XNESHPWEMLM NLGEJNLD MH WLN LN]JNEJ L@LM MHD GXWGJ

CLGXD]LM MH ENKHNEHPEL KHJDJKEGL, BENLW U
BH]LDXPKEGL
HWGXHDL YPJCHWEJNLD MH ENKHNEHPEL KHJD×KEGL

ENCJPBH MH GLBYJ1 YPEBHPL YLP]H

KPXYJ <- QJNL E

YPHWHN]LMJ YJP1
<.  Lkuedlr Fulddpl Hdves……………...…...…....<=7;;3
0.  Lrjne Hsphreddl Pjyhr ..... .........................
............................<8<;07
...<8<;07
7.  Lrjne Hsphreddl Uln Glrdjs……………...…<978=0 
=.  Alvehr \uesph Pj`hrtj……………………
Pj`hrtj……………………...333333
8.  Yubl Lrqquh @reln Ajrkh (PHWYJNWL@DH)….....<==695
3.  \uesph Gfurl Fukj
Fukj .......................
.....................................
..............<<9896
<<9896
;.  Wuddgl Fulblne Phnh ........................
...................................<==6<0
...........<==6<0

GXPWJ1
GLP]JKPLCEL KHJDJKEGL KHNHPLD
MJGHN]H1
Enk. Hsgldlnth Kuteårrhz, Ajshcenl

Whbhstrh 09<5  ‗  E

 E E
 

GLP]JKPLCEL KHNHPLD

EN]PJMXGGEJN

Dl glrtjkrlcâl khjd÷kegl hs unl tågnegl mh rhprhshntlge÷n krìcegl mh djs mestentjs tepjs mh rjgls,
shmebhntjs, suhdjs y rlskjs hstrugturldhs quh lcdjrln hn dl suphrcegeh thrrhstrh y dl enthrprhtlge÷n
mh su mespjsege÷n y khjbhtrâl hn prjcunmemlm. ]jmj hstj sh rhprhshntl hn un pdlnj tjpjkrìcegj.

Dl glrtjkrlcâl
rhdltevls khjd÷kegl
l dls gehngels mh dltlb`eån hs bugfls
tehrrl y hn buy ebpjrtlnth hn trl`lajs,
mh dls lgtevemlmhs hstumejs
fublnls h envhsteklgejnhs
rhdlgejnlmls gjn hddls,
tlb`eån mh mevhrsls rlbls, gjbj dl femrjdjkâl, femrjkhjdjkâl, phtrjdjkâl, htg.
Hd j`ahtevj mh hsth gursj hs gjbplrlr y gjbprj`lr djs rhsudtlmjs mh nuhstrj hstumej gjn djs mltjs
quh tehnh hd ENKHBBH] hn su blphj khjd÷kegj l nevhd nlgejnld, yl quh hn hsth enstetutj djs
blphjs quh sh rhldezlrjn sjn l krln hsgldl, hntjnghs njsjtrjs gjbpdhbhntlrhbjs hsjs mltjs quh
nj sjn buy hsphgâcegjs y bhajrlrhbjs hstl encjrblge÷n plrl quh puhml shrver hn ldkñn cuturj,
lmhbìs quh lprhnmhbjs l enthrprhtlr tjmjs djs rlskjs
r lskjs khjd÷kegjs.
Dl zjnl mh hstumej gjbprhnmh mh un ìrhl mh <0 oed÷bhtrjs gulmrlmjs y sh u`egl flgel hd hsth mh
dl geumlm mhd gusgj hn dl djgldemlm mh Fulb`utej. Hd ìrhl hstì enthkrlml pjr dl cjrblge÷n
Fulb`utej, cjrblge÷n Fulnglnh, htg. mjnmh hstì gjbpuhstl pjr gldezls, lrhnesgls,
gjnkdjbhrlmjs (ldkunjs prhshntln l`unmlnth gulrzj), tlb`eån fly `rhgfls y gdlstjs mh rjgls
vjdgìnegls? hstls tehnhn unl hmlm lprjxeblml mhsmh hd pldhjzjegj flstl hd aurìsegj.
Hd prhshnth encjrbh sh mhslrrjddl mh blnhrl krupld hn hd guld sh rhldezlrì un blphj khjd÷kegj mh
dl zjnl mh hstumej y hn hd trlnsgursj mhd shbhstrh sh gjbpdhbhntlrì hsth hstumej lpdeglmj l dl
glrtjkrlcâl khjd÷kegl.
Ylrl hstl prebhrl plrth sh mhslrrjddlrì mhsgrepge÷n mh ldkunls buhstrls mh dl zjnl mh hstumej y sh
 prjghmhrì l rhldezlr ldkunjs blpls `lsh, khjd÷kegj y khjbjrcjd÷kegjs. ]lb`eån sh prhshntlrì
djs trl`lajs rhldezlmjs hn dls prìgtegls mhd gursj y dls sldemls mh glbpj mh tjmjs djs enthkrlnths
gjn su rhsphgtevl cerbl mh dl mjghnth lsebesbj dls de`rhtls mh glbpj mh tjmjs djs enthkrlnths.

GXWGJ ‗  YHPÑ
 YHPÑ
09<5

Yìkenl | 0
 

GLP]JKPLCEL KHNHPLD

ENMEGH
PHWXBHN ...................................................................................................................................
.................................................................................................................................. =

EN]PJMXGGEJN ...............................................................
.........................................................................
..........Hrrjr! @jjoblro njt mhcenhm. 

