You are on page 1of 9

*(2*5$),$  &8562$6&(16­2


,,±*(2*5$),$(32/Ë7,&$'((1(5*,$


(1(5*,$
3RGHVHFRPSUDUDHQHUJLDYHQGrODHEULJDUDWpJXHUUHDUSRUHODeXPDPHUFDGRULDH[WUHPDPHQWHYDULDGD
HDEVROXWDPHQWHLQGLVSHQViYHOVHPDTXDOQmRVHFRQVHJXHUHDOL]DUQDGD
¬PHGLGDTXHRVSDtVHVILFDPPDLVULFRVHOHVFRQVRPHPPDLVHQHUJLDper capitaDWpTXHVXDVHFRQRPLDV
SDVVDP GD PDQXIDWXUD SDUD RV VHWRUHV GD LQIRUPDomR H GRV VHUYLoRV $t DXPHQWD D HILFLrQFLD HQHUJpWLFD H R
FRQVXPRWHQGHDFDLU
4XDVH WRGD D HQHUJLD FRQVXPLGD YHP GH FDUYmR SHWUyOHR JiV QDWXUDO RX XUkQLR (VVDV IRQWHV QmR
UHQRYiYHLVJHUDPSROXLomRHULVFRGHJUDQGHVDFLGHQWHVHQmRWrPFRPRVHUFRQVHUYDGDVDORQJRSUD]R
'HQWUHDVIRQWHVGHHQHUJLDUHQRYiYHOHVWmRVHQGRXVDGDVHPDOJXQVSDtVHVDIRUoDGRYHQWRDGDVPDUpVD
GDV RQGDV H D GR VRO DOpP GD WUDGLFLRQDO KLGUHOHWULFLGDGH (ODV SRGHUmR VHU H[SORUDGDV HP HVFDOD PXQGLDO
TXDQGRDVHPSUHVDVDVDFKDUHPPDLVOXFUDWLYDVRXTXDQGRRVJRYHUQRVRSWDUHPSHODHQHUJLDPDLVVHJXUD
7XGRRTXHIXQFLRQDIXQFLRQDjEDVHGHHQHUJLD4XDQWRPDLVRPXQGRVHLQGXVWULDOL]DHVHXUEDQL]D
PDLVHOHXWLOL]DHQHUJLD
4XDVHGDHQHUJLDXWLOL]DGDQRPXQGRYHPGHIRQWHVQmRUHQRYiYHLV


(1(5*,$(92/8&­2+,67Ï5,&$(&217(;72$78$/
'HVGHRVXUJLPHQWRGDVVRFLHGDGHVSULPLWLYDVDREWHQomRGHHQHUJLDVHPSUHGHVHPSHQKRXSDSHOIXQGDPHQWDO
SDUDREHPHVWDUGDVSHVVRDVHRGHVHQYROYLPHQWRGDVDWLYLGDGHVHFRQ{PLFDV
4XDQGR UHDOL]D TXDOTXHU WUDEDOKR R VHU KXPDQR JDVWD XPD HQHUJLD OLPLWDGD SRU VXD FDSDFLGDGH ItVLFD -i QD
3UpKLVWyULD DR SHUFHEHUVH OLPLWDGR QD H[HFXomR GH VXDV WDUHIDV GLiULDV EXVFRX IRQWHV GH HQHUJLD SDUD IDFLOLWDU R
WUDEDOKRHDXPHQWDUVHXFRQIRUWRQRGLDDGLD$VSULPHLUDVFLYLOL]Do}HVXWLOL]DYDPDOHQKDFRPRFRPEXVWtYHOSDUD
REWHQomRGHFDORUHSDUDFR]LQKDURVDOLPHQWRVHDHQHUJLDPXVFXODUGHDQLPDLVSDUDDUDUDWHUUDRXSDUDWUDQVSRUWH
¬ PHGLGD TXH DV FLGDGHV IRUDP VXUJLQGR H FUHVFHQGR R FRQVXPR GH OHQKD WDPEpP DXPHQWRX H FRPHoRX D
KDYHU H[SORUDomR GHVHQIUHDGD GH PDGHLUD FKHJDQGR D KDYHU HVFDVVH] GR SURGXWR HP YiULDV FLGDGHV GD (XURSD
PHGLHYDO
1RVVpFXORV;9D;9,,,DHQHUJLDGRVYHQWRVPRYLPHQWRXDVFDUDYHODVHSRVVLELOLWRXDH[SDQVmRPDUtWLPDTXH
SURPRYHX D RFXSDomR GD $PpULFD SHORV HXURSHXV H R PDLRU LQWHUFkPELR GH SHVVRDV H PHUFDGRULDV HQWUH RV
FRQWLQHQWHVFRPWRGDVDVFRQVHTXrQFLDVSRVLWLYDVHQHJDWLYDVGHFRUUHQWHV
¬ PHGLGD TXH RV SURJUHVVRV WpFQLFRV IRUDP DYDQoDQGR D XWLOL]DomR GH QRYDV IRQWHV HQHUJpWLFDV WRUQRX R
WUDEDOKR KXPDQR PDLV HILFLHQWH 'HVGH D 3ULPHLUD 5HYROXomR ,QGXVWULDO TXDQGR D SURGXomR H R WUDQVSRUWH GH
PHUFDGRULDVSDVVDUDPDVHEDVHDUGHIRUPDFUHVFHQWHQRXVRGHPiTXLQDVDHQHUJLDKXPDQDHGHDQLPDLVQRWUDEDOKR
YHPVHWRUQDQGRPHQRVQHFHVViULDVHQGRVXEVWLWXtGDSRUHTXLSDPHQWRV
$VRFLHGDGHPRGHUQDXWLOL]DFDGDYH]PDLVHQHUJLDSDUDDLQG~VWULDDJULFXOWXUDVHUYLoRVFRPpUFLRWUDQVSRUWHV
H FRQVXPR GRPpVWLFR 1RV SDtVHV ULFRV D SURGXomR per capita GH HQHUJLD p PDLRU TXH QRV SDtVHV HP
GHVHQYROYLPHQWR (VVH IDWR HVWi GLUHWDPHQWH UHODFLRQDGR DR FRQVXPR DR JUDX GH LQGXVWULDOL]DomR DR
GHVHQYROYLPHQWRHFRQ{PLFRHjTXDOLGDGHGHYLGDGHFDGDSRSXODomR*HUDOPHQWHRFRQVXPRUHVLGHQFLDOGDVQDo}HV
ULFDV p PDLV DOWR SRUTXH R Q~PHUR GH HOHWURGRPpVWLFRV 79V DSDUHOKRV GH DU FRQGLFLRQDGR PiTXLQDV GH ODYDU
JHODGHLUDV HWF  p PDLRU $OpP GHVVH IDWRU VRFLRHFRQ{PLFR QRVSDtVHV GH ODWLWXGHV HOHYDGDV R FRQVXPR per capita
WHQGHDVHUPDLRUSRUXPDUD]mRFOLPiWLFDQRSHUtRGRGHWHPSHUDWXUDPDLVEDL[DTXHVHHVWHQGHSRUVHLVPHVHVRX
PDLVDXPHQWDRXVRGHVLVWHPDVGHDTXHFLPHQWRGRPpVWLFRHFRPHUFLDO
$WXDOPHQWHKiXPDGLYHUVLGDGHGHIRQWHVGHHQHUJLDFODVVLILFDGDVFRPRUHQRYiYHLV KLGUHOpWULFDVRODUHyOLFDH
RXWUDV TXHFRQWLQXDPGLVSRQtYHLVGHSRLVGHXWLOL]DGDVHQmRUHQRYiYHLV SHWUyOHRFDUYmRPLQHUDOHJiVQDWXUDOSRU
H[HPSOR TXHVmROLPLWDGDVHGHPRUDUDPPLOK}HVGHDQRVSDUDVHIRUPDU2VGLYHUVRVWLSRVGHELRPDVVDSRGHPVHU
SURGX]LGRV SHOR VHU KXPDQR FRPR D OHQKD R iOFRRO R ELRGLHVHO H RXWURV VHQGR WDPEpP FRQVLGHUDGDV IRQWHV
UHQRYiYHLV
2VFRPEXVWtYHLVIyVVHLV SHWUyOHRFDUYmRPLQHUDOHJiVQDWXUDODVVLPFKDPDGRVSRUVHRULJLQDUHPGHUHVWRVGH
DQLPDLV H YHJHWDLV VRWHUUDGRVFRPRVVyOLGRVTXH IRUPDP DV URFKDV VHGLPHQWDUHV  VmR DSULQFLSDO IRQWHGHHQHUJLD
XWLOL]DGDQRPXQGRKRMHFRPGHVWDTXHSDUDRSHWUyOHR
(QWUHHRFRQVXPRPXQGLDOGHHQHUJLDTXDVHGXSOLFRXSDVVDQGRGHSDUDPLOK}HVGH7(3V
WRQHODGDVHTXLYDOHQWHVGHSHWUyOHR 'HVVDIRUPDHPERUDDSDUWLFLSDomRSHUFHQWXDOGRSHWUyOHRQRFRQVXPRPXQGLDO
GHHQHUJLDWHQKDFDtGRGHSDUDKRXYHXPJUDQGHDXPHQWRTXDQWLWDWLYRQDVXDGHPDQGDPXQGLDOTXH
SDVVRXGHSDUDPLOK}HVGH7(3VDRDQR
0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2
6HJXQGRD$JrQFLD,QWHUQDFLRQDOGH(QHUJLDDVUHVHUYDVFRQKHFLGDVGHSHWUyOHRGXSOLFDUDPHQWUHH
HVmRVXILFLHQWHVSDUDDEDVWHFHURPXQGRSRUPDLVDQRVQRULWPRDWXDOGHFRQVXPR1DV~OWLPDVGpFDGDVKRXYH
JUDQGHGHVHQYROYLPHQWRWHFQROyJLFRHDXPHQWRQRVLQYHVWLPHQWRVHPSURVSHFomRGHSHWUyOHRTXHUHVXOWDUDPHQWUH
RXWURV QD GHVFREHUWD GH JUDQGHV UHVHUYDV QD FDPDGD SUpVDO XPD IRUPDomR JHROyJLFD GD SODWDIRUPD FRQWLQHQWDO
EUDVLOHLUD GH DSUR[LPDGDPHQWH  PLOK}HV GH DQRV TXH VH RULJLQRX FRP R DIDVWDPHQWR GRV FRQWLQHQWHV HP
SURIXQGLGDGHVVXSHULRUHVDPHWURV
2 SHWUyOHR FRQWLQXD D VHU D SULQFLSDO IRQWH GH HQHUJLD GR SODQHWD VHJXLGR SHOR FDUYmR PLQHUDO H SHOR JiV
QDWXUDO (VVD VLWXDomR p SUHRFXSDQWH Mi TXH DSUR[LPDGDPHQWH  GD HQHUJLD FRQVXPLGD PXQGLDOPHQWH SURYpP
GHVVDV WUrV IRQWHV QmR UHQRYiYHLV TXH XP GLD VH HVJRWDUmR 4XDQGR R SHWUyOHR H RXWURV FRPEXVWtYHLV IyVVHLV
DFDEDUHPQmRVLJQLILFDTXHIDOWDUiHQHUJLDQRPXQGRDQWHVKDYHUiXPSHUtRGRGHWUDQVLomRSDUDQRVDGDSWDUPRVj
XWLOL]DomRGHQRYRVWLSRVGHHQHUJLD
(VVD WUDQVLomR HQYROYHUi UHIRUPDV H UHHVWUXWXUDo}HV SULQFLSDOPHQWH QR VLVWHPD GH WUDQVSRUWHV VHMD HOH
URGRYLiULRIHUURYLiULRKLGURYLiULRRXDpUHR HQDSURGXomRLQGXVWULDOSRUPHLRGDDGDSWDomRGHPiTXLQDVHPRWRUHV
D RXWUR WLSR GH HQHUJLD H QD UHDGHTXDomR GDV XVLQDV WHUPHOpWULFDV KRMH DFLRQDGDV SUHGRPLQDQWHPHQWH SHOD
FRPEXVWmRGHSHWUyOHRJiVRXFDUYmR DXPDQRYDIRQWHGHHQHUJLDSULPiULD,VVRMiYHPRFRUUHQGRHPYiULRVSDtVHV
SDUDGLPLQXLUDGHSHQGrQFLDH[WHUQDHHYLWDURVHIHLWRVGRDTXHFLPHQWRJOREDO
(PTXDOTXHUSDtVDHVWUXWXUDHQHUJpWLFDpXPGRVHOHPHQWRVPDLVGHFLVLYRVGDHFRQRPLDHGDJHRSROtWLFDSRU
LVVR p FRQVLGHUDGR XP VHWRU HVWUDWpJLFR $ SURGXomR LQGXVWULDO RV VLVWHPDV GH WUDQVSRUWHV H WHOHFRPXQLFDo}HV D
VD~GHDHGXFDomRRFRPpUFLRDDJULFXOWXUDWRGDVDVDWLYLGDGHVHQILPGHSHQGHPGHHQHUJLD4XDOTXHUVREUHVVDOWR
QRVHWRUHQHUJpWLFRLQWHUIHUHQDSRVLomRGRSDtVQRFRPpUFLRPXQGLDOMiTXHQDFRPSRVLomRGRVFXVWRVGHSURGXomR
DHQHUJLDpXPIDWRUTXHSRGHWRUQDUDPHUFDGRULDPDLVRXPHQRVFRPSHWLWLYDQRFRPpUFLRLQWHUQDFLRQDO3RULVVRR
VHWRU HQHUJpWLFR JHUDOPHQWH p FRQWURODGR SHOR (VWDGR TXH DWXD GLUHWDPHQWH QD SURGXomR GH HQHUJLD SRU PHLR GH
HPSUHVDVHVWDWDLVRXSHODFRQFHVVmRGHVVDSURGXomRDHPSUHVDVSULYDGDV
7RGRV RV SDtVHV DOPHMDP D DXWRVVXILFLrQFLD HQHUJpWLFD H EDL[RV FXVWRV QD SURGXomR GH HQHUJLD SDUD TXH DV
DWLYLGDGHV HFRQ{PLFDV QmR ILTXHP VXMHLWDV jV RVFLODo}HV GH SUHoR GDV IRQWHV LPSRUWDGDV $ EXVFD SRU XPD PDWUL]
HQHUJpWLFDGLYHUVLILFDGDFRQVWLWXLHVWUDWpJLDGHSODQHMDPHQWRDGRWDGDSRUYiULRVSDtVHVSDUDHYLWDUGHVDEDVWHFLPHQWR
RXHQIUHQWDUFULVHVHFRQ{PLFDVFRPRDFRQWHFHXFRPRVDXPHQWRVGRSUHoRGRSHWUyOHRHPH
$Wp UHFHQWHPHQWH D JUDQGH SUHRFXSDomR DR VH RSWDU SRU GHWHUPLQDGD IRQWH GH HQHUJLD VH UHVWULQJLD DR SUHoR PDV
DWXDOPHQWHHPPXLWRVSDtVHVHVVDRSomRWDPEpPHVWiYROWDGDjEXVFDGHIRQWHVTXHVHMDPUHQRYiYHLVHOLPSDV
3DUDDWLQJLUHVVHVREMHWLYRVKiDQHFHVVLGDGHGHVHUDFLRQDOL]DURXVRGHHQHUJLDREVHUYDQGRDVHVWUDWpJLDVTXH
FDXVDPLPSDFWRVHFRQ{PLFRVVRFLDLVHDPELHQWDLV'HYHVHFRPEDWHURGHVSHUGtFLRGHHQHUJLDDXPHQWDUDHILFLrQFLD
GRVHTXLSDPHQWRV UHVLGHQFLDLVLQGXVWULDLVGHVHUYLoRVHWF SURPRYHUDUHFLFODJHPGHPDWHULDLVYDORUL]DUSURGXWRV
H VHUYLoRV TXH FRQVXPDP PHQRV HQHUJLD SDUD VHUHP GLVSRQLELOL]DGRV UHRUJDQL]DU D ORFDOL]DomR H R WUDQVSRUWH GH
PHUFDGRULDVHGHSHVVRDVHFRQWURODUDVHPLVV}HVGHSROXHQWHVSDUDSUHVHUYDomRGRPHLRDPELHQWH
$OpPGDEXVFDSHODPDLRUHILFLrQFLDHQHUJpWLFDDLQWHQVLILFDomRGRDTXHFLPHQWRJOREDOSURYRFDGRSHORHIHLWR
HVWXID H DV PHWDV HVWDEHOHFLGDV QR 3URWRFROR GH 4XLRWR WrP OHYDGR RV SDtVHV D EXVFDU IRQWHV GH HQHUJLD PHQRV
SROXHQWHV FRPR D KLGUHOHWULFLGDGH QXFOHDU HyOLFD VRODU JHRWpUPLFD H D ELRPDVVD HQWUH RXWUDV 1HVVH FRQWH[WR D
XWLOL]DomR FUHVFHQWH GH IRQWHV UHQRYiYHLV GH HQHUJLD p D PHOKRU DOWHUQDWLYD QD EXVFD GD VXVWHQWDELOLGDGH DPELHQWDO
HFRQ{PLFDHVRFLDO

