informe anual cdti 2009 (es) / cdti annual report 2009 (spanish) / cdti-ren 2009ko urtekaria (es)

8/2/2019 Informe anual CDTI 2009 (Es) / CDTI annual report 2009 (Spanish) / CDTI-ren 2009ko urtekaria (Es)

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LAFIK

8. UKY[BKL KOKI[QFTN.................................................................................58.8. KTH@[HIFL V DFLHLIFHIFL AK WUNVKIQNY AK F+A+f AKYHUUN@@HANY WNU KBWUKYHY.................98.5. MKYQFL AK @H WHUQFIFWHIFL KYWHN@H KL WUNMUHBHY FLLNTHANUKY M@[email protected]. @H F+A+F KBWUKYHUFH@ KL KYWHH V K@ IAQF.....................................................................................................................=

5. KYQU[IQ[UH NUMHLF_HQFTH........................................................855.8. INLYKON AK HABFLFYQUHIFL........................................................................................................................................895.5. INBFQ AK AFUKIIFL.....................................................................................................................................................................815.9. UKI[UYNY C[BHLNY......................................................................................................................................................................81

9. KTH@[HIFL V DFLHLIFHIFL AK WUNVKIQNY.........................849.8. QFWN@NMH AK WUNVKIQNY............................................................................................................................................................8=9.5. KTH@[HIFL AK YN@FIFQ[AKY AK DFLHLIFHIFL............................................................................................................839.9. DFLHLIFHIFL AFUKIQH....................................................................................................................................................................86

9.1. YKM[FBFKLQN AK WUNVKIQNY...................................................................................................................................................5;9.;. DFLHLIFHIFL EHLIHUFH.................................................................................................................................................................5;9.4. FLFIFHQFTH LKNQKI..............................................................................................................................................................................54

1. MKYQFL AK @H WHUQFIFWHIFL KL WUNMUHBHY....................531.8. WUNMUHBH BHUIN AK F+A AK @H [LFL K[UNWKH.......................................................................................................561.5. HMKLIFH KYWHIFH@ K[UNWKH (KYH)........................................................................................................................................991.9. WUNMUHBHY B[@QF@HQKUH@KY.................................................................................................................................................941.1. WUNBNIFL QKILN@MFIH FLQKULHIFNLH@......................................................................................................................931.;. WUNMUHBHY HKUNL[QFINY......................................................................................................................................................17

1.4. INBWUHY WE@FIHY..........................................................................................................................................................................11

;. HIQFTFAHAKY AK WUNBNIFL............................................................;7

4. KYQHANY INLQHE@KY..............................................................................;1

=. WUNVKIQNY HWUNEHANY KL 5776..................................................;3

3. HIULFBNY V HEUKTFHQ[UHY........................................................895


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K` Ikltrn phrh k` Akshrrn``n Qkiln`mfin Flaus-trfh` (IAQF) ks ulh Kltfaha We`fih Kbprkshrfh`,akpklafkltk ak` Bflfstkrfn ak Ifklifh k Fllnvh-ifl, quk prnbukvk h flvkstfmhifl, k` akshrrn-

``n y `h fllnvhifl tkiln`mfih (F+A+f) ak` skitnrkbprkshrfh`. Yu bfsfl ks hubklthr h inbpktf-tfvfaha ak `hs kbprkshs ksphn`hs k`kvhlan sulfvk` tkiln`mfin, phrh `n iuh` akshrrn``h `hs sf-mufkltks hituhifnlks dulahbklth`ks?

Kvhùhr y dflhlifhr prnykitns ak flvkstfmh-ifl, akshrrn``n k fllnvhifl tkiln`mfih `kvh-ans h ihen pnr kbprkshs. Mkstfnlhr y prnbnvkr `h phrtfifphifl ak kl-tfahaks ksphn`hs kl prnmrhbhs fltkrlhifnlh-`ks ak innpkrhifl tkiln`mfih.

Wrnbnvkr `h trh lsdkrklifh ak tkiln`nmh y `hin`henrhifl pe`fin-prfvhah kl F+A+f, thltn klk` beftn lhifnlh` inbn kl k` fltkrlhifnlh`. Hpnyhr `h irkhifl y inlsn`fahifl ak kb-prkshs ak ehsk tkiln`mfih.

K` IAQF duk irkhan k` ; ak hmnstn ak 86==inbn Nrmhlfsbn Hutlnbn y, pnstkrfnrbkltk,kl 8639, ihbef su ksthtus pnr k` ak YnifkahaKsthth` inl neoktn ak anthr`k ak ulh pkrsnlh-`faha ourafih quk `k pkrbftfkrh kokrikr su dul-

ifl ak ulh dnrbh bs kdfihz. Aksak 8663 ksulh Kltfaha We`fih Kbprkshrfh` ak `hs prk-vfsths kl `h @ky 4/866=, ak 81 ak herf`, ak Nr-mhlfzhifl y dulifnlhbfkltn ak `hHabflfstrhifl Mklkrh` ak` Ksthan. Qrhafifn-lh`bkltk, k` IAQF ch ksthan hasirftn h `ns su-iksfvns Bflfstkrfns inl rkspnlshef`faha kl F+Akbprkshrfh` y aksak k` 88 ak ou`fn ak` 5773 ak-pklak ak` Bflfstkrfn ak Ifklifh k Fllnvhifl.K` Ukh` Akirktn 8715/5776 quk akshrrn``h sukstruiturh nrmlfih esfih hrtfiu`h ksh akpkl-aklifh h trhvs ak h Ykirkthrfh Mklkrh` ak Fl-

lnvhifl ak` Bflfstkrfn, y ksthe`kik quk k`Wrksfakltk ak` Inlskon ak Habflfstrhifl akÌAQF skr k` Ykirkthrfn Mklkrh` ak Fllnvh-ifl, y k` Tfikprksfakltk, k` Afrkitnr Mklkrhàk` Ikltrn.