GLYE]XDJ E. LWYHG]JW KHNHPLDHW .........................................................

...............................................................................
...................... 8

<.<.  X@EGLGE×N1  .............................................................................................................. 8

<.0.  LGGHWE@EDEMLM  .......................................................................................................
...................................................................................................... 3
<.7.  J@AH]ESJW ................................................................................................................
............................................................................................................... ;

<.=.  BH]JMJDJKEL MHD ]PL@LAJ .......................................................................... ;

<.8.  BL]HPELDHW  ............................................................................................................
........................................................................................................... ;

<.3.  GDEBL U SHKH]LGE×N .........................................................................................

........................................................................................ 6

GLYE]XDJ EE. KHJBJPCJDJKEL U CEWEJKPLCEL .....................................................

.................................................... <9
0.<. XNEMLMHW KHJBJPCJD×KEGLW PHKEJNLDHW .............................................. <9
0.0. XNEMLMHW KHJBJPCJ
KHJBJPCJDJKEGLW
DJKEGLW DJGLDHW .................................................... <=
0.7. CEWEJKPLCEL ...............................................................................................................
............................................................................................................... <8

@E@DEJKPLCEL .......................................................................................................................
...................................................................................................................... <;
LNHVJW1 BLYLW, YDLNJW, KPLCEGJW, WHGGEJNHW, H]G, \XH WH FEGEHPJN
HN HD GLBYJ .....................................................................................................................
.................................................................................................................... <6

Yìkenl | 7
 

GLP]JKPLCEL KHNHPLD

PHWXBHN

Dl zjnl < sh hnguhntrl ld hsth mh dl geumlm mhd Gusgj pjdâteglbhnth hstì u`eglml hn hd mestretj mh
Dugrh, prjvengel mh \uespeglngfe, l 70.0 ob mh dl geumlm mh Gusgj. Hd prhshnth trl`laj sh rhldez÷
gjn hd j`ahtevj mh rhldezlr hd hstumej y glrtjkrlcelmj mh dl zjnl <, plrl mhthrbenlr djgldbhnth l
mhtlddh dls mh
khjd÷kegj cjrblgejnhs y hdrjgjsjs
lcdjrlbehntjs gjbpjrtlbehntj
y suhdj. . bjrcj hstrugturld hn hstl zjnl, bhmelnth hd blphj
Hd mhslrrjddj mh hsth trl`laj hn hstl prebhrl htlpl sh meveme÷ hn trhs htlpls, dl prebhrl rhdlgejnlml
gjn hd lnìdeses mh encjrblge÷n prhvel, lmhbìs mh mhcener j`ahtevjs, bhtjmjdjkâl, lnìdeses,
cesejkrìcegj y khjbjrcjd÷kegj (hstl htlpl cuh prengepld plrl hsth prebhr plrgeld). Xnl shkunml
htlpl quh gjnsesterì hn trl`lajs mh glbpj. Xnl thrghrl y ñdtebl htlpl gjnseste÷ hn hd lnìdeses h
enthrprhtlge÷n mh rhsudtlmjs mh glbpj.
Hd gdebl hn hstl zjnl hs sulvh, y khnhrldbhnth gìdemj y thbpdlmj. Djs vhrlnjs lquâ tehnhn unl
 `uhnl glntemlm mh dduvel.. Dl thbphrlturl lquâ hs hn prjbhmej <0.; ¹ G. Dl prhgepetlge÷n hs mh
88; bb ld lüj. Dl khjbjrcjdjkâl rhkejnld hn dl zjnl mh hstumej mh dls = zjnls sh fln rhgjnjgemj
gultrj unemlmhs khjbjrcjd÷kegl j bjrcj hstrugturldhs rhkejnldhs1 Gjrmeddhrl Jrehntld, zjnl
enthrbhmel Ldtepdlnj-Gjrmeddhrl Jrehntld, Ldtepdlnj y dl Gjrmeddhrl Jggemhntld. Lmhbìs sh guhntl
gjn dls unemlmhs djgldhs quh sh flddln mhntrj mh glml unl mh dls unemlmhs rhkejnldhs. Dl
khjbjrcjdjkâl djgldhxpuhstl
rhdltevlbhnth ldtl sh trltll mh un vlddh enthrlnmenj
bhthjrezlge÷n, hn zjnl
sehnmj unl peh mhmh bjnth
lpjrth gjn unl phnmehnth
y lgubudlge÷n mh
shmebhntjs mh gjnjs lduveldhs, ddlnurl lduveld, gjdenls y bjntlüls mh vhrtehnth pjgj hbpenlml l
buy hbpenlml. Hn mjnmh hd rej Fultlnly vehrth sus lkuls
lkuls hn hd rej Sedglnjtl.

Yìkenl | =
 

GLP]JKPLCEL KHNHPLD

GLYE]XDJ E. LWYHG]JW KHNHPLDHW

<.<.  X@EGLGE×N1
<.<.<.  X@EGLGE×N YJDE]EGL1 Dl zjnl mh hstumej sh hnguhntrl hn dl guhngl mhd râj
Xru`lb`l, su`guhngl mhd râj Fultlnly. Yjdâteglbhnth hstì u`eglml hn hd mestretj
mh Dugrh, prjvengel mh \uespeglngfe - mhplrtlbhntj mh Gusgj, l 70.0 ob mh dl
geumlm mh Gusgj. eblkhn <.

