-kriwdjk ̀ jm gcisfr ti tbf ̂ `gdffg tb`j tbf a`lir bdstirdg`c

a`rhfts eir ^`gdffg tr`mf”tbf Furipf`j Vjdij `jm tbf Vjdtfm Wt`tfs. Wfvfr`c`rf`s ifr strijk pitfjtd`c eir ^`gdffg MAGs ti ofjffft eria rdsdjk djgiafs dj

@sd`j fgijiadfs. ]bfsf djgcumf tbf fxpirt ie adjfr`cs `jm itbfr r`w a`tfrd c̀s,

tiurdsa ̀ jm tiurdsa-rfc`tfm sfrvdgfs, jdgbf fxpirts ie ujdquf ir cuxury kiims ti

bdkb-djgiaf f`rjfrs (f.k., `krdguctur`c `jm a`rdjf primugts), `jm `kfm g`rf `jm

itbfr `kf-rfc`tfm còir sfrvdgfs eir tbf r`pdmcy `kdjk @sd`j giujtrdfs. ]bf ^`gdffg

MAGs g`j t`p djti tbds pitfjtd`c de tbfy `rf òcf ti oudcm upij tbfdr giap`r`tdvf

`mv`jt`kfs. ]bf ippirtujdtdfs eir krf`tfr @sd`‗^`gdffg fgijiadg fjk`kfafjt `rfgijsdmfrfm dj airf mfptb dj tbf jfxt gb`ptfr.

]bf mdfrfjt fgijiadg mfvfcipafjt iutgiafs ie ^`gdffg mfvfcipdjk afaofr

giujtrdfs (MAGs) `rf, dj p`rt, tbf gijsfqufjgf ie ` juaofr ie strugtur`c `jm

jijstrugtur`c gijstr`djts. Wtrugtur`c gijstr`djts ̀ rf tbisf tb`t g`jjit of gb`jkfm

oy picdgdfs ̀ jm, tbfrfeirf, rfqudrf ̀ ppriprd`tf ̀ m`pt`tdij str t̀fkdfs. Jijstrugtur`c

gijstr`djts g`j of rfaivfm de `ppriprd`tf picdgdfs `jm djstdtutdijs `rf `miptfm,

`jm tbf giujtry g`j tbfj mfrdvf tbf a`xdaua ofjffft eria dts rfsiurgfs.

K_I[]B GIJW]_@DJ]W DJ ]BF ^@GDEDG

Wtrugtur`c Gijstr`djts]bfrf `rf twi a`dj strugtur`c gijstr`djts tb`t a`hf tbf fgijiadg mfvfcipafjt

ie ^`gdffg MAGs mdguct. ]bf ffrst ds kfikr`pbdg mds`mv`jt`kfs. Ofgùsf ie tbf

kfikr`pbdg dsic`tdij ie ^`gdffg MAGs, tbfdr gists ie p`rtdgdp`tdij dj djtfrj`tdij`c

tr`mf `rf vfry bdkb. Airfivfr, p`rtdgdp`tdjk dj rfkdij`c suppcy gb`djs ir fjk`kdjk

dj tbf fxpirt ie ciw v`cuf-`mmfm kiims mfpfjms ij ciw-gist `jm spffmy sbdppdjk,


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wbdgb ds mdguct eir ^`gdffg MAGs. Ijf sicutdij ds ti ffjm jdgbf a`rhfts eir primugts

`jm sfrvdgfs tb`t wdcc suppirt prdgfs tb`t iutwfdkb tbf bdkb tr`jspirt gists.

Eurtbfrairf, tbf mdspfrsfm j`turf ie aist ie tbf ^`gdffg MAGs af`js tb`t tbf

privdsdij ie sfrvdgfs ti sa`cc pipuc`tdijs cdvdjk ij dsc`jms rfaitf eria tbf a`dj

dsc`jm ds vfry gistcy. Eir fxàpcf, tbf 0>>,>>> rfsdmfjts ie Hdrdo`td `rf sg`ttfrfm

tbriukbiut ?0 djbòdtfm dsc`jms, sprf`m `griss `j igf`j `rf` c`rkfr tb`j Furipf.

Gists `rf bdkb eir `cc typfs ie sfrvdgfs, djgcumdjk fmug`tdij, bf`ctb, sbdppdjk, `jm

utdcdtdfs, `jm `rf tbfrfeirf usu`ccy piircy privdmfm.

]bf sfgijm strugtur`c gijstr`djt djvicvfs fjvdrijafjt`c rdshs. ^`gdffg MAGs `rf

prijf ti gygcijfs, f`rtbqu`hfs, tsujàds, `jm iims tb`t g`j cf`m ti ciss ie cdef

`jm g`j djdgt gijsdmfròcf mà`kf ij djer`strugturf `jm primugtdij e`gdcdtdfs.

Wugb fvfjts gijtrdoutf ti tbf v`rdòdcdty dj tbf fgijiadg pfreira`jgf ie ^`gdffg

MAGs. Mds`stfr rfgivfry pc`gfs ` bf`vy ourmfj ij kivfrjafjt oumkfts `jm

mdvfrts rfsiurgfs eria pc`jjfm puocdg djvfstafjts. Eir fxàpcf, Wài` w`s

strugh oy ` piwfreuc f`rtbqu`hf dj Wfptfaofr ?>>4, wbdgb grf`tfm ` tsujàdtb`t hdccfm 0=7 pfipcf. Mà`kfs wfrf fstda`tfm `t ??% ie KM^ `jm tbds dapisfm

`mmdtdij`c mfa`jms ij tbf kivfrjafjt (@MO ?>0=e ). îpuc`tdij kriwtb ij siaf

dsc`jms ds pc`gdjk airf pfipcf `jm uro`jdzfm `rf`s dj tbf p`tb ie sugb mds`stfrs,

`mmdjk ti tbf pitfjtd`c fgijiadg `jm sigd`c gists.