$6)217(6($6)250$6'((1(5*,$
2VUHFXUVRVHQHUJpWLFRVPDLVXWLOL]DGRVQDDWXDOLGDGHHVWmRGLVWULEXtGRVGHIRUPDH[WUHPDPHQWHGHVLJXDOSHOR
PXQGR$VJUDQGHVUHVHUYDVGHFRPEXVWtYHLVIyVVHLVFRPRRFDUYmRHRSHWUyOHRSRUH[HPSORHVWmRFRQFHQWUDGDV
HP WHUUHQRV VHGLPHQWDUHV TXH DSUHVHQWDP GHWHUPLQDGDV FDUDFWHUtVWLFDV JHROyJLFDV $ HOHWULFLGDGH SRU VHX WXUQR p
XPD IRUPD GH HQHUJLD RX XP PRGR GH WUDQVSRUWH GD HQHUJLD TXH SRGH VHU REWLGD HP FHQWUDLV TXH XWLOL]DP
FRPEXVWtYHLV IyVVHLV iJXD FRUUHQWH RX ILVVmR QXFOHDU 7DPEpP R SRWHQFLDO GH JHUDomR GH HOHWULFLGDGH GH RULJHP
KtGULFDGHSHQGHGHFRQGLo}HVQDWXUDLVSDUWLFXODUHV
(VVD GHVLJXDOGDGH DMXGD D HQWHQGHU D HQRUPH LPSRUWkQFLD GRV IOX[RV LQWHUQDFLRQDLV GH HQHUJLD RQGH QHP
VHPSUH RV PDLRUHV SURGXWRUHV VmR WDPEpP RV PDLRUHV FRQVXPLGRUHV  H DV GLIHUHQWHV RSo}HV HQHUJpWLFDV TXH
FDUDFWHUL]DPRVSDtVHVGHVHQYROYLGRV2-DSmRSRUH[HPSORpXPGRV PDLRUHVFRQVXPLGRUHVPXQGLDLVGHHQHUJLD
FRPHUFLDO GRWRWDO PDVSURGX]DSHQDVGHVXDVQHFHVVLGDGHV1HVVHVHQWLGRRV(VWDGRV8QLGRVRFXSDP
XPDSRVLomRVLJQLILFDWLYDPHQWHPDLVFRQIRUWiYHORSDtVpUHVSRQViYHOSRUTXDVHGRFRQVXPRPXQGLDOHSURGX]
PDLVGHGDHQHUJLDTXHFRQVRPH

$',675,%8,d­2081',$/'26&20%867Ë9(,6)Ï66(,6
&RPEXVWtYHLVIyVVHLVVmRDTXHODVIRQWHVHQHUJpWLFDVJHUDGDVSHODIRVVLOL]DomRGHPDWHULDORUJkQLFR&RPRWDLV
VmRIRQWHVHQHUJpWLFDVILQLWDVHQmRUHQRYiYHLV2VPDLVLPSRUWDQWHVFRPEXVWtYHLVIyVVHLVVmRRFDUYmRRSHWUyOHRHR
JiVQDWXUDO