  Djgldemlm1 Fulb`utej
  Mestretj1 Dugrh
  Yrjvengel1 \uespeglngfe
  Mhplrtlbhntj1 Gusgj

<.<.0.  X@EGLGE×N KHJKPÌCEGL1 Khjkrìceglbhnth hd lcdjrlbehntj rjgjsj sh

hnguhntrl ld Wurhsth mh dl geumlm mhd gusgj. eblkhn <.

X@EGLGE×N KHJKPLCEGL-YEDDLJ BL]LJ

DL]E]XM <7¹ 78' ;.<"
DJNKE]XM ;<¹ =0' 85.;"
Hsth 0939<3. 88
 Njrth 6=53
6=53=5
=55
5
X]B
Qjnl <5D
Mltub [KW-<56=
LD]E]XM 7967 b.s.n.b

Gulmrj N¹ 9< X`eglge÷n Khjkrìcegl mh dl zjnl mh hstumej.

OJWÜEYL]L
]LPLU
GLDGL YLXGLP]LB@J

WLN WLDSLMJP
FXLNGLPLNE
YLXGLP]LB@J
GJD\XHYL]L

WLUDDL

]XB@HW JPJYHWL
YLXGLP]LB@J
GLEGLU
GGLPFXLUJ

DJPH]J

WLN AHPJNEBJ GGL]GL

YEXPL LBLQJNLW

DLB@LUH\XH GLALBLPGL
ULXPEW\XH
DXGPH
WLN BLP]EN
 LNMLFXLUDEDDLW
DL DE@HP]LM

GXWGJ XPGJW

\XEWYEGLNGFE
YLPXPJ
LNGLWF
FXLNXGJ
YLPXPJ JGJNKL]H
XGLULDE

YLWGJ

FXLPJ
AXNEN
GLDDLJDEBL
BLMPH MH MEJW PJNMJGLN

\XE\XEALNL
FXLNGLSHDEGL
GXWGJ YLGGLPE]LB@J

LULGXGFJLYXPEBLG
EGL YXNJ

LGJBLUJ
GJDGFL
LPH\XEYL
 LGJBLUJ GXWEYL]L

BJ\XHKXL  LGJW

]LGNL
YEDDYEN]J GLNGFEW
 LGGFL   WLNKLPLPL YE]XBLPGL
GFHGLGXYH

Eblkhn N¹<1 u`eglge÷n pjdâtegl mh dl zjnl < (Fulb`utej).

Yìkenl | 8
 

GLP]JKPLCEL KHNHPLD

<.0.  LGGHWE@EDEMLM

Wh hnguhntrl flgel hd hsth mh dl geumlm mhd gusgj y hd lgghsj ld duklr hs pjr vâl thrrhstrh
Gusgj ‗  Wln
 Wln sldvlmjr, sh tjbl hd glrrj mh dl hbprhsl mh trlnspjrths sln sldvlmjr quh plsl
 pjr tjml lvhneml dl gudturl (tlb`eån fly jtrjs glrrjs quh plsln pjr hstl besbl vâl) y sh
 `lal hn Fulb`utej, ghrgl mh dl gjbeslrel mh hsth
hsth besbj duklr l 70.0 ob mh dl geumlm mhd
Gusgj, unl vhz ddhklnmj l dl djgldemlm
d jgldemlm mh Fulb`utej sh mhspdlzl pjr glbenj mh fhrrlmurl
j glrrhthrl l djs lcdjrlbehntjs mh dls mechrhnths cjrblgejnhs khjd÷kegls hn hstumej. Hd
tehbpj mh ddhklml hn trlnspjrth enthrmestretld hs mh 39 benutjs lprjxeblmlbhnth flstl
Fulb`utej, gjn un gjstj mh s/7.99. eblkhn 0.

•  Yjr dl vâl lscldtlml Gusgj-Fulb`utej, ld enegej mhd mhsve÷.

•  Yjr dl vâl cårrhl Gusgj-Fulb
Gusgj-Fulb`utej.
`utej.

Eblkhn N¹01 Lgghse`edemlm zjnl <, Gusgj-Fulb`utej.

Yìkenl | 3
 

GLP]JKPLCEL KHNHPLD

<.7.  J@AH]ESJW
<.7.<.  J@AH]ESJ KHNHPLD
Phldezlr hd hstumej y glrtjkrlcelmj mh dl zjnl <, plrl mhthrbenlr djgldbhnth l mhtlddh
dls cjrblgejnhs y hd gjbpjrtlbehntj bjrcj hstrugturld hn hstl zjnl, bhmelnth hd
blphj khjd÷kegj mh lcdjrlbehntjs rjgjsjs y suhdj.

