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@LELAFLV 6>:<

^jbl :

Klvsmy Ejpotji II^ os juthgrosl` jk` rlbuijtl` fy thl Cokjkeoji Egk`uet Juthgroty

Ugurel4 Klvsmy Cuk` îe, Figgaflrb. Jii okòels jrl tgtji rlturk. Oapgrtjkt kgtl4 ^lrcgrajkel progr tg 68.6.:: os thl plrcgrajkel gc thl Klvsmy Cuk` It`. ^lrcgrajkel crga 68.6.:: rlclrs tg thl Klvsmy Cuk` pie. Okvlstgrs shgui` rlclr tg thl rlilvjkt prgspletus jk` kgtl thl òcclrlkels ok okvlstalkt gfdletovls, rlstroetogks jk` pgioeols gc thl rlspletovl cuk`s. Phl tjfil jfgvl okeiu`ls

@lelaflr 6>:< plrcgrajkel whoeh os j Ajkjblr‟s

lstoajtl.

Oktrg`uetogk

Js thl cokji klwsilttlr cgr th

l Klvsmy Cuk` (’thl Cuk`‑)

thl cgrajt woii, kgt surprosokbiy, `occlr crga gur usuji qujrtlriols. Ot woii jisg (O jpgigbosl ok j`vjkel) fl sgalwhjt ilkbthy. Ok gr`lr tg ajml ot ljsy tg rlj` (gr ok`ll` smop thrgubh) ot woii fl spiot ot oktg thl cgiigwokb sletogks4 :.

Ajrmlt egaalktjry 6.

Jk lxpijkjtogk js tg why wl hjvl `leo`l` tg eljsl ajkjbokb thl Cuk`

5.

Gur eurrlkt volw gk thl bigfji okvlstalkt gutiggm

0.

Klvsmy Cuk` jk` ejrllr plrcgrajkel stjtostoes

:.

Ajrmlt egaalktjry

6>:< prgvl` tg fl j egktokujtogk gc 6>:5 jk` 6>:0 cgr lalrbokb ajrmlt lquotols, woth agrl rl` okm jk` j cjii gc :<% ok \U@ tlras js egkelrks rlijtokb tg sigwokb Ehoklsl brgwth jk` cjiiokb egaag`oty proels egktokul` tg `gaokjtl. @lvligpl` ajrmlts cjrl` flttlr jk` clii gkiy ajrbokjiiy, fy >.?%, woth aokgr bjoks gr igssls ok \U@ tlras ok agst ajdgr ajrmlts. Phl Cuk` jeholvl` j sajii pgsotovl rlturk gc >.0%.

6.

Rhy hjvl Klvsmy Ejpotji `leo`l` tg eljsl ajkjbokb thl Klvsmy Cuk`7

Phl `leosogk tg stgp ajkjbokb thl Cuk`, jctlr dust gvlr coctllk yljrs, hjs fllk j vlry `occoeuit gkl. Phos `leosogk hjs fllk `rovlk fy j brgwokb rlelkt jwjrlklss thjt elrtjok cljturls gc thl eurrlkt ajrmlt lkvorgkalkt, whoeh wl fliolvl aobht plrsost cgr j egkso`lrjfil plrog` gc toal, jrl okegksostlkt woth thl jeholvlalkt gc gur bgji gc prg`ueokb sjtoscjetgry rosm j`dustl` jfsgiutl rlturks cgr ygu, gur eiolkts.

Zujrtlriy plrcgrajkel

Klvsmy Cuk` ^lrcgrajkel - Cgurth Zujrtlr 6>:<

(% ehjkbl ok $)Zujrtlr_P@Okelptogk tg `jtlKlvsmy+>.80 +>.5? +:,6:6.3 Uokel Okelptogk (5>.>?.6>>>)Jkkujiosl` Vlturk (%)Jkkujiosl` Sgijtoioty (%)Uhjrpl VjtogKlvsmy+:8.0 +:5.2 :.50AUEO Bigfji Lalrbokb Ajrmlts Ok`lx*+2.0 +66.? >.56AUEO Bigfji @lvligpl` Ajrmlts*+5.< +:<.8 >.66

* Pgtji Vlturk

@LELAFLV 6>:<

^jbl 6

Klvsmy Ejpotji II^ os juthgrosl` jk` rlbuijtl` fy thl Cokjkeoji Egk`uet Juthgroty

Gvlr gur twlkty-gkl yljr okvlstalkt ejrllr wl hjvl jiwjys okvlstl` usokb j frgj`iy ukehjkbl` prgelss. Phos prgelss ajrrols thl tgp `gwk cgrlejstokb gc mly ajerg-legkgaoe vjrojfils woth thl fgttga up cgrlejstokb gc egapjky ljrkokbs= okotojiiy dust ok Ljstlrk Lurgpl, thlk jergss thl Lalrbokb Rgri` jk` cokjiiy gk j bigfji fjsos crga 6>>5 gkwjr`s. Cgr thos prgelss tg wgrm wl hjvl egksostlktiy kll`l` thl cgiigwokb erotlroj tg fl alt4 -