Aist ^`gdffg MAGs `rf cig`tfm dj sfjsdtdvf j`tur`c fjvdrijafjts. ^bysdg`c

rfsiurgfs `rf tbfdr aist v`cuòcf fjmiwafjt `jm aust of g`rfeuccy pritfgtfm

`k`djst mà`kf. Dj p`rtdguc`r, tbf ciw-cydjk gir`c dsc`jms `jm `ticcs ie tbf ^`gdffg

b`vf vfry piir w`stf òsirptdij g`p`gdty. Dj siaf tiurdsa-mrdvfj fgijiadfs,

w`stf mdspis`c eria rfsirts b`s mà`kfm tbf rffes ij wbdgb a`jy ie tbf tiurdst

`ttr`gtdijs, sugb `s mdvdjk `jm ffsbdjk, mfpfjm.

Wtrugtur`c gijstr`djts, sugb `s sdzf `jm cig`tdij, aust of `ggfptfm `s kdvfj.

Biwfvfr, `s gdrguast`jgfs gb`jkf, tbfy a`y ofgiaf cfss ie ` odjmdjk gijstr`djt.

Eir fxàpcf, wdtb tbf fgijiadg mfvfcipafjt ie @sd`, tbf ^`gdffg fgijiadfs `rf

jiw augb gcisfr ti tbf a`lir wircm a`rhfts. Eurtbfr, wdtb `ggfss ti gbf`p, e`st

tfcfgiaaujdg`tdijs, kfikr`pbdg dsic`tdij a`y ofgiaf cfss ie `j dapfmdafjt.


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]briukb tbf usf ie djeira`tdij tfgbjiciky, ^`gdffg MAGs g`j ofgiaf suppcdfrs

ie sfrvdgfs ti giujtrdfs dj mdfrfjt tdaf zijfs. ]bfdr kfikr`pbdg dsic`tdij g`j

`csi of ` pisdtdvf eir tiurdsa, `s mfaijstr`tfm oy tbf A`cmdvfs (@ppfjmdx 5).

Djstdtutdij`c `jm îcdgy Gijstr`djts

O`rrdfrs ti ]r`mf

]bf rf`sijs eir tbf bdkb tr`mf gists `rf auctdpcf8 biwfvfr, tbf eigus ie tbds

`j`cysds ds ij suoiptda`c tr`mf picdgy gbidgfs, djfgdfjt gustias prigfmurfs,dj`mfqu`tf djer`strugturf, ujgiapftdtdvf a`rhft strugturf, `jm piir gijjfgtdvdty.

]`rds. @ppcdfm aist-e`virfm j`tdij (AEJ) t`rd r`tfs b`vf offj ciwfrfm dj

sfvfr`c ^`gdffg MAGs, sugb `s ^`pu` Jfw Kudjf` (^JK) `jm Wiciaij Dsc`jms,

murdjk ?>>7‗?>0? (Edkurf 0), out tbfy rfa`dj suost`jtd`c dj sfvfr`c giujtrdfs.

]bf [ircm O`jh—s [ircm Djtfkr`tfm ]r`mf Wicutdij m`tò`sf (?>07g) ijcy bicms

`ppcdfm AEJ t`rd djeira`tdij eir tbf giujtrdfs mfpdgtfm dj Edkurf 0. Biwfvfr,t`rds `rf stdcc suost`jtd`c (gcisf ti 0>%) dj sfvfr`c itbfr ^`gdffg MAGs. Dj Edld, tbf

`ppcdfm AEJ t`rds b`vf fvfj djgrf`sfm oftwffj ?>>7 `jm ?>0?. Wdzòcf t`rds `rf

ietfj a`djt`djfm ti pritfgt cijk-fstòcdsbfm cig`c ousdjfssfs `jm, tbfrfoy, hffp

tbf miafstdg prdgfs ie gijsuafr kiims `jm gists ie g`pdt`c kiims `rtdffgd`ccy bdkb.

Bdkb tr`mf e`gdcdt`tdij gists. ]r`mf e`gdcdt`tdij gists rfa`dj bdkb dj a`jy

^`gdffg MAGs. ]òcf 6 suaa`rdzfs tbf rfsucts ie tbf [ircm O`jh Midjk OusdjfssWurvfy eir tbf g`tfkiry –tr`mdjk `griss oirmfrs‑ (?>0=o). ]bf aist rfgfjt survfy

eiujm tb`t tbf gist pfr gijt`djfr ti fxpirt `jm dapirt ds p`rtdguc`rcy bdkb dj tbf

Efmfr`tfm Wt`tfs ie Adgrijfsd` (EWA), ^JK, `jm U`ju`tu. Dj gijtr`st, dj Wài`,

]dair-Cfstf, `jm ]ijk`, tbf gists pfr gijt`djfr `rf augb ciwfr.

Djfgdfjt gustias prigfmurfs. ]bf juaofr ie miguafjts rfqudrfm eir fxpirtdjk

`jm dapirtdjk r`jkfs eria 6 ti 4 dj ^`gdffg MAGs (]òcf 6). Dapirtdjk tfjms ti

rfqudrf airf miguafjt`tdij tb`j fxpirtdjk. Dt rfqudrfs a`jy m`ys eir ousdjfssfs

dj ^`gdffg MAGs ti dapirt `jm fxpirt (Edkurf ?). ]bf juaofr ie m`ys ti fxpirt

r`jkfs eria 04 dj Edld ti 7> dj tbf EWA. ]bf tdaf ti dapirt ds fvfj c`rkfr, r`jkdjk


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pacific opportunities: leveraging asia’s growth

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