<.7.0.  J@AH]ESJ HWYHGECEGJ

<.  Mhthrbenlr dl u`eglge÷n khjkrìcegl y pjdâtegl l dl quh phrthnhgh dl zjnl < plrl
su glrtjkrlcelmj.
0.  Mhthrbenlr dl khjbjrcjdjkâl rhkejnld y cesejkrlcâl quh prhshntl dls = zjnls mh
hstumej, plrl su glrtjkrlcelmj.
7.  Mhthrbenlr dl khjbjrcjdjkâl djgld y cesejkrlcâl quh prhshntl dl zjnl < mh
hstumej, plrl su glrtjkrlcelmj.
<.=.  BH]JMJDJKEL MHD ]PL@LAJ

Dl Bhtjmjdjkâl utedezlml plrl dl hdl`jrlge÷n mhd prhshnth trl`laj, hn hstl prebhrl htlpl,
cuh mhsgreptevl h enthrprhtltevl, hn dl mhsgreptevl sh rhgjdhgtj encjrblge÷n khnhrld plrl
lnldezlr dl glrlgthrezlge÷n lgtuld khjd÷kegl, khjbjrcjd÷kegl y cesejkrìcegl? plrl dl
enthrprhtltevl sh rhldez÷ hd lnìdeses h enthrprhtlge÷n mh dls glrlgthrâstegls khjbjrcjd÷kegls
hn `lsh l djs blpls rhldezlmjs. Wh rhldez÷ trhs htlpls1

YPH-GLBYJ1 hn hhstl
YPH-GLBYJ1 stl prebhrl htlpl sh rhldez÷ dl rhvese÷n `e`dejkrìcegl gjrrhspjnmehnth
y dl j`thnge÷n mh encjrblge÷n `ìsegl mh dl zjnl mh hstumej.
  Phgjpedlge÷n mh encjrblge÷n glrtjkrìcegl (gulmrìnkudjs khjd÷kegjs, blpls
tjpjkrìcegjs, ebìkhnhs khjd÷kegls yl hxesthnths l blyjr hsgldl).

GLBYJ1 hn hstl shkunml htlpl sh rhldez÷ rhgjnjgebehntj mhd thrrhnj hn dl guld sh

tjblrjn puntjs KYW mhd lcdjrlbehntj rjgjsj, sh rhldez÷1
  Dhvlntlbehntj mh puntjs KYW.

KL@ENH]H1 hn hstl thrghrl htlpl sh rhldez÷ hd prjghslbehntj mh mltjs plrl dl rhldezlge÷n

mh djs blpls mh u`eglge÷n, khjbjrcjdjk
khjbjrcjdjkâl âl y cesejkrlcâl djgld mh dl zjnl <. Hn cjrbl
khnhrld sh mhslrrjdd÷1
  Yrjghslbehntj y lnìdeses mh djs mltjs j`thnemjs hn hd glbpj.
 
 Encjrbh cenld mh rhsudtlmjs.

<.8.  BL]HPELDHW

<.;.<BL]HPELDHW
<.;.<BL]HPELDHW U H\XEYJ
H\XEYJW
W MH KL
KL@ENH]H
@ENH]H

  @e`dejkrlcâl
  Ydlnjs tjpjkrìcegjs.
  Dlptjp
  Yrjkrlbls mh gìdgudj (Hxghd) 

Yìkenl | ;
 

GLP]JKPLCEL KHNHPLD

<.;.0 BL]HPELDHW U H\XEYJW MH

GLBYJ

  Ydlnj tjpjkrìcegj.
  Ydlnj khjd÷kegj.
  De`rhtl mh glbpj
  Yegjtl
  @ruaudl, KYW
 
  Dupl
[engfl
  Hsgldâbhtrj, Plylmjr
  Gìblrl cjtjkrìcegl.

Blthreldhs mh glbpj utedezlmj murlnth hd trl`laj.

<.3.  GDEBL U SHKH]LGE×N

Hd gdebl mh dl zjnl hs ekuld ld gdebl mh dl geumlm mh Gusgj, prhshntl unl vhkhtlge÷n mh

 plajnldhs y fehr`ls sedvhstrhs quh gu
gu`rhn
`rhn djs ghrrjs, plstezldhs y lr`us
lr`ustjs
tjs mh bjddh ld `jrmh
mh dl glrrhthrl.
Hd gdebl lquâ hs sulvh, y khnhrldbhnth gìdemj y thbpdlmj. Djs vhrlnjs lquâ tehnhn unl
 `uhnl glntemlm mh dduvel, behntrls quh djs envehrnjs tehnhn buy pjgj. Hsth gdebl hs
gjnsemhrlmj Gw` shkñn dl gdlseceglge÷n gdebìtegl mh Oópphn-Khekhr. Dl thbphrlturl lquâ
hs hn prjbhmej <0.; ¹ G. Dl prhgepetlge÷n hs mh 88; bb ld lüj.

Dl prhgepetlge÷n
 prhgepetlge÷n lquâhsglh
dl bìs `lal hn
hn hnhrj, aunej,elnmj
prjbhm gjn un
prjbhmelnmj <<=prjbhmej
bb. mh = bb. Dl blyjr plrth mh dl

Yìkenl | 6
 

GLP]JKPLCEL KHNHPLD

L unl thbphrlturl bhmel mh <7.5 ¹ G, jgtu`rh hs hd bhs bìs gldurjsj mhd lüj. Audej hs hd
bhs bìs crâj, gjn thbphrlturls prjbhmelnmj <9.= ¹ G.
]L@DL GDEBÌ]EGL // ML]JW FEW]×PEGJW
FEW]×PEGJW MHD ]EHBYJ FXLB@X]EJ

Hntrh djs bhshs bìs shgjs y bìs fñbhmjs, dl mechrhngel hn dls prhgepetlgejnhs hs <<9 bb. L dj
dlrkj mhd lüj, dls thbphrlturls vlrâln hn 7.8 ¹ G.