0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2

3(75Ï/(2
2 SHWUyOHR p XP KLGURFDUERQHWR IyVVLO GH RULJHP RUJkQLFD HQFRQWUDGR HP EDFLDV VHGLPHQWDUHV UHVXOWDQWHV GR
VRWHUUDPHQWR GH DQWLJRV DPELHQWHV DTXiWLFRV 6HXV GLYHUVRV VXESURGXWRV VH DSUHVHQWDP HP WRGRV RV HVWDGRV GH
DJUHJDomR VyOLGR DVIDOWR H SOiVWLFRV HQWUH RXWURV  OtTXLGR yOHRV OXEULILFDQWHV JDVROLQD H RXWURV FRPEXVWtYHLV  H
JDVRVR JiVFRPEXVWtYHO 
(P VXDV IRUPDV GH RFRUUrQFLD QDWXUDO p XWLOL]DGR Ki PXLWR WHPSR QD YHGDomR GRV UHVHUYDWyULRV GH iJXD
FRQVWUXtGRV SHORV LQFDV QD SDYLPHQWDomR HP FRQMXQWR FRP SHGUDV GDV HVWUDGDV URPDQDV H QD YHGDomR GH DQWLJDV
HPEDUFDo}HV
'HVGHDGpFDGDGHFRPDFULDomRGDVSULPHLUDVLQG~VWULDVSHWURTXtPLFDVRSHWUyOHRpXPDPDWpULDSULPD
LPSRUWDQWtVVLPDSUHVHQWHGHIRUPDFRQVWDQWHHPQRVVRFRWLGLDQRQDVPDLVGLYHUVDVIRUPDVPDWHULDLVGHFRQVWUXomRH
GH HPEDODJHP LQJUHGLHQWHV GH WLQWDV GH IHUWLOL]DQWHV H GH SURGXWRV IDUPDFrXWLFRV DOpP GH LQ~PHURV WLSRV GH
SOiVWLFRV
6XDXWLOL]DomRFRPRIRQWHGHHQHUJLDLQLFLRXVHHPQD3HQVLOYkQLD(VWDGRV8QLGRVTXDQGR(GZLQ'UDNH
HQFRQWURXSHWUyOHRDDSHQDVPHWURVGHSURIXQGLGDGHHSDVVRXDFRPHUFLDOL]iORFRPDVFLGDGHVSDUDVHUXWLOL]DGR
QDLOXPLQDomRS~EOLFDFRPDVLQG~VWULDVHFRPDVFRPSDQKLDVGHWUHPHPVXEVWLWXLomRDRFDUYmRPLQHUDOXVDGR
QDVPiTXLQDVDYDSRU
2 SHWUyOHR SRU VHU OtTXLGR H DSUHVHQWDU PDLRU IDFLOLGDGH GH WUDQVSRUWH TXH R FDUYmR PLQHUDO SDVVRX D VHU
FRQVXPLGR HP TXDQWLGDGHV FUHVFHQWHV D FDGD DQR 2 FDUYmR IRL DIRQWH GH HQHUJLD TXH LPSXOVLRQRX R FUHVFLPHQWR
LQGXVWULDOHHFRQ{PLFRHPGLYHUVRVSDtVHVGHVGHRILQDOGRVpFXOR;9,,,QD3ULPHLUD5HYROXomR,QGXVWULDO3RUpP
QR VpFXOR ;; FRP D 6HJXQGD 5HYROXomR ,QGXVWULDO HVVH SDSHO IRL DVVXPLGR SHOR SHWUyOHR 2 LQFUHPHQWR GR
FRQVXPRIRLDFRPSDQKDGRSHORVXUJLPHQWRGHFHQWHQDVGHFRPSDQKLDVSHWUROtIHUDVDWXDQGRHPWRGDVDVTXDWURIDVHV
HFRQ{PLFDVGHVXDH[SORUDomRH[WUDomRWUDQVSRUWHUHILQRHGLVWULEXLomR
&RP D LQYHQomR GR PRWRU D H[SORVmR H VHX XVR HP YHtFXORV R FRQVXPR PXQGLDO GH SHWUyOHR GLVSDURX $V
HPSUHVDV GR VHWRU SHWUROtIHUR FUHVFHUDP QR PHVPR ULWPR GR FRQVXPR SULQFLSDOPHQWH QRV (VWDGRV 8QLGRV H QD
(XURSD$OJXPDVGHVVDVHPSUHVDVWRUQDUDPVHPXOWLQDFLRQDLVHGHUDPRSRUWXQLGDGHSDUDDIRUPDomRGRFDUWHOHGR
ROLJRSyOLR QR VHWRU SHWUROtIHUR HP HVFDOD PXQGLDO (P  DV VHWH PDLRUHV HPSUHVDV SHWUROtIHUDV IRUPDUDP XP
FDUWHO FRQKHFLGR FRPR VHWH LUPmV TXH GLYLGLX R SODQHWD HP iUHDV GH LQIOXrQFLD FRQWURODQGR D H[WUDomR R
WUDQVSRUWHRUHILQRHDGLVWULEXLomRGDSULQFLSDOIRQWHGHHQHUJLDGRVVLVWHPDVGHWUDQVSRUWHVHGDSURGXomRLQGXVWULDO
GRJORER(VVHIDWRFDXVRXJUDQGHUHDomRHPGLYHUVRVSDtVHVSULQFLSDOPHQWHQRVTXHGHSHQGLDPGDLPSRUWDomRGR
SURGXWR
1DWHQWDWLYDGHFRQWURODUWDQWRRFRPpUFLRFRPRDVGHPDLVDWLYLGDGHVSHWUROtIHUDVFRPHoDUDPDVHGHVHQYROYHU
DSDUWLUGDGpFDGDGHGLYHUVDVHPSUHVDVHVWDWDLVTXHSDVVDUDPDDWXDUGLUHWDPHQWHQDVTXDWURIDVHVHFRQ{PLFDV
GHH[SORUDomRGRSHWUyOHRRXSHORPHQRVHPXPDGHODVVHJXQGRDVSULRULGDGHVHVWDEHOHFLGDVLQWHUQDPHQWH(QWUHRV
H[HPSORV PDLV VLJQLILFDWLYRV HVWmR D 3HPH[ 0p[LFR  D 3'96$ 9HQH]XHOD  H D (1, ,WiOLD  1R %UDVLO FRP D
FULDomRGD3HWUREUDVHPDH[WUDomRRWUDQVSRUWHHRUHILQRIRUDPHVWDWL]DGRV(PIRLH[WLQWRRPRQRSyOLR
GD3HWUREUDVXPDHPSUHVDGHFDSLWDODEHUWRTXH WHPRJRYHUQRFRPRVyFLRPDMRULWiULRWRGDDUHJXODPHQWDomRGR
VHWRUSHWUROtIHURQR%UDVLOFRQWLQXDVREDUHVSRQVDELOLGDGHGR(VWDGR
$ VHJXQGD DomR QD WHQWDWLYD GH GHVPRELOL]DomR GR SRGHU GDV VHWH LUPmV FRQFUHWL]RXVH HP  FRP D
FULDomRGD2UJDQL]DomRGRV3DtVHV([SRUWDGRUHVGH3HWUyOHR 2SHS IXQGDGDSRU,Um,UDTXH.XZDLW$UiELD6DXGLWD
H9HQH]XHOD
(PRVSDtVHVGD2SHSSURPRYHUDPXPGUiVWLFRDXPHQWRQRSUHoRGREDUULO OLWURV ±GHSDUD
GyODUHV±DSURYHLWDQGRVHGHXPDVLWXDomRSROtWLFDFULDGDSHODJXHUUDGR<RP.LSSXU TXDQGR(JLWR6tULDH
RXWURVSDtVHVDWDFDUDP,VUDHOGDQGRLQtFLRDRTXDUWRFRQIOLWRDUPDGRHQWUHiUDEHVHLVUDHOHQVHV (VVHIRLRFKDPDGR
SULPHLUR FKRTXH GR SHWUyOHR TXH SURYRFRX FULVH HFRQ{PLFD HP PXLWRV SDtVHV %RD SDUWH GRV GyODUHV TXH
PRYLPHQWDYDP R FRPpUFLR LQWHUQDFLRQDO IRL SDUD R 2ULHQWH 0pGLR RQGH VH ORFDOL]DP DV PDLRUHV UHVHUYDV H RV
PDLRUHVH[SRUWDGRUHVPXQGLDLVGRSURGXWR
1RV DQRV GH  H  FRP D UHYROXomR LVOkPLFD QR ,Um H D HFORVmR GD JXHUUD FRP R ,UDTXH RV SDtVHV
LPSRUWDGRUHV ILFDUDP DSUHHQVLYRV FRP D SRVVLELOLGDGH GH LQJUHVVR GH RXWUDV QDo}HV iUDEHV QR FRQIOLWR 6H LVVR
DFRQWHFHVVHDRIHUWDPXQGLDOGHSHWUyOHRHVWDULDFRPSURPHWLGDRTXHOHYRXPXLWRVSDtVHVDFRPSUDURSURGXWRSDUD
DXPHQWDU VHXV HVWRTXHV HVWUDWpJLFRV &RP HVVH EUXVFR DXPHQWR GD SURFXUD D 2SHS HOHYRX R SUHoR GR EDUULO D 
GyODUHV HPRSUHoRHUDGHDSHQDVGyODUHV 
(VVDVEUXVFDVHOHYDo}HVGRSUHoRGRSHWUyOHRDJUDYDUDPDFULVHHFRQ{PLFDGRPXQGRGHVHQYROYLGRTXHMiVH
DUUDVWDYDGHVGHRILQDOGDGpFDGDGH$FULVHSRUpPDWLQJLXGHIRUPDPDLVVHYHUDRVSDtVHVLPSRUWDGRUHVGH
SHWUyOHRQRWDGDPHQWHRVPDLVSREUHVTXHWLYHUDPVXDEDODQoDFRPHUFLDOVHULDPHQWHFRPSURPHWLGD3DUDHQIUHQWDU
HVVDFULVHHGLPLQXLUDGHSHQGrQFLDHQHUJpWLFDPXLWRVSDtVHVLPSRUWDGRUHVHVWDEHOHFHUDPGXDVHVWUDWpJLDVDXPHQWR
GDSURGXomRLQWHUQDHVXEVWLWXLomRGRSHWUyOHRSRURXWUDVIRQWHVGHHQHUJLD