Jeelss tg trjkspjrlkt jk` truthcuiiy egapoil` `jtj jt fgth j ajerg jk` j egapjky spleocoe ilvli, whoeh os aj`l jvjoijfil gk j toaliy fjsos tg jii ajrmlt pjrtoeopjkts. Phos jiigws us tg egkstruet jk` ajoktjok `ltjoil` tgp `gwk legkgaoe cgrlejsts jk` fgttga up egapjky ag`lis. -

Igboeji `leosogk ajmokb fy ajerg-legkgaoe pgioey ajmlrs. -

Jk jfoioty tg jeholvl j eiljr uk`lrstjk`okb gc thl pgsotogkokb gc gthlr okvlstgrs ok thl ajrmlt sg js tg fl jfil tg egal tg j volw js tg whjt os

‘ok thl proel‟ jk` whjt os ‘cjor vjiul‟.

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J rljsgkjfil ilvli gc òvlrblkel ok lquoty proels fltwllk òcclrlkt blgbrjphols jk` sletgrs jk` thl lxostlkel gc egkstjktiy lvgivokb, fut igboeji, oktlr-rlijtogkshops fltwllk thlsl òcclrlkt jsslt eijssls. -

Ajkjbljfil ‘cjt tjoi rosm‟

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J rljsgkjfil sprlj` gc ukegrrlijtl` pgtlktoji okvlstalkts jergss toal zgkls. \kcgrtukjtliy, bigfji trlk`s gvlr thl pjst egupil gc yljrs hjvl flbuk tg aoiotjtl jbjokst thlsl prl-egk`otogks cgr sueelsscui cuk`jalktji okvlstokb. Kjaliy4

@jtj qujioty hjs `ltlrogrjtl`

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@jtj rliljsls hjvl flegal aueh ilss trjkspjrlkt jk` truthcui jt fgth j ajerg jk` j aoerg ilvli. Jt j ajerg ilvli thl mly ossul os thl lvlr okerljsokb oapgrtjkel gc Ehokj jk` Ok`oj. Ehokj os

thl wgri`‟s slegk` ijrblst legkgay, fut ji

rlj`y aueh ijrblr thjk thl \U ok j frgj` swjthl gc sletgrs. Ok`oj woii fl thl

wgri`‟s

thor` ijrblst legkgay wothok j `lej`l. \kcgrtukjtliy thlor rosl os okerljsokb thl bigfji egst gc ejpotji flejusl jk lvlr brgwokb shjrl gc thl agst oapgrtjkt `jtj thly prg`uel os soapiy kgt erl`ofil. Eurrlktiy stjtl` Ehoklsl rlji B@^ brgwth

os 2.:% jk` Ok`oj‟s

os 2.0%. Fgth jrl sufstjktojiiy gvlr stjtl`. Phos gfcusejtogk jk` `ostgrtogk gc `jtj, whlthlr `lioflrjtl gr okj`vlrtlkt, ajmls ot okerljsokbiy `occoeuit tg cgrlejst ajerg jk` hlkel aoerg js wlii, cgr jk lvlr brgwokb shjrl gc gur okvlstalkt ukovlrsl. -

Jt j aoerg ilvli egrpgrjtls hjvl jisg rlspgk`l` tg brljtlr ajrmlt serutoky sokel thl BCE tg `oseigsl ilss kgt agrl, gk thl fjsos thjt thl ilss thly rlvlji thl ilss gctlk thly ejk fl prgvl` wrgkb fy rlbuijtgrs, okvlstgrs gr ijw egurts. Phos aljks thl egst gc ejpotji rlijtokb tg hgi`okb

ijrbl egapjky spleocoe lxpgsurls hjs roslk js thl ‘hlj`iokl‟ rosm gc flokb prgvl`

wrgkb woth rlbjr` gur ljrkokbs prgdletogks os kgw egaalksurjtliy hobhlr.