Cjtj N¹<1 Shkhtlge÷n mh dl zjnl < vestl ld sur

Yìkenl | 5
 

GLP]JKPLCEL KHNHPLD

GLYE]XDJ EE. KHJBJPCJDJKEL U CEWEJKPLCEL

0.<. XNEMLM
XNEMLMHW HW KHJBJPCJD×KEGLW PHKEJNLDHW
Hn dl zjnl mh hstumej mhd blpl `lsh mh dls = zjnls sh fln rhgjnjgemj gultrj unemlmhs
khjbjrcjd÷kegls j bjrcj hstrugturldhs rhkejnldhs1 Gjrmeddhrl Jrehntld, zjnl enthrbhmel Ldtepdlnj-
Gjrmeddhrl Jrehntld, Ldtepdlnj y dl Gjrmeddhrl Jggemhntld. Lmhbìs sh guhntl gjn dls unemlmhs
djgldhs quh sh flddln mhntrj mh glml unl mh dls unemlmhs rhkejnldhs.

0.<.<. GJPMEDDHPL JPEHN]LD

Yrhshntl rhdehvhs rhdltevlbhnth jnmudlmjs gjn ldturls quh vlrâln hntrh

h ntrh =999 y =899 bsnb, mjnmh
dls dlmhrls quh cjrbln hd cdlngj njrth mhd râj Sedglnjtl sjn lggemhntlmls yl quh hstl ñdtebl sh
flddl hntrh 7799 y 7<89 b mh ldtetum. Hn hstl dlmhrl mhstlgl dl prhshngel mh quh`rlmls
trlnsvhrsldhs mh merhgge÷n NH-WJ gjn rhdehvhs ekuldbhnth lggemhntlmjs.
Dl Gjrmeddhrl Jrehntld hxpjnh hshngeldbhnth unl detjdjkâl mh pezlrrls mh dl Cjrblge÷n Lnlnhl
(Wedurj-Mhv÷negj) y hsglslbhnth mh gulrgetls y melbegtetls mh dl Cjrblge÷n Ggltgl (Mhv÷negj
thrbenld) guyjs hsphsjrhs suphrln djs 0999 b. Ekuldbhnth lplrhghn ldkunjs guhrpjs entrusevjs
quh shüldln sesthbls mh clddls ebpjrtlnths. Dl thgt÷negl sh blnecehstl pjr clddls envhrsls y
gl`ldklbehntjs NJ-WH gjn gjnvhrkhngel WJ, lsjgelmjs l pdehkuhs quh flghn rhphter dls
cjrblgejnhs mhd Wedurj-Mhv÷negj.

Cjtj N±01 \uh`rlml Lrgjpungj, l dlmj mhd mhsdezlbehntj mhd ghrrj Yegjd.

Yìkenl | <9
 

GLP]JKPLCEL KHNHPLD

0.<.0. QJNL EN]HPBHMEL LD]EYDLNJ-GJPMEDDHPL JPEHN]LD1 LN]EGDENLD MH

SEDGLNJ]L

Hs unl crlnal ldlrklml hn merhgge÷n NJ-WH quh shplrl hd Ldtepdlnj ld sur, mh dl Gjrmeddhrl Jrehntld
ld njrth, hn djs gulmrlnths E, EEE y ES. Hn khnhrld, dl crlnal hs bìs mhdklml ld surhsth y bìs lngfl
ld njrjhsth mjnmh hstì rhprhshntlml pjr hd lntegdenld mh Sedglnjtl.
Hstl zjnl hxpjnh pezlrrls y gulrgetls mhd Yldhjzjegj enchrejr, gldezls, blrkls, lrhnesgls dutetls y
vjdglnetls mhd Yldhjzjegj suphrejr (Krupj Gjplgl`lnl y Cjrblge÷n Hnh) y mhd BhsjGhnjzjegj
(Krupj Betu, cjrblgejnhs Glegly y Fulnglnå, Krupj yunglypltl y cjrblgejnhs \uedquh-
Gfedgl). Hn hstl unemlm mhstlgl hd vlddh mhd râj Sedglnjtl quh hn dl zjnl mh hstumej hs un vlddh
enthrlnmenj quh rhgjrrh mhsmh 7779 flstl 7908 bnsb y sekuh mh WH l NJ sj`rh hd sesthbl mh
clddls Sedglnjtl, Xrgjs y Fulb`utâj. Hsth râj tehnh un lngfj bhmej mh 799 l 899 b y fl cjrblmj
thrrlzls cduvej lduveldhs, gjn dlmhrls hbpenlmls l buy hbpenlmls.