0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2
1RPHVPRSHUtRGRYiULRVSDtVHVSURGXWRUHVGHSHWUyOHRTXHQmRLQWHJUDYDPD2SHS±SULQFLSDOPHQWHDDQWLJD
8QLmR6RYLpWLFDR0p[LFRHD1RUXHJDLQFUHPHQWDUDPVXDSURGXomRHWRUQDUDPVHJUDQGHVH[SRUWDGRUHV&RPR
SHWUyOHRFXVWDQGRGyODUHVREDUULOMXVWLILFDYDPVHRHVIRUoRHRVFXVWRVGHH[WUDomRHPTXDOTXHUORFDOGRSODQHWD
$HQWmR8QLmR6RYLpWLFDIRLH[WUDtORQD6LEpULDRV(VWDGRV8QLGRVQR$ODVFDHR0p[LFRR%UDVLOHRVSDtVHVGR
0DUGR1RUWHHPVXDVSODWDIRUPDVFRQWLQHQWDLV
&RP R DXPHQWR GD SURGXomR PXQGLDO H FRP D VXEVWLWXLomR GR
35,1&,3$,65(6(59$6'(
SHWUyOHRSRURXWUDVIRQWHVHQYROYHQGRGHVWDYH]QRYRVSDtVHVH[SRUWDGRUHV
3(75Ï/(2
HSDtVHVLPSRUWDGRUHVTXHGLPLQXtUDPVHXVQtYHLVGHFRPSUDDOHLGDRIHUWD
H GDSURFXUD HQWURX HP DomR H HP  D FRWDomR GR EDUULO FDLX SDUD  3DtVHV 3RUFHQWDJHP
GyODUHV(VVDTXHGDQRVSUHoRVS{VHPG~YLGDDYLDELOLGDGHHFRQ{PLFDGH
PXLWDV IRQWHV DOWHUQDWLYDV Mi TXH D FULDomR GH QRYRV PRGHORV HQHUJpWLFRV $UiELD6DXGLWD 
SUHYLDFRQVWDQWHVHOHYDo}HVQRSUHoRGRSHWUyOHR$OpPGLVVRWRUQRXSRXFR ,Um 
FRPSHWLWLYDHjVYH]HVDWpLQHILFLHQWHDH[WUDomRHPiJXDVSURIXQGDV&RP
D TXHGD YHUWLJLQRVD GR SUHoR GR EDUULO GH SHWUyOHR DOJXPDV IRQWHV ,UDTXH 
DOWHUQDWLYDV  FRPR R iOFRRO QR FDVR EUDVLOHLUR  WRUQDUDPāVH LQYLiYHLV .XZDLW 
HFRQRPLFDPHQWH QR FRQWH[WR GDTXHOD pSRFD TXDQGR DLQGD QmR KDYLD 9HQH]XHOD 
SUHRFXSDo}HVHPGLYHUVLILFDUDPDWUL]HQHUJpWLFDHFRPEDWHURDTXHFLPHQWR
JOREDO (PLUDGRVÈUDEHV 
$ SDUWLUGHGLVSXWDVLQWHUQDVQD2SHSWRUQDUDP FDGDYH] PDLV 5~VVLD 
GLItFLOHVWDEHOHFHUXPDFRUGRGHSUHoRVHFRWDVGHSURGXomRHQWUHRVSDtVHV /tELD 
PHPEURV 2V (VWDGRV 8QLGRV FRQVHJXLUDP DSURIXQGDU D IUDJLOL]DomR GD
&D]DTXLVWmR 
RUJDQL]DomRSRUPHLRGHIDYRUHFLPHQWRVFRPHUFLDLVj$UiELD6DXGLWDHDR
.XZDLW TXH SDVVDUDP D DXPHQWDU VXDV SURGXo}HV FDXVDQGR VpULRV 1LJpULD 
SUREOHPDVLQWHUQRVj2SHS (VWDGRV8QLGRV 
(P GH]HPEUR GH  R ,UDTXH HFRQRPLFDPHQWH DEDODGR FRP RV &DQDGi 
JDVWRV GH RLWR DQRV GH JXHUUD FRP R ,Um LQYDGLX R .XZDLW H DPHDoRX
LQYDGLUD$UiELD6DXGLWDVRERSUHWH[WRGHGLVSXWDWHUULWRULDOPDVDYHUGDGH &DWDU 
p TXH HVVHVSDtVHV HVWDYDP H[WUDSRODQGR DV FRWDV GH SURGXomR GH SHWUyOHR &KLQD 
HVWDEHOHFLGDV SHOD 2SHS H IRUoDQGR XPD TXHGD QR SUHoR GR EDUULO QR $QJROD 
PHUFDGRPXQGLDO$ILPGHGHIHQGHUVHXVLQWHUHVVHVFRPHUFLDLVRV(VWDGRV
8QLGRVOLGHUDQGRXPDFRDOL]mRGHYiULRVSDtVHVHFRPRDSRLRGD218H $UJpOLD 
GH YiULDV QDo}HV iUDEHV LQWHUYLHUDP LPHGLDWDPHQWH QR FRQIOLWR HQYLDQGR %UDVLO 
WURSDVDR2ULHQWH0pGLR,VVRREULJRXR,UDTXHDVHUHWLUDUGRWHUULWyULRGR 0p[LFR 
.XZDLWHPMDQHLURGH'XUDQWHRFRQIOLWRFRQKHFLGRFRPR*XHUUDGR
*ROIRREDUULOGHSHWUyOHRFKHJRXDFXVWDUTXDVHGyODUHVFRPRILPGRFRQIOLWRRSUHoRYROWRXDFDLUHFKHJRXD
GyODUHV
(P  FRQWUDULDQGR 0$,25(6(;3257$'25(6(,03257$'25(6081',$,6'(
UHVROXomR GD 218 RV (VWDGRV 3(75Ï/(2
8QLGRV LQYDGLUDP PLOLWDUPHQWH R
,UDTXH GHUUXEDUDP R UHJLPH GH ([SRUWDGRUHV 0LOK}HVGH ,PSRUWDGRUHV 0LOK}HVGH
6DGGDP +XVVHLQ H SDVVDUDP D WRQHODGDV WRQHODGDV
FRQWURODU DV UHVHUYDV SHWUROtIHUDV
$UiELD6DXGLWD  (VWDGRV8QLGRV 
GHVVH SDtV TXH HVWmR HQWUH DV
PDLRUHV GR PXQGR 1R LQtFLR GH 5~VVLD  -DSmR 
 R SUHoR GR EDUULO HVWDYD HP ,Um  &KLQD 
WRUQR GH  GyODUHV PDV FRP RV
SUREOHPDVHQIUHQWDGRVSHODVIRUoDV 1LJpULD  ËQGLD 
GH RFXSDomR VREUHWXGR FRPR (PLUDGRVÈUDEHV  &RUHLDGR6XO 
UHVXOWDGR GD UHVLVWrQFLD DUPDGD
LUDTXLDQDHRLPSXOVRQRFRQVXPR 1RUXHJD  $OHPDQKD 
FDXVDGR SHOR FUHVFLPHQWR 0p[LFR  ,WiOLD 
HFRQ{PLFR PXQGLDO FKHJRX D 
GyODUHV QR LQtFLR GH  (P $QJROD  )UDQoD 
 HP FRQVHTXrQFLD GD FULVH .XZDLW  (VSDQKD 
HFRQ{PLFDPXQGLDOTXHVHDJUDYRX
HP RXWXEUR GR DQR DQWHULRU R ,UDTXH  3DtVHV%DL[RV 
SUHoR GR EDUULO UHFXRX SDUD FHUFD 'HPDLVSDtVHV  'HPDLV3DtVHV 
GH  GyODUHV HP FRQWUDWRV
IHFKDGRVSDUDMDQHLURGH 7RWDOPXQGLDO  7RWDOPXQGLDO 
H[SRUWDGR LPSRUWDGR
0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2

3RGHPRV GLYLGLU RV PDLRUHV SURGXWRUHV GH SHWUyOHR HP GRLV VXEJUXSRV H[SRUWDGRUHV H LPSRUWDGRUHV 1R
SULPHLUR HVWmR RV GHWHQWRUHV GH JUDQGHV UHVHUYDV  SRUWDQWR GH H[FHGHQWHV H[SRUWiYHLV 2V PDLRUHV UHSUHVHQWDQWHV
GHVVHJUXSRVmRD$UiELD6DXGLWDHD5~VVLD1RVHJXQGRHVWmRSDtVHVFRPRRV(VWDGRV8QLGRVHD&KLQDTXHDSHVDU
GHJUDQGHVSURGXWRUHVVmRWDPEpPJUDQGHVFRQVXPLGRUHVHGHSHQGHPGHLPSRUWDo}HVSDUDRDEDVWHFLPHQWRGHVHX
PHUFDGR LQWHUQR (PERUD RV (VWDGRV 8QLGRV VHMDP R WHUFHLUR SURGXWRU PXQGLDO GH SHWUyOHR RFXSDP D SULPHLUD
SRVLomR HQWUH RV LPSRUWDGRUHV D &KLQD p R TXLQWR SURGXWRU PDV p R WHUFHLUR PDLRU LPSRUWDGRU 2 -DSmR VHJXQGR
PDLRULPSRUWDGRUQmRpSURGXWRUGHSHWUyOHR,PSRUWDSUDWLFDPHQWHGHVHXFRQVXPR