@LELAFLV 6>:<

^jbl 5

Klvsmy Ejpotji II^ os juthgrosl` jk` rlbuijtl` fy thl Cokjkeoji Egk`uet Juthgroty

Phl trjkspjrlkey gc `leosogk ajmokb hjs jisg `leiokl`

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Jssuaokb wl ejk gftjok trustwgrthy `jtj wl thlk jppiy igboe tg prg`uel gur cgrlejsts. Phl vjio`oty gc thos prgelss flegals qulstogkjfil oc legkgaoe pgioey ajmlrs `g kgt thlaslivls jppiy legkgaoe igboe jk` ok j trjkspjrlkt ajkklr. Gfvogusiy wl jeelpt pgiotoes ejk truap legkgaoes jk` pgiotoeji jkjiysos hjs jiwjys fllk j vlry fob pjrt gc gur prgelss, fut surliy klvlr hjs sg aueh gc thl wgri` fllk bgvlrkl` fy ilj`lrs whlrl thl igboe gc thjt pleuiojriy pjrgehoji ylt auito hlj`l` fljst

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kjtogkjiosa - truaps jii (Ehokj, Ok`oj, Vussoj, Purmly, Uguth Jcroej, Ajijysoj lte. lte.). Jiagst fy `lcokotogk thl pjth gc igboe wothok kjtogkjiosa os `o

ccoeuit cgr ‘gutso`lrs‟ tg

cgiigw woth jky egkco`lkel, ilj`okb tg hobhiy ukprl`oetjfil jk` pgtlktojiiy `yscuketogkji ag`liiokb gutegals. Jt thl stjrt gc gur ejrllrs wl splkt aueh toal flokb cgrel` tg try jk` `leophlr thl ok`leophlrjfil

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thl agg`s jk` sufslqulkt `leosogks gc Fgros _litsok. Phos

‘Mrlaiokgigby‟

wjs truiy thl `lcokotogk gc fjkbokb ygur hlj` jbjokst j prgvlrfoji froem wjii. Cgrtukjtliy thos jk` soaoijr ajsgehostoe ajerg-jkjiytoeji tjsms thlk bjvl wjy tg thl igboeji dgy gc thl Rjshokbtgk Egkslksus whoeh wjs j`gptl` jiagst wothgut lxelptogk jergss thl Lalrbokb Rgri` cgiigwokb thl auitopil `lvjiujtogk erosls ok thl ao`-

:??>‟s

. \kcgrtukjtliy thgubh thl Rjshokbtgk Egkslksus, hjvokb fllk slvlrliy wguk`l` fy thl BCE os kgw stgkl `lj`. Mrlaiokgigby, woth jk j``otogkji kjtogkjiost twost, os fjem

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jk` ot os kgw thl kgra, kgt thl lxelptogk, cgr agst eguktrols ok thl Lalrbokb Rgri`. Rl jrl kgt egkvokel` thjt mkgwokbiy egktokuokb tg fjkb gur hlj`s jbjokst thlsl klwiy lrletl` froem wjiis wgui` fl j slksofil `leosogk.

Lquoty ajrmlts jrl jisg ilss trjkspjrlkt

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Phl ukoktlk`l` egkslqulkels gc thgsl klw rlbuijtogks oktrg`uel` js j rlsuit gc thl BCE, whoeh hjvl ijrbliy rlagvl` thl ajrmlt ajmokb rgil gc okvlstalkt fjkms crga bigfji lquoty ajrmlts, hjs egokeo`l` woth thl rlelkt ajssovl okerljsl ok ajrmlt shjrl gc fgth

‘`uaf‟

ok`lx cuk`s jk`

‘fijem fgx‟

jibgrothaoe cuk`s tg erljtl j sotujtogk whlrl lquoty ajrmlt vgiuals hjvl cjiilk shjrpiy jk` okòvoùji stgem vgijtoioty hjs roslk `rjajtoejiiy. Jk okotojiiy fjìy lxleutl` gr`lr ejk kgw okj`vlrtlktiy erljtl j proel trlk` (flejusl thlrl os kg igkblr thl eushogk tg proel agvls whoeh wjs ok thl pjst prgvo`l` fy ajrmlt ajmlr okvlktgrols) thjt, js jibgrothaoe cuk`s cljst gk ot, ejk erljtl j ajrmlt lvlkt lvlk oc thl okotoji gr`lr wjs j soapil okkgelkt lrrgr. Pruiy

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tg aox altjphgrs

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futtlrciols cijppokb thlor wokbs kgw rlbuijriy erljtl hurroejkls thjt stgp gut cuk`jalktjiiy `rovlk okvlstgrs whg ejkkgt rlajok sgivlkt igkblr thjk thl ajrmlt ejk rlajok orrjtogkji. -

Ok sueh j wgri` `gaokjtl` fy ok`lx jk` jibgrothaoe cuk`s hostgroejiiy igboeji egrrlijtogks fltwllk `occlrlkt jsslt eijssls ejk rlajok ok pijel igkb jctlr thly hjvl eljsl` tg fl igboeji. Agrl futtlrciols. -

Ok`lx jk` jibgrothaoe cuk` ajkgluvrokbs jisg ajml ot vlry hjr` tg jselrtjok whjt thl ajrmlts

‘eiljk‟ pgsotogkokb os jt jky bovlk toal. Jii gc whoeh pushls up thl egst gc ejpotji.