Cjtj N¹7. Lnmhsetls mh dl cjrblge÷n Pubegjdgl

0.<.7. LD]EYDLNJ

Hstl unemlm quh vehnh mhsmh @jdevel. Debetl ld sur gjn hd `jrmh NH mh dl Gjrmeddhrl Jggemhntld y
ld njrth gjn dl Gjrmeddhrl Jrehntld bhmelnth dl zjnl enthrbhmel Ldtepdlnj-Gjrmeddhrl Jrehntld,
glrlgthrezlml pjr hd lntegdenld mh Sedglnjtl. Hn hd Ldtepdlnj lcdjrln rjgls bhsjzjegls mh pjgj
hsphsjr pjr gjbplrlge÷n
rjals gjntenhntldhs l sus hquevldhnths
mhd ]hrgelrej mh dl Gjrmeddhrl
sjn buy pjthnths, Jggemhntld,
gjbj hd Krupj sen hb`lrkj,
Wln Ahr÷nebj dlsb)
(> 8999 glpls
quh
lmhbìs buhstrl dl suphrcegeh bìs lbpdel mh lcdjrlbehntjs. Hn hd lsphgtj bjrcjd÷kegj sh
glrlgthrezl pjr shr unl ldtepdlnegeh gjn ldtetumhs quh vlrâln hntrh 7699 y =999 bsnb, lunquh
djgldbhnth ldkunls bjntlüls puhmhn sj`rhplslr djs ==99 bsnb. Hstl unemlm hstì meshgtlml pjr
nubhrjsjs râjs y pjr dl lgge÷n kdlgelr, quh dh mln unl gjncekurlge÷n buy lkrhsth, l phslr mh shr
 plrth mhd Ldtepdlnj. Hn hd Ldtepdlnj mh Gusgj
Gusgj sh fln mestenkuemj dls sekuehnths
sekuehnths unemlmhs djgldhs1

l)  Dl Mhprhse÷n mh Gusgj-Fulglrply.- Hs ldlrklml, gjn merhgge÷n NJ-WH, djnketum mh 79

ob y ldturl quh vl mh 7=99 l 7<89 bsnb? hddl gjrrhspjnmh ld lgtuld vlddh mhd râj
Fultlnly. Hd blthreld mh rhddhnj hs lduveld, dlgustrh y cduveld mh hmlm pdejgulthrnlrel. Hn
rhldemlm gjrrhspjnmh l unl guhngl mh jrekhn thgt÷negj, yl quh hstì gjntrjdlml pjr dls
clddls lñn lgtevls mh Gusgj y ]lb`jblgfly. Hstl mhprhse÷n tehnh unl thrbenlge÷n `rusgl
quh gjrrhspjnmh ld vjdgìn bjnjkhnåtegj mh Pubegjdgl quh rhprhs÷ hd râj Fultlnly y
cjrb÷ un krln dlkj mhnjbenlmj Bjroedd hn hd h d Ydejgulthrnlrej.

Yìkenl | <<
 

GLP]JKPLCEL KHNHPLD

 `)  Dls Whrrlnâls mh Sedglgjnkl.- Wh u`egln ld sur mh dl mhprhse÷n mh Gusgj y hstìn

gjncjrblmls pjr gub`rhs ldenhlmls hn merhgge÷n NJ-WH quh sh prjdjnkln flstl
Lgjblyj, mjnmh hstì hd ghrrj Yegflquhnl (=63; bsnb), lsâ gjbj ld sur mh \uequealnl
(ghrrj Lguylg, =568 bsnb). Lquâ lcdjrln lbpdelbhnth dls glpls rjals mhd Krupj Wln
Ahr÷nebj y dl Cjrblge÷n Yunlglngfl, dls quh sh flddln pdhklmls. Djs rhdehvhs sjn
rhdltevlbhnth lggemhntlmjs gulnmj hstìn gjrtlmjs pjr djs râjs Fultlnly j Sedglnjtl, lsâ
gjbj pjr dls quh`rlmls trlnsvhrsldhs NH-WJ, se nj hs lsâ, hd rhdehvh hs `lstlnth jnmudlmj.

Cjtj N¹=1 sh j`shrvl plrth mh dl cjrblge÷n Fulnglnå quh hstl rjmhlmjs pjr dl cjrblge÷n
Pubegjdgl

0.<.=. @JPMH NH MH DL GJPMEDDHPL JGGEMHN]LD

Gjrrhspjnmh l unl zjnl gjn rhdehvhs rhdltevlbhnth pdlnjs guyls ldtetumhs ldglnzln =999 bsnb,
gjn gub`rhs hntrh =099 y =799 bsnb. Wen hb`lrkj, dl engese÷n mh djs râjs Shdeddh y Lpurâblg dh
ml l hstl unemlm unl tjpjkrlcâl lggemhntlml. Mhstlgln dls bjntlüls mh \uhpurj-]lugl Jrggj mh
merhgge÷n NJ-WH y dls Bjntlüls mh Wefuenl y \uenter, hntrh jtrls, quh suphrln djs =999 bsnb.
]jmls hstls bjntlüls sh fln mhslrrjddlmj sj`rh gjnkdjbhrlmjs mh dl Cjrblge÷n Lntl mhd Hjghnj
suphrejr-Jdekjghnj enchrejr. Hd dâbeth gjn hd Ldtepdlnj hs `lstlnth errhkudlr yl quh gjrrhspjnmh l
glb`ejs mh mjbenejs pldhjkhjkrìcegjs, gjntrjdlmjs pjr clddls rhkejnldhs ebpjrtlnths gjbj dls
mh merhgge÷n Guse`lb`lLgjblyj y Fulnjqueth-Lggfl. Hstls clddls sjn plrth mhd sesthbl Gusgj-
Dlkuneddls-Blülzj y gjntrjdln djs prengepldhs sesthbls mh mrhnlahs, pjr mjnmh mesgurrhn djs râjs
Shdeddh j plrth mhd Lpurâblg.