±&$59­20,1(5$/(*È61$785$/
2FDUYmRPLQHUDOHRJiVQDWXUDORFXSDPUHVSHFWLYDPHQWHDVHJXQGDHDWHUFHLUDSRVLo}HVQRFRQVXPRPXQGLDO
GHHQHUJLDRFDUYmRPLQHUDOpUHVSRQViYHOSRUDSUR[LPDGDPHQWHGDJHUDomRGHHOHWULFLGDGHHRJiVQDWXUDOSRU
FHUFD GH  ,VVR VLJQLILFD TXH PDLV GD PHWDGH GD HQHUJLD HOpWULFD SURGX]LGD QR SODQHWD p REWLGD HP XVLQDV TXH
XWLOL]DPFDUYmRPLQHUDORXJiVQDWXUDOFRPRIRQWHSULPiULDGHHQHUJLD
(QWUH DV IRQWHV QmR UHQRYiYHLV GH
HQHUJLD R FDUYmR PLQHUDO p D PDLV 5HFXUVR 5HVHUYDPXQGLDO 9LGD~WLOHVWLPDGD
DEXQGDQWH SULQFLSDOPHQWH QR +HPLVIpULR FRQKHFLGD DQRV 
1RUWH $OpP GLVVR VHJXQGR HVWLPDWLYDV
&DUYmR ELOK}HVGHWRQHODGDV 
TXDQGR R SHWUyOHR VH HVJRWDU DV UHVHUYDV GH
FDUYmRDLQGDWHUmRXPDYLGD~WLOPXLWRORQJD 3HWUyOHR ELOK}HVGHWRQHODGDV 
,VVR R WRUQD VXEVWLWXWR LPHGLDWR GR SHWUyOHR *iV1DWXUDO WULOK}HVGHP 
HP VLWXDomR GH FULVH H DXPHQWR GH SUHoR
2EVHUYHDWDEHOD
2 XVR GR FDUYmR PLQHUDO SRUpP DFDUUHWD VpULRV SUHMXt]RV DPELHQWDLV SRLV VXD HVWUXWXUD PROHFXODU FRQWpP
HQRUPHTXDQWLGDGHGHFDUERQRHHQ[RIUHTXHDSyVDTXHLPDVmRODQoDGRVQDDWPRVIHUDQDIRUPDGHJiVFDUE{QLFR
& RTXDODJUDYDRHIHLWRHVWXIDHGHGLy[LGRGHHQ[RIUH 6 RJUDQGHUHVSRQViYHOSHODFKXYDiFLGD2FDUYmR
PLQHUDOpXPDURFKDPHWDPyUILFDGHRULJHPVHGLPHQWDUHQmRGHYHVHUFRQIXQGLGRFRPRYHJHWDOREWLGRGDPDGHLUD
FDUERQL]DGDHPIRUQRV
1RTXHVHUHIHUHjVXDXWLOL]DomRSUiWLFDRFDUYmRPLQHUDO
pPXLWRPDLVHILFLHQWHSRLVSRVVXLJUDQGHSRGHUFDORUtIHURHVXD 5(6(59$6'(&$59­20,1(5$/
TXHLPDOLEHUDPXLWRPDLVHQHUJLDTXHDGRFDUYmRYHJHWDORTXH 3DtV %LOK}HVGHWRQHODGDV
DPSOLD VXDV SRVVLELOLGDGHV GH XWLOL]DomR HP DWLYLGDGHV
VLGHU~UJLFDVHQDSURGXomRGHHQHUJLDHPXVLQDVWHUPHOpWULFDV (XURSDH&(, 
$OpP GH FRQVWLWXLU IRQWH GH HQHUJLD R FDUYmR PLQHUDO p 6XGHVWH$VLiWLFR 
LPSRUWDQWH PDWpULDSULPD GD LQG~VWULD GH SURGXWRV TXtPLFRV $PpULFDGR1RUWH 
RUJkQLFRV FRPR SLFKH DVIDOWR FRUDQWHV SOiVWLFRV LQVHWLFLGDV
ÈIULFD 
WLQWDVHQiLORQHQWUHRXWURV
-i R JiV QDWXUDO DOpP GH VHU PDLV EDUDWR H IDFLOPHQWH $PpULFDGR6XOH&HQWUDO 
WUDQVSRUWiYHOHPGXWRVDSUHVHQWDXPDTXHLPDTXDVHOLPSDTXH 2ULHQWH0pGLR 
SROXL PXLWR SRXFR D DWPRVIHUD HP FRPSDUDomR DR FDUYmR H DR
SHWUyOHReXPDIRQWHGHHQHUJLDPXLWRYHUViWLOTXHSRGHVHUXWLOL]DGDQDJHUDomRGHHQHUJLDHOpWULFDQDVPiTXLQDVH
DOWRVIRUQRV LQGXVWULDLV QRV PRWRUHV GHYHtFXORV QRV IRJ}HV H QR DTXHFLPHQWR GDV UHVLGrQFLDV HQWUH RXWURV GHVVD
IRUPDYHPVHQGRFDGDYH]PDLVXWLOL]DGRQRVWUDQVSRUWHVQDWHUPHOHWULFLGDGHQDSURGXomRLQGXVWULDOHQRFRQVXPR
GRPpVWLFR
$SDUWLUGDGpFDGDGHRFRQVXPRGHJiVQDWXUDOYHP
DSUHVHQWDQGR IRUWH H[SDQVmR 6HJXQGR D $JrQFLD ,QWHUQDFLRQDO 5(6(59$6'(*È61$785$/
GH (QHUJLD HQWUH  H  D SURGXomR PXQGLDO PDLV TXH 3DtV %LOK}HVGHP
GREURX SDVVDQGR GH  ELOKmR SDUD  ELOK}HV GH PHWURV
F~ELFRV PDV PHVPR DVVLP PDQWHYH D WHUFHLUD SRVLomR QD 2ULHQWH0pGLR 
PDWUL]HQHUJpWLFDPXQGLDOFRPRSHWUyOHRHRFDUYmRPLQHUDOj (XURSDH&(, 
IUHQWH 1R HQWDQWR HQWUH DV IRQWHV XWLOL]DGDV HP XVLQDV 6XGHVWH$VLiWLFR 
WHUPHOpWULFDV VDOWRX GR TXDUWR SDUD R VHJXQGR OXJDU ILFDQGR
DWUiVDSHQDVGRFDUYmR ÈIULFD 
 $PpULFDGR1RUWH 
 $PpULFDGR6XOH&HQWUDO 