Cjtj N¹81 Lcdjrlbehntj mh dl Cjrblge÷n Fulnglnh hn hd gjrth mh dl glrrhthrl

Yìkenl | <0
 

GLP]JKPLCEL KHNHPLD

X`eglge÷n khjbjrcjd÷kegl rhkejnld mh dls = Qjnls mh glrtjkrlcel

Yìkenl | <7
 

GLP]JKPLCEL KHNHPLD

0.0. XNEMLMHW KHJBJPCJ

KHJBJPCJDJKEGLW
DJKEGLW DJGLDHW

Dl mevhrsemlm mh prjghsj thgt÷negjs rhkejnldhs sehbprh lgtevjs,

lg tevjs, fln mlmj jrekhn l mevhrsls
unemlmhs mhntrj mhd ìrhl mh hstumej. Dl khjbjrcjdjkâl djgld mh dl zjnl < sh rhgjnjge÷ hn
glbpj y vâl eblkhn slthdetld mechrhnths tepjs mh hstrugturls khjbjrcjd÷kegls, bjntlüls,
gjdenls, un lcdjrlbehntj rjgjsj âknhj mh tepj hxtrusevj, y mhp÷setjs gulthrnlrejs. Lmhbìs
 pjmhbjs j`shrvlr
j`shrvlr quh`rlmls, râjs prengepldhs y râjs shgunmlrejs. Hn hd ssekuehnth
ekuehnth gulmrj sh
buhstrl dls unemlmhs khjbjrcjd÷kegls djgldhs1

KPLN YLEWLAH  XNEMLMHW

XNEMLMHW KHJBJPCJDJKEGLW 
YDLNEGEHW ]HPPLQLW GLXGH CDXSELD
@LALW DDLNXPL LDXSELD
GJNJW LDXSELDHW
BJN]LÜLW GJDENLW GJDENLW LD]LW
GJDENLW @LALW
BJN]LÜLW SHP]EHN]H YJGJ HBYENLML
SHP]EHN]H HBYENLML

SHP]EHN]H BXU HBYENLML

Cjtjkrlcâl N¹31 Phdehvh mh dl zjnl <, bjstrlnmj dl khjbjrcjdjkâl djgld.

YDLNEGEHW
Hn hstl unemlm sh dh mhseknl l dl plrth bìs `lal j ddlnl mhd duklr, plrl dj guld sh fl
mechrhngelmj jtrls unemlmhs bhnjrhs, ddlnurl lduveld, guyls phnmehnths vlrâln mh ddlnl
bjmhrlmlbhnth engdenlml (0% l 09%)? hn dl unemlm lduveld sh u`egl hn dls plrths `lals mh
dls bjntlüls y gjdenls, gjnjs mh mhyhgge÷n hn dl plrth W[ mh dl geumlm mh gusgj hn dls
cldmls mh dl cjrblge÷n fulnglnh.
]hrrlzls `lals
Wuphrcegehs pdlnls quh vlrâln mh ddlnl l bjmhrlmlbhnth engdenlml hntrh 0% l <6%
  Glugh cduveld
Wh u`egl hn djs shgtjrhs mhd glugh mhd rej Sedglnjtl y Fultlnly, rhprhshntlmj pjr
debj lrgeddj lrhnjsj l krlvjsj, cjrblnmj unl l vlrels thrrlzls, sulvh l
bjmhrlmlbhnth engdenlml gjn phnmehnths mh 0% l <6%.

Yìkenl | <=
 

GLP]JKPLCEL KHNHPLD

  Ddlnurl lduveld
Wh u`egl hn djs `jrmhs mhd rej Sedglnjtl y Fultlnly, gjn tjpjkrlcâl ddlnl l buy
engdenlml, cjrblmj pjr lgubudlgejnhs mh lrrlstrh mh blthreldhs hn åpjgl mh dduvels,
gjncjrblml pjr krlvls lrhnl, debj y lrgeddl. Gjn hrjse÷n ldtl, hn dls revhrls mhd rej
hn åpjgls mh cuhrth prhgepetlge÷n, gjnstruyhnmj nevhdhs mh thrrlzls cduveldhs, gjn
suphrcegehs mh rhdehvh l`ruptj phnmehnth mh =% l 09% bjmhrlmlbhnth engdenlmj.
  Gjnjs lduveldhs
X`eglmjs hn dls plrths `lals mh dls dlmhrls hn lb`ls bìrkhnhs mhd rej Sedglnjtl y
Fultlnly, gjn phnmehnths ddlnls bjmhrlmlbhnth engdenlmls, glrlgthrezlml pjr su
khjcjrbl, jrekenlmjs pjr dl hrjse÷n mh lrrlstrh y lgubudlge÷n mh blthreld gjduveld
y lduveld lmjptlnmj dls cjrbls mh gjnjs, quh sh u`egln hn dls plrths bhmels y `lals
mh dl dlmhrl mh dls bjntlüls y gjdenls.
BJN]LÜLW
]hnhbjs bjntlüls mh phnmehnth ldtl ld sur hsth y ld njrjhsth mh dl zjnl, pjr hd sur hn dl
blrkhn mhrhgfl mhd rej Sedglnjtl y pjr hd njrth hn dl blrkhn ezquehrml mhd besbj, lmhbìs
mh bjntlüls mh phnmehnth bhmel prhmjbenlnthbhnth ld sur, hn dl gjncduhngel mh djs râjs
Fultlnly y Sedglnjtl. U dls gjdenls mh phnmehnths bhmel hn dl blrkhn ezquehrml mhd rej,
mhtrìs mh dl vhrtehnth mh mhtretjs quh hstl ld njrhsth mh dl hxtruse÷n mh dl cjrblge÷n Pube
gjdgl. Hstl ìrhl sh glrlgthrezl pjr prhshntlrsh gjn rhdehvh mh bhmelnlbhnth engdenlmjs l
rhdehvhs buy l`ruptj mh tjpjkrlcâl buy lggemhntlml, gjn phnmehnth quh jsgedln mhsmh 6%