0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2

$*(5$d­2'((/(75,&,'$'(
1DV XVLQDV WHUPHOpWULFDV WUDGLFLRQDLV D TXHLPD GRV FRPEXVWtYHLV IyVVHLV FDUYmR RX SHWUyOHR  p XVDGD SDUD
YDSRUL]DUXPDFHUWDTXDQWLGDGHGHiJXD2YDSRUDFLRQDXPDWXUELQDOLJDGDDXPJHUDGRUGHHOHWULFLGDGH
1DVXVLQDVWHUPRQXFOHDUHVpDILVVmRQXFOHDURFRUULGDGHQWURGRVUHDWRUHVTXHSURGX]FDORUVXILFLHQWHSDUDD
WUDQVIRUPDomRGDiJXDHPYDSRU
$ ILVVmR QXFOHDU SRGH RFRUUHU GH IRUPD YLROHQWD FDXVDQGR XPD H[SORVmR (VVH p R SULQFtSLR GDV ERPEDV
DW{PLFDVFXMDH[SORVmROLEHUDXPDLPHQVDTXDQWLGDGHGHHQHUJLD
1DV FHQWUDLV QXFOHDUHV R SURFHVVR GH GHVLQWHJUDomR GRV iWRPRV p FRQWURODGR 2 FDORU SURYHQLHQWH GHVVD
GHVLQWHJUDomRDTXHFHDiJXDTXHFLUFXODHPWRUQRGDVEDUUDVGHXUkQLR3DUDSURGX]LUDPHVPDTXDQWLGDGHGHHQHUJLD
HOpWULFD REWLGD FRP D TXHLPD GH XP TXLOR GH XUkQLR QDWXUDO XPD WHUPHOpWULFD FRQYHQFLRQDO SUHFLVDULD GH 
WRQHODGDVGHFDUYmR
1mR Ki QHQKXP ULVFR GH XP UHDWRU H[SORGLU FRPR XPD ERPED DW{PLFD SRLV R WLSR GH XUkQLR XWLOL]DGR p
GLIHUHQWH 2V DFLGHQWHV Mi UHJLVWUDGRV HP FHQWUDLV QXFOHDUHV WLYHUDP FRPR FRQVHTrQFLD R HVFDSH GH PDWHULDO
UDGLRDWLYRSDUDDDWPRVIHUD
8P JUDYH DFLGHQWH RFRUUHX QD XVLQD GH
7KUHH 0LOH ,VODQG QRV (VWDGRV 8QLGRV HP 35,1&,3$,6352'8725(6'((1(5*,$18&/($5
0DLVJUDYHDLQGD IRL RRFRUULGRQDXVLQD
GH&KHUQRE\OQD8FUkQLDHPDEULOGH$ 3DtV 1~PHURGHXVLQDV 3URGXomRGHHQHUJLD
UDGLDomRFDXVRXDPRUWHLPHGLDWDGHSHVVRDV WHUPRQXFOHDUHV QXFOHDU 7:K 
0LOKDUHV GH RXWUDV WLYHUDP D VD~GH VHULDPHQWH (VWDGRV8QLGRV  
DIHWDGD H DV PRUWHV SURVVHJXLUDP QRV PHVHV H
DQRV VHJXLQWHV /HYDGD SHODV FRUUHQWHV DW )UDQoD  
PRVIpULFDV D UDGLDomR HVSDOKRXVH SHOD (XURSD -DSmR  
FHQWUDO H VHWHQWULRQDO FRQWDPLQDQGR SDVWRV H
HQYHQHQDQGRSURGXo}HVGHFDUQHHODWLFtQLRV 5HLQR8QLGR  
2V SDtVHV GHVHQYROYLGRV SUDWLFDPHQWH &DQDGi  
PRQRSROL]DP D SURGXomR PXQGLDO GH HQHUJLD $OHPDQKD  
QXFOHDU GHYLGR j DOWD WHFQRORJLD HQYROYLGD
QHVVH SURFHVVR 0DLV GH  GD SURGXomR GH &RUHLDGR6XO  
HQHUJLD GH RULJHP QXFOHDU VmR UHDOL]DGDV QRV 6XpFLD  
SDtVHVGD2&'(2V(VWDGRV8QLGRVPDLVXPD
YH] OLGHUDP D OLVWD GRV PDLRUHV SURGXWRUHV (VSDQKD  
VHQGR UHVSRQViYHLV SRU SRXFR PHQRV TXH  %pOJLFD  
GR WRWDO PXQGLDO $ )UDQoD H R -DSmR RFXSDP
UHVSHFWLYDPHQWHRVHJXQGRHRWHUFHLUROXJDU
$WXDOPHQWH DV SHVTXLVDV DYDQoDP QR VHQWLGR GH YLDELOL]DU D XWLOL]DomR GR OL[R DW{PLFR UHJHQHUDGR FRPR
PDWpULDSULPDSDUDDVFHQWUDLVQXFOHDUHV,VVRDPHQL]DULDXPJUDQGHSUREOHPDKRMHRPDWHULDOUDGLRDWLYRTXHVREUD
GRSURFHVVRGHTXHLPDGRXUmQLRQDPDLRULDGDVFHQWUDLVQXFOHDUHVpGHSRVLWDGRHPFRQWrLQHUHVHPDQWLGRHPSLVFL
QDVRQGHSHUPDQHFHUiUDGLRDWLYRSRUFHQWHQDVGHPLOKDUHVGHDQRV
$HPHUJrQFLDGDHFRORJLDQDSROtWLFDLQWHUQDFLRQDOIRLLPSXOVLRQDGDSHODGLVFXVVmRVREUHDYDOLGDGHGDIRQWH
QXFOHDUFRPRDOWHUQDWLYDHQHUJpWLFD*UXSRVHFRORJLVWDVLQVLVWHPQRVSHULJRVUHSUHVHQWDGRVSRUDFLGHQWHVHPUHDWRUHV
HQRSUREOHPDGROL[RDW{PLFRSURPRYHQGRPRELOL]Do}HVFRQWUDDLQVWDODomRGHQRYDVXVLQDVQXFOHDUHV2VGHIHQVR
UHVGHVVDDOWHUQDWLYDDUJXPHQWDPFRPDSUHPHQWHQHFHVVLGDGHGHVXEVWLWXLomRGDVIRQWHVEDVHDGDVHPFRPEXVWtYHLV
IyVVHLVHQRFDUiWHUQmRSROXLGRUHVHJXURGDVXVLQDVQXFOHDUHVGH~OWLPDJHUDomR
1DV XVLQDV KLGUHOpWULFDV D HOHWULFLGDGH p REWLGD DWUDYpV GR DSURYHLWDPHQWR GDV iJXDV GRV ULRV $ IRUoD
KLGUiXOLFD PRYLPHQWD XPD WXUELQD TXH DFLRQD R JHUDGRU UHVSRQViYHO SHOD WUDQVIRUPDomR GH HQHUJLD KLGUiXOLFD HP
HQHUJLDHOpWULFD
(VVH WLSR GH XVLQD WHP XP FXVWR GH LQVWDODomR UHODWLYDPHQWH DOWR VH FRPSDUDGR FRP R GDV XVLQDV WHUPHOpWULFDV
PRYLGDVSHORVFRPEXVWtYHLVIyVVHLV 3RUpPRFXVWRGHPDQXWHQomRpUHODWLYDPHQWHPDLVEDL[R
2FXVWRGHLQVWDODomRHVWiGLUHWDPHQWHUHODFLRQDGRFRPDYD]mRGRVULRVHDGHFOLYLGDGHGRWHUUHQR$VXVLQDVPHQRV
RQHURVDVVmRDTXHODVLQVWDODGDVHPULRVFDXGDORVRVTXHDWUDYHVVDPWHUUHQRVSODQiOWLFRV2VULRVGHSODQtFLHWDPEpPVmR
GRWDGRV GH SRWHQFLDO HQHUJpWLFR SRUpP VHULD QHFHVViULR SURPRYHU XPD JUDQGH DOWHUDomR QR HFRVVLVWHPD ORFDO TXDQWR
PHQRVDFLGHQWDGRRWHUUHQRPDLRUVHUiDiUHDLQXQGDGDSHODEDUUDJHP SDUDSURGX]LUXPDHQHUJLDPXLWRFDUD
2 SRWHQFLDO KLGUHOpWULFR GH XP SDtV RX GH XPD UHJLmR HVWi GLUHWDPHQWH FRQGLFLRQDGR SHOD PRUIRORJLD GR UHOHYR H
SHORUHJLPHGHFKXYDV1DVYDVWDVSODQtFLHVGD(XURSDTXHVHHVWHQGHPSRUSDtVHVGHDOWDLQGXVWULDOL]DomRFRPRD*Um
%UHWDQKD D )UDQoD R %HQHOX[ H D $OHPDQKD  DV SRVVLELOLGDGHV GH XWLOL]DomR GD IRQWH KtGULFD SDUD D SURGXomR GH
HOHWULFLGDGHVmRPXLWRSHTXHQDV(PDPSODViUHDVGD5~VVLDRFRQJHODPHQWRVD]RQDOGRVULRVWDPEpPFRQVWLWXLREVWiFXOR
SDUDRLQFUHPHQWRGDSURGXomRKLGUHOpWULFD
0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2
3RUpP PHVPR QDTXHOHV SDtVHV GHVHQYROYLGRV TXH GLVS}HP GH XPD GHQVD UHGH IOXYLDO HP FRQGLo}HV GH
DSURYHLWDPHQWRHQHUJpWLFR FRPRR&DQDGiRV(VWDGRV8QLGRVRXR-DSmR DVXVLQDVQmRVmRFDSD]HVGHVXSULUXPD
SRUFHQWDJHP VLJQLILFDWLYD GD GHPDQGD 2V (VWDGRV 8QLGRV FRP D PDLRU SRWrQFLD LQVWDODGD SURGX]HP  GD
KLGUHOHWULFLGDGHPXQGLDOPDVDSHQDVGDHOHWULFLGDGHXWLOL]DGDSDUDILQVGRPpVWLFRVQRSDtVVHRULJLQDGHIRQWHV
KtGULFDV1R-DSmRRUHOHYRPRQWDQKRVRSRVVLELOLWDLQWHQVDSURGXomRHPULRVTXHSHUFRUUHPiUHDVDFLGHQWDGDVPDVD
XWLOL]DomRSUDWLFDPHQWHLQWHJUDOGDIRQWHKtGULFDHVWiORQJHGHUHGX]LUDGHSHQGrQFLDGDHQHUJLDLPSRUWDGD2%UDVLOp
XPGRVUDURVH[HPSORVGHSDtVLQGXVWULDOL]DGRRQGHHVVDIRQWHUHVSRQGHSRUSDUFHODVLJQLILFDWLYDGRFRQVXPRWRWDOGH
HOHWULFLGDGH
$HQHUJLDJHUDGDQDVXVLQDVKLGUHOpWULFDVpOLPSD QmRSROXHQWH HQmRGHSHQGHGHFRPEXVWtYHLVIyVVHLV3RUpP
DVJUDQGHVXVLQDVSRGHPJHUDULPSDFWRVDPELHQWDLVHVRFLDLVSURIXQGRVUHVXOWDQWHVGRDODJDPHQWRGHYDVWDViUHDVH
GD QHFHVVLGDGH GH UHPRomR GDV SHVVRDV TXH YLYHP QHODV $ KLGUHOpWULFD GH 7UrV *DUJDQWDV QD &KLQD p XP ERP
H[HPSORGRWDPDQKRSRWHQFLDOGHVVHVLPSDFWRV
7UrV*DUJDQWDVIRLSURMHWDGDSDUDJHUDUPHJDZDWWV FHUFDGHDPDLVGRTXHDELQDFLRQDO,WDLSX 
3DUDYLDELOL]DUDREUDXPYHUGDGHLURH[pUFLWRGHWUDEDOKDGRUHVHVFDYRXXPFDQDODUWLILFLDOGHTXLO{PHWURVGHH[
WHQVmR GR ODGR GLUHLWR GR ULR HP XPD GDV PDLRUHV RSHUDo}HV GH PRYLPHQWDomR GH WHUUDV GD +LVWyULD 6XD LPHQVD
UHSUHVDLQXQGRXXPDFHQWHQDGHFLGDGHVYLODVHSRYRDGRVGHVDORMDQGRPLOKmRGHSHVVRDV

2$0%,(17(($632/Ë7,&$6(1(5*e7,&$6
$FULVHGRSHWUyOHRGDGpFDGDGHHVWLPXORXRGHEDWHHFROyJLFRHDPELHQWDOFRQWULEXLQGRSDUDFRORFDUHP
TXHVWmRRDXPHQWRH[FHVVLYRGRFRQVXPRHQHUJpWLFRHDEXVFDGHQRYDVIRQWHV(PSDtVHVSHUWHQFHQWHVj
2&'(FULDUDPD$JrQFLD,QWHUQDFLRQDOGH(QHUJLD $,( FRPRREMHWLYRGHXQLUHVIRUoRVQRVHQWLGRGHGLPLQXLUD
GHSHQGrQFLDGRSHWUyOHRDXPHQWDUDHILFLrQFLDHQHUJpWLFDHYLDELOL]DURXVRGHIRQWHVQmRSROXHQWHV
1HVVHFRQWH[WRRXVRGDHQHUJLDHyOLFDHGDHQHUJLDVRODUSRUH[HPSORYHPFUHVFHQGRVLJQLILFDWLYDPHQWHPDLV
GRTXHRGDVHQHUJLDVFRQYHQFLRQDLVDLQGDTXHMXQWDVHODVQmRFKHJXHPVHTXHUDGRFRQVXPRHQHUJpWLFRWRWDO
GRSODQHWD
2V(VWDGRV8QLGRVD&KLQDHD$OHPDQKDVmRRVSULQFLSDLVSURGXWRUHVPXQGLDLVGHHQHUJLDVRODU$VFHQWUDLV
IRWRYROWDLFDVGRWDGDVGHFpOXODVVRODUHVFDSD]HVGHWUDQVIRUPDURFDORUVRODUHPFRUUHQWHHOpWULFDUHSUHVHQWDPXPD
GDVIRUPDVPDLVSURPLVVRUDVGHDSURYHLWDPHQWRGDHQHUJLDVRODU(VVDVFpOXODVTXHIRUDPGHVHQYROYLGDVSDUDVXSULU
DV QHFHVVLGDGHV GRV VDWpOLWHV KRMH VmR DPSODPHQWH XVDGDV QD VLQDOL]DomR GR WUiIHJR YLiULR H QRV VLVWHPDV GH
VHJXUDQoD $ SDUWLU GHODV PXLWRV SDtVHV GHVHQYROYHP SURWyWLSRV GH FDUURV VRODUHV R -DSmR SRU H[HPSOR Mi FRQWD
FRPPDLVGHDPDLRULDGRVTXDLVFDSD]GHGHVHQYROYHUYHORFLGDGHVVXSHULRUHVDTXLO{PHWURVSRUKRUD
(QWUHWDQWR D SROtWLFD HQHUJpWLFD GRV SDtVHV ULFRV QmR UHVSRQGH DSHQDV DR LPSHUDWLYR DPELHQWDO 1RV (VWDGRV
8QLGRVRSURJUDPDGHLQVWDODomRGHWXUELQDVHyOLFDVUHFHEHXYXOWRVRVLQFHQWLYRVDWpPHDGRVGDGpFDGDGHPDV
HOHHVWiHVWDJQDGRSRUUD]}HVGHRUGHPHFRQ{PLFD1D$OHPDQKDRQGHR3DUWLGR9HUGHpXPDVGDVSULQFLSDLVIRUoDV
SROtWLFDVRFUHVFLPHQWRGDSHVTXLVDHGRXVRGHIRQWHVDOWHUQDWLYDVUHYHODRHVIRUoRGRJRYHUQRHPFULDUDOWHUQDWLYDV
HQHUJpWLFDVHOLPLWDURXVRLQWHQVLYRGRVFRPEXVWtYHLVIyVVHLVHGDHQHUJLDDW{PLFD(QWUHWDQWRDH[WUDomRGHFDUYmR
PLQHUDO p HP SDUWH VXEVLGLDGD SHOR JRYHUQR DOHPmR Mi TXH DV PLQDV VmR UHVSRQViYHLV SRU PLOKDUHV GH HPSUHJRV
GLUHWRVHLQGLUHWRV(VVDGXSOLFLGDGHUHYHODDVSHFWRVLQWHUHVVDQWHVGRGLOHPDHQHUJpWLFRDWXDO
1R -DSmR LPSRUWDGRU SRU H[FHOrQFLD DV SROtWLFDV GH HILFLrQFLD HQHUJpWLFD VmR SULRULGDGH QDFLRQDO &RPR
UHVXOWDGRRSDtVDWLQJHPDUFDVLQYHMiYHLVQDUHODomRHQWUHRWDPDQKRGR3,%HRFRQVXPRGHHQHUJLDHPFDGD
NJHTXLYDOHQWHGHSHWUyOHRFRQVXPLGRQR-DSmRHTXLYDOLDDGyODUHVGR3,%WRWDOHQTXDQWRQD$OHPDQKDDUHODomR
HUDGHSDUDHQRV(VWDGRV8QLGRVGHSDUD
$SHVDUGHVVDVGLIHUHQoDVQRFRQMXQWRGRVSDtVHVGHVHQYROYLGRVRVPHOKRUDPHQWRVWpFQLFRVQRVXVRVILQDLVGH
HQHUJLDDSRQWDPSDUDDHVWDELOL]DomRGRFRQVXPRVHPSUHMXt]RGRFUHVFLPHQWRHFRQ{PLFR$HPHUJrQFLDGHQRYRV
UDPRV LQGXVWULDLV HP VXEVWLWXLomR jTXHOHV WUDGLFLRQDLV GH FRQVXPR HQHUJpWLFR LQWHQVLYR SDUHFH FRQILUPDU HVVD
WHQGrQFLD 1RV SDtVHV SREUHV SRU VXD YH] SDUWH LPSRUWDQWH GD HVFDVVD HQHUJLD GLVSRQtYHO SDUD FRQVXPR LQWHUQR p
GHVSHUGLoDGDSHORXVRGHWHFQRORJLDVLQDGHTXDGDV