l ;8%. Gjdenls
Yrhshntln bhnjr ldtetum quh dls bjntlüls quh sj`rhsldhn mh dls pdlnegeh, gjn phnmehnths mh
6% l 78%(dlmhrls engdenlmjs l bjmhrlmlbhnth hbpenlmj).
  Gjdenls ldtls
  Gjdenls `lals

Bjntlüls
Hstls ìrhls sh glrlgthrezln pjr prhshntlrsh gjn rhdehvh buy l`ruptj mh tjpjkrlcâl
lggemhntlml, bjmhrlmlbhnth hbpenlml l buy hbpenlml, gjn phnmehnths quh jsgedln mhsmh
hd 08% l bìs mh ;8% guyls ldtetumhs vlrâln hntrh djs 7;99 l 7599 bsnb, suhdjs
khnhrldbhnth suphrcegeldhs y lcdjrlbehntj mh su`strltj rjgjsj. Lsâ besbj, dl hnhrkâl mh su
rhdehvh l mlmj duklr hn hd plslmj, ld mhslrrjddj mh enthnsjs prjghsjs hrjsevjs, mh djs guldhs
gjntenñln gjn mevhrsl enthnsemlm.
  Shrtehnth pjgj hbpenlml
  Shrtehnth hbpenlml
  Shrtehnth buy hbpenlml

0.7. CEWEJKPLCEL
Hd râj mh dl quh`rlml mhd Sedglnjtl y Fultlnly hs un vlddh enthrlnmenj guyls lkuls cduyhn
mh surhsth l njrjhsth. Hn su rhgjrremj, sucrh bjmeceglgejnhs hn su merhgge÷n, mh`emj ld
gjntrjd hstrugturld, lmjptlnmj unl merhgge÷n WH-NJ. Dls dlmhrls mhd vlddh prhshntln
 phnmehnths hntrh =8± - 37± y hstìn gjnstetuemls blyjrbhnth pjr mhp÷setjs cduveldhs y
gjduveldhs prjmugtj mh dl bhthjrezlge÷n mjnmh lcdjrln rjgls gjrrhspjnmehnths l Fulnglnå,
Pubegjdgl.
Dl phnmehnth mhd pesj mh vlddh hn hd trlbj hs mh ;.0%, ddhklnmj l shr gjnmegejnlnth plrl dl
encedtrlge÷n mh dls lkuls y pjsthrejr mh`edetlbehntj mh dl dlmhrl mh djs ghrrjs. Dl hstrugturl
bìs sj`rhsldehnth mh hstl zjnl shrel hd lcdjrlbehntj mh dl cjrblge÷n Pube gjdgl quh hstl
Yìkenl | <8
 

GLP]JKPLCEL KHNHPLD

hntrh austj hn hd ghntrj mh dl zjnl mh hstumej, hsth lcdjrlbehntj prhshntl gjdlmls presbìtegls
j dlvls gjn mesyunge÷n gjdubnl

Cjtjkrlcâl N¹81 Sjdgìn hxtentj

hxte ntj mh Fulb`utâj bjstrlnmj mesyungejnhs gjdubnlrhs.
Cuhnth1 @jdhten N¹<76L

Yìkenl | <3
 

GLP]JKPLCEL KHNHPLD

@E@DEJKPLCEL

<.  @jdhtân N¹<76 Whreh L, Khjdjkâl mhd Gulmrìnkudj mh Gusgj, Enkhbbht, Sâgtjr
Glrdjttj, Ajså Gìrmhnls y Kl`rehd Glrdehs? Debl  ‗  Yhrñ
 Yhrñ ‗  09<<.
 09<<.
0.  Ylkenl mhd khjgltben.
7.  Pevhrl S. (Khjdjkel Khnhrld)

Yìkenl | <;
 

GLP]JKPLCEL KHNHPLD

LNHVJW1 BLYLW, YDLNJW, KPLCEGJW, WHGGEJNHW, H]G, \XH WH FEGEHPJN

HN HD GLBYJ

Cjtjkrlcâl N¹;1 Wldeml mh glbpj krupld, hn dl zjnl <.

Cjtjkrlcâl N¹;1 ]rl`laj mh kl`enhth krupld.

Yìkenl | <6
 

GLP]JKPLCEL KHNHPLD

Cjtjkrlcâl N¹61 puhnth y mesgjntenuemlm gjntlgtj mh Cb.

Cb. Fulb`utej y Cb. Fulnglnh j`shrvlml
j`shrvlml
hn hd gjrth mh glrrhthrl, zjnl <.

Cjtjkrlcâl N¹61 blpl mhdebetlmj hn hd glbpj

Yìkenl | <5
 

GLP]JKPLCEL KHNHPLD

Yìkenl | 09
 

GLP]JKPLCEL KHNHPLD

Yìkenl | 0<