±%,20$66$
 %LRPDVVD p TXDOTXHU WLSR GH PDWpULD RUJkQLFD QmR IyVVLO YHJHWDO RX DQLPDO TXH SRVVLELOLWH REWHQomR GH
HQHUJLD(QWUHRVSURGXWRVPDLVXWLOL]DGRVGHVWDFDPVHRiOFRROREWLGRGDFDQDGHDo~FDUGDEHWHUUDEDGRPLOKRHGD
PDGHLUDROL[RRUJkQLFR FXMDGHFRPSRVLomRQRVDWHUURVSURGX]ELRJiV DOHQKDRFDUYmRYHJHWDOHRVGLYHUVRVWLSRV
GHyOHRVYHJHWDLVTXHSRGHPVHUWUDQVIRUPDGRVHPELRGLHVHO VRMDGHQGrPDPRQDDOJRGmRHWULJRHQWUHRXWURV 
$ XWLOL]DomR GH ELRPDVVD FRPR IRQWH GH HQHUJLD p PXLWR DQWLJD UHPRQWD DR WHPSR HP TXH R VHU KXPDQR
FRQWURORXRIRJRHFRPHoRXDTXHLPDUOHQKDSDUDVHDTXHFHUHFR]LQKDURVDOLPHQWRV$WXDOPHQWHYHPDXPHQWDQGR
EDVWDQWHVHXFRQVXPRSRUFDXVDGDLQVWDELOLGDGHQRSUHoRGRSHWUyOHRHSRUHPJHUDODSUHVHQWDUXPDTXHLPDEHP
PHQRVSROXHQWHTXHDGRVFRPEXVWtYHLVIyVVHLV

0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2
+RMH HP GLD HOD p FRQVLGHUDGD XPD GDV SULQFLSDLV DOWHUQDWLYDV QD EXVFD SRU PDLRU GLYHUVLILFDomR QD PDWUL]
HQHUJpWLFDYLVDQGRUHGX]LUDGHSHQGrQFLDGRVFRPEXVWtYHLVIyVVHLVSRUTXHSRVVLELOLWDDREWHQomRGHHQHUJLDHOpWULFDH
GH ELRFRPEXVWtYHLV 2 iOFRRO H R ELRGLHVHO VmR FRPEXVWtYHLV QmR Wy[LFRV H ELRGHJUDGiYHLV FXMD TXHLPD HP
VXEVWLWXLomRDRVGHULYDGRVGHSHWUyOHRUHGX]GHDDHPLVVmRGHJDVHVTXHSURYRFDPRHIHLWRHVWXID$OpP
GLVVRSRUVHUHPLVHQWRVGHHQ[RIUHHPVXDFRPSRVLomRQmRFDXVDPFKXYDiFLGD
'HVGHTXDQGRHQWURXHPYLJRUR3URWRFRORGH 4XLRWR PXLWRVSDtVHVDFHOHUDUDPD EXVFDSRUIRQWHV GH
HQHUJLDV UHQRYiYHLV H PHQRV SROXHQWHV FXMR FRQVXPR HVWi HP H[SDQVmR HP HVFDOD PXQGLDO $ SURGXomR GH
ELRFRPEXVWtYHLV YHP DSUHVHQWDQGR JUDQGH SRVVLELOLGDGH GH FUHVFLPHQWR HFRQ{PLFR H JHUDomR GH HPSUHJRV QD
DJULFXOWXUDHQDVXVLQDVFRPHIHLWRPXOWLSOLFDGRUQRVGHPDLVVHWRUHVTXHLQWHJUDPVXDFDGHLDSURGXWLYD PiTXLQDV
HTXLSDPHQWRVIHUWLOL]DQWHVVHWRUHVGHVHUYLoRVFRPpUFLRHWUDQVSRUWH 
$H[SDQVmRGDSURGXomRHGRFRQVXPRGRVELRFRPEXVWtYHLVGHSHQGHPXLWRGRSUHoRGREDUULOGHSHWUyOHRTXH
FRPRYLPRVVRIUHJUDQGHVRVFLODo}HVHPIXQomRGDRFRUUrQFLDGHJXHUUDVHFULVHVHFRQ{PLFDV4XDQGRDXPHQWDR
SUHoR GR EDUULO GH SHWUyOHR Ki WHQGrQFLD GH EXVFD GH IRQWHV PDLV EDUDWDV H RV ELRFRPEXVWtYHLV JDQKDP
FRPSHWLWLYLGDGH DR FRQWUiULR QDV pSRFDV HP TXH FDL R SUHoR GR EDUULO GH SHWUyOHR RV ELRFRPEXVWtYHLV SHUGHP
PHUFDGR
3RUpPLQGHSHQGHQWHPHQWHGDVRVFLODo}HVQRSUHoRGRSHWUyOHRRVHWRUGHELRFRPEXVWtYHLVHWRGDVXDFDGHLD
SURGXWLYDWrPUHFHELGRLQFHQWLYRJRYHUQDPHQWDOHPDOJXQVSDtVHVFRPR(VWDGRV8QLGRV%UDVLO$OHPDQKDH)UDQoD
HPERUDVXDSURGXomRHFRQVXPRVHMDPPDLVFDURVTXHDXWLOL]DomRGHyOHRGLHVHO HJDVROLQDQR%UDVLORiOFRROp
FRPSHWLWLYRTXDQGRREDUULOGHSHWUyOHRXOWUDSDVVDDPDUFDGH86SRUEDUULO,VVRRFRUUHJUDoDVjVYDQWDJHQVTXH
RIHUHFHHPWHUPRVVRFLDLVHVWUDWpJLFRVHDPELHQWDLVFRPRDJHUDomRGHHPSUHJRVDVHJXUDQoDHQHUJpWLFDDUHGXomR
QDHPLVVmRGHSROXHQWHVHRGHFOtQLRQRYROXPHGDVLPSRUWDo}HVRTXHPHOKRUDRUHVXOWDGRGDEDODQoDFRPHUFLDO
'HVVD IRUPD HPERUD VHMD LPSRVVtYHO SUHYHU FRP SUHFLVmR R TXH DFRQWHFHUi FRP RV QtYHLV GH UHVHUYD H RV
SUHoRVGRSHWUyOHRQRPHUFDGRPXQGLDORVELRFRPEXVWtYHLVWHQGHPDVHUFDGDYH]PDLVXWLOL]DGRVHPVXEVWLWXLomRj
TXHLPDGHFRPEXVWtYHLVIyVVHLVSRUVXDPDLRUVXVWHQWDELOLGDGHDPELHQWDOHVRFLRHFRQ{PLFD
0XLWRVSDtVHVSRVVXHPOHJLVODomRTXHREULJD
D PLVWXUD GH iOFRRO H ELRGLHVHO QD JDVROLQD H QR
yOHR GLHVHO GHULYDGRV GH SHWUyOHR  6HJXQGR R
3URJUDPD GDV 1Do}HV 8QLGDV SDUD R 0HLR
$PELHQWH 3QXPD UNEP <HDUERRN   QD
(XURSD DWp   GRV FRPEXVWtYHLV XVDGRV
QR VHWRU GH WUDQVSRUWHV GHYHUmR WHU RULJHP
DJUtFRODSHUFHQWXDOTXHMipDGRWDGRQD&RO{PELD
9HQH]XHOD H 7DLOkQGLD 1D &KLQD p REULJDWyULD D
PLVWXUD GH  QDV FLQFR SURYtQFLDV FRP PDLRU
YROXPHGHWUDQVSRUWHGHFDUJDHSHVVRDV2%UDVLO
HPPLVWXUDYDGHiOFRROjJDVROLQD
GH ELRGLHVHO DR GLHVHO GH SHWUyOHR H HUD R ~QLFR
SDtVGRPXQGRFRPFDUURVIOH[PRYLGRVDiOFRRO
RXJDVROLQDRXFRPPLVWXUDGRVGRLVFRPEXVWtYHLV
HPTXDOTXHUSURSRUomR
(VVDV H[LJrQFLDV SURYRFDUDP UHGXomR QRV
tQGLFHV GH SROXLomR DWPRVIpULFD VREUHWXGR QRV
FHQWURV XUEDQRV HQWUHWDQWR JHUDUDP XPD JUDQGH
GHPDQGD SRU PDWpULDSULPD DJUtFROD 2 DXPHQWR
QRFRQVXPRGHyOHRGHSDOPDQR6XGHVWH$VLiWLFR
SURYRFRX GHVPDWDPHQWR QD UHJLmR H D DOWD QR
SUHoRGHDOJXQVFHUHDLVSULQFLSDOPHQWHRPLOKRp
DWULEXtGD DR DXPHQWR GH VXD XWLOL]DomR SDUD D
SURGXomRGHHWDQRO$QDOLVHRJUiILFR
&RPR R PLOKR p XWLOL]DGR FRPR UDomR QD FULDomRGHJDGRH DYHV H FRQVWLWXL PDWpULDSULPD SDUD SURGXomR GH
YiULRV WLSRV GH DOLPHQWRV LQGXVWULDOL]DGRV Ki JUDQGH UHFHLR GH DXPHQWR GH SUHoRV QRV DOLPHQWRV SULQFLSDOPHQWH
FDUQHERYLQDVXtQDHGHDYHVOHLWHHVHXVGHULYDGRVRYRVIDULQKDPDWpULDSULPDGHSmRPDFDUUmRERODFKDVHWFH
RXWURV
(P  XP FRQVyUFLR GH YLQWH DJrQFLDV GD 2UJDQL]DomR GDV 1Do}HV 8QLGDV 81  (QHUJ\  GLYXOJRX XP
UHODWyULRDSRQWDQGRDOJXPDVSUHRFXSDo}HVVREUHRDXPHQWRQRFRQVXPRGHELRFRPEXVWtYHLVHPHVFDODPXQGLDOVXD
SURGXomR SRGHUi FRPSURPHWHU D GLVSRQLELOLGDGH GH DOLPHQWRV HOHYDU VHXV SUHoRV H FRQVHTXHQWHPHQWH DJUDYDU D
VXEQXWULomR H D IRPH SHOR PXQGR" +DYHUi PDLRU GHJUDGDomR GRV ELRPDV HP FRQVHTXrQFLD GD H[SDQVmR GD iUHD
FXOWLYDGD"2TXHDFRQWHFHUiFRPRVSHTXHQRVSURGXWRUHVDJUtFRODV"

0Ï'8/2   &8562$6&(16$2&20%5
*(2*5$),$  &8562$6&(16­2
&DVRDSURGXomRGHELRFRPEXVWtYHLVVHMDSODQHMDGDSDUDFRQWHPSODURGHVHQYROYLPHQWRVXVWHQWiYHOSRGHUiVHU
DOJRPXLWRSRVLWLYR3DUDLVVRGHYHVHSHQVDUQRVEHQHILFLDVTXHUHVXOWDPGDUHGXomRQDHPLVVmRGHJiVFDUE{QLFR
PDVWDPEpPQDSUHVHUYDomRGRVELRPDVHQDJHUDomRGHHPSUHJRVHUHQGDHQILPQDVXDVXVWHQWDELOLGDGHDPELHQWDO
HVRFLRHFRQ{PLFD

±(1(5*,$(0(,2$0%,(17(
2VVLVWHPDVGHWUDQVSRUWHDSURGXomRLQGXVWULDOHDWHUPHOHWULFLGDGHXWLOL]DPSUHGRPLQDQWHPHQWHFRPEXVWtYHLV
IyVVHLVFXMDTXHLPDpDOWDPHQWHSROXHQWHFRPLQGHVHMiYHLVFRQVHTXrQFLDVVREUHDVD~GHDOpPGHDFHQWXDURHIHLWR
HVWXIDHFDXVDURXWURVVpULRVSUREOHPDVDPELHQWDLVFRPRDVFKXYDViFLGDVHDVLOKDVGHFDORU$KLGUHOHWULFLGDGHD
ILVVmRQXFOHDUHDVIRUPDVGHSURGXomRHQHUJpWLFDTXHXWLOL]DPGLYHUVRVWLSRVGHELRPDVVDWDPEpPWrPHPPDLRURX
PHQRUJUDXLPSDFWRVDPELHQWDLV
6RPHQWHDOJXPDVIRQWHVDOWHUQDWLYDVFRPRDHQHUJLDVRODUDHyOLFDDJHRWpUPLFDHDGDYDULDomRGDVPDUpV
TXDVHQmRFDXVDPLPSDFWRVDPELHQWDLV3RUpPVHXDSURYHLWDPHQWRHPERUDFUHVFHQWHHPYiULRVSDtVHVpUHVWULWRD
ORFDLVTXHDSUHVHQWDPFRQGLo}HVLGHDLVHDWpRPRPHQWRDHVFDODGHXWLOL]DomRpSHTXHQDSRUFDXVDGRDOWRFXVWRGH
LQVWDODomR GDV XQLGDGHV FDSWDGRUDV H WUDQVIRUPDGRUDV 6HJXQGR D $JrQFLD ,QWHUQDFLRQDO GH (QHUJLD D SDUWLFLSDomR
GHVVDVIRQWHVQRFRQVXPRPXQGLDOGHHQHUJLDHPERUDPXLWREDL[RDXPHQWRXGHSDUDHQWUHH
(P  VRPHQWH  GD HQHUJLD FRQVXPLGD QR SODQHWD HUD SURYHQLHQWH GH IRQWHV UHQRYiYHLV H D
SDUWLFLSDomRGDVIRQWHVHyOLFDVRODUHJHRWpUPLFDpEDVWDQWHUHGX]LGD
4XDQWR DR DXPHQWR QR FRQVXPR PXQGLDO GH HQHUJLD Ki XP IDWR LQWHUHVVDQWH D GHVWDFDU QRV SDtVHV
GHVHQYROYLGRV HVVH FRQVXPR HPERUD DOWR HVWi SUDWLFDPHQWH HVWDELOL]DGR 1HVVHV SDtVHV R DXPHQWR TXDQGR Ki
RFRUUHQRPHVPRULWPRGRFUHVFLPHQWRSRSXODFLRQDORXVHMDFRPtQGLFHVLQIHULRUHVDDRDQRXPDYH]TXHD
PDLRULD GD SRSXODomR DWLQJLX SDGU}HV GH FRQVXPR TXH VH HVWDELOL]DUDP HP QtYHLV EDVWDQWH HOHYDGRV $OpP GLVVR
VHJXQGRHVWLPDWLYDVRDXPHQWRHVSHUDGRWHQGHDVHUDQXODGRSHODHILFLrQFLDHQHUJpWLFDFDGDYH]PDLRUGRVDSDUHOKRV
GRPpVWLFRVSHOR FRQVXPRFDGDYH]PHQRUGHFRPEXVWtYHO QRVDXWRPyYHLV H PiTXLQDV LQGXVWULDLV HSHORFUHVFHQWH
YROXPHGHUHFLFODJHPGHPDWHULDLVHQWUHRXWUDVPHGLGDVTXHSURYRFDPHFRQRPLDQRFRQVXPRGHHQHUJLD1R5HLQR
8QLGR SRU H[HPSOR HP  R FRQVXPR GH HQHUJLD HUD GH  WRQHODGDV HTXLYDOHQWHV GH SHWUyOHR 7(3V  SRU 
PLOKmRGHOLEUDVGH3,%SURGX]LGR(PHVVHFRQVXPRFDLXSDUD7(3VOPLOKmRGHOLEUDVGH3,%
2 DXPHQWR GR FRQVXPR PXQGLDO GH HQHUJLD SRUWDQWR RFRUUH QRV SDtVHV HP GHVHQYROYLPHQWR HVSHFLDOPHQWH
QRVHPHUJHQWHVSRUFDXVDGRFUHVFLPHQWRSRSXODFLRQDO HGR FUHVFLPHQWR HFRQ{PLFRTXHSURYRFDP R DXPHQWRQD
SURGXomRHYHQGDGHSURGXWRVSULQFLSDOPHQWHDXWRPyYHLVHHOHWURGRPpVWLFRV
2 PDLRU DXPHQWR QD SDUWLFLSDomR SHUFHQWXDO GR FRQVXPR PXQGLDO GH HQHUJLD RFRUUHX QD &KLQD H HP RXWURV
SDtVHV DVLiWLFRV RQGHDSURGXomR LQGXVWULDOYHP FUHVFHQGR HP ULWPR DFHOHUDGR 6HJXQGR HVWLPDWLYDV HQWUH  H
 RV SDtVHV HP GHVHQYROYLPHQWR VREUHWXGR RV HPHUJHQWHV HVWDUmR HP WHUPRV DEVROXWRV FRQVXPLQGR PDLV
HQHUJLD TXH RV GHVHQYROYLGRV R TXH WRUQD DLQGD PDLV XUJHQWH D QHFHVVLGDGH GH XP SODQHMDPHQWR HQHUJpWLFR TXH
FRQVLGHUHRVLPSDFWRVDPELHQWDLV6HDPDWUL]HQHUJpWLFDDWXDORXVHMDRSDGUmRPXQGLDOGHSURGXomRHFRQVXPRIRU
PDQWLGRDHPLVVmRGHJDVHVSURYRFDGDSHODTXHLPDGHFRPEXVWtYHLVIyVVHLVWHQGHDDXPHQWDUDJUDYDQGRDLQGDPDLV
RV SUREOHPDV DPELHQWDLV QR SODQHWD $ VROXomR HQYROYH D VXEVWLWXLomR GH IRQWHV QmR UHQRYiYHLV H DOWDPHQWH
SROXHQWHVFRPRRSHWUyOHRHRFDUYmRPLQHUDOSRURXWUDVUHQRYiYHLVHPHQRVDJUHVVLYDVDRPHLRDPELHQWHFRPRD
KLGUHOHWULFLGDGH H D ELRPDVVD DOpP GH IRQWHV DOWHUQDWLYDV FXMD YLDELOLGDGH HFRQ{PLFD GH SURGXomR GHSHQGH GDV
FRQGLo}HVItVLFDVORFDLVFRPRDVHQHUJLDVHyOLFDVRODUJHRWpUPLFDHGHYDULDomRGDVPDUpV

















0Ï'8/2   &8562$6&(16$2&20%5

You might also like