5776 sk ihrhitkrfz pnr k` irkifbfkltn ak `nsinbprnbfsns ak dflhlifhifl ak` IAQF (45%kl rk`hifl h 5773) y `h hanpifl ak ulh skrfkak bkafahs tklakltks h dhif`fthr `hs hitfvfahakskbprkshrfh`ks ak F+A kl ul inltkxtn ak irfsfs

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FLDNUBKHL[H@5776 IKLQUN WHUH K@AKYHUUN@@NQKILN@MFINFLA[YQUFH@

kinlbfih, kltrk `hs quk aksthih `h mklkrh`f-zhifl ak` hltfifpn ak` 5;% ak hs hyuahs inl-ikafahs pnr k` Ikltrn sfl lkiksfaha ak hvh`.5776 thbefl sk ihrhitkrfz pnr k` flfifn ak `h

hahpthifl ak `ns prnmrhbhs ak` Ikltrn h `hKstrhtkmfh Ksthth` ak Fllnvhifl (K5F) y pnr `hinlsn`fahifl ak` houstk h` Bhrin Inbulfthrfnak Hyuahs ak Ksthan h `h F+A.

8.8. KTH@[HIFL V DFLHLIFHIFL AKWUNVKIQNY AK F+A+f AKYHUUN@@HANYWNU KBWUKYHY

K` IAQF dflhlifh, inl ihrmn h sus dnlans, hrkh`fzhifl ak prnykitns kbprkshrfh`ks ak fl-vkstfmhifl y akshrrn``n tkiln`mfin. Whrh k``n,

kvh`h aksak ulh pkrspkitfvh tilfin-dflhl-ifkrh `hs sn`fiftuaks prksklthahs pnr `hs kb-prkshs, phrh, pnstkrfnrbkltk, hpnyhr hquk``nsprnykitns quk iubp`kl `ns lfvk`ks ak ih`faharkqukrfans y sk hakiuhl h hs nrfklthifnlks ak-dflfahs kl k` W`hl Lhifnlh` ak F+A+f y `h pn`-tfih tkiln`mfih ak` Bflfstkrfn ak Ifklifh kFllnvhifl? sflmu`hrbkltk, k` kok Bkrihans ak`h Kstrhtkmfh Ksthth` ak Fllnvhifl, K5F. Kstnsprnykitns pukak skr ak F+A flafvfauh` (WFA) nak F+A Innpkrhtfvh, inlthlan tnans k``ns inl

ulh tfpn`nmh lfih ak hyuah quk sk ndrkik bn-au`hah kl dulifl ak hs ihrhitkrstfihs ak` prn-ykitn. @ns prnykitns ak F+A Innpkrhtfvh skafvfakl kl `hs bnah`fahaks ak prnykitns Fltk-mrhans, ak Innpkrhifl Qkiln`mfih kltrkpybks y ak Innpkrhifl Fltkrkbprkshs Lhifn-lh`. Ksths bnah`fahaks sk afdkrklifhl esfih-bkltk pnr `h afbklsfl ak `ns prnykitns y k`lbkrn ak kltfahaks quk in`henrhl, bhynr kl`ns Fltkmrhans y bklnr kl `ns FltkrkbprkshsLhifnlh` . Hsfbfsbn, k` IAQF hpnyh inl ihrmnh sus dnlans flfifhtfvhs phrh `h irkhifl y inl-

sn`fahifl ak kbprkshs ak ehsk tkiln`mfihpnr bkafn ak `hs hyuahs LKNQKI, y ndrkikhyuahs phrh h prnbnifl ak tkiln`nmhs kl k`kxtkrfnr y phrh prnbnvkr h phrtfifphifl ak kb-prkshs ksphn`hs kl prnmrhbhs fltkrlhifnlh-`ks ak innpkrhifl tkiln`mfih.

Wnr ntrn han, y inl ihrmn h phrtfahs prksupuks-thrfhs ha-cni, k` IAQF ndrkik h hs kbprkshs ns``hbhans prnykitns IKLFQ, quk snl mrhlaksprnykitns ak flvkstfmhifl flaustrfh` pe`fin-prf-


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vhah rkh`fzhans kl inlsnrifn. @ns prnykitnsIKLFQ sk flsirfekl akltrn ak hs bkafahs hprn-ehahs kl k` Wrnmrhbh FLMKLFN 5787.

Oultn h `n hltkrfnr, k` IAQF kbftk phrh tnahshquk``hs kbprkshs quk hpnyh y `n sn`fifthl `nsaklnbflhans Fldnrbks Bntfvhans. Kstns fldnr-bks dhif`fthl h `hs kbprkshs k` hiiksn h ek-lkdfifns dfsih`ks pnr flvkrsfl kl F+A+f klhquk``ns prnykitns dflhlifhans pnr k` IAQF.

Kl 5776, k` IAQF inbprnbktf dflhlifhifl pnrul tnth` ak 8.8;=,84 bf``nlks ak kurns phrh hpn-yhr 8.154 npkrhifnlks kbprkshrfh`ks ak `ns hl-tkrfnrks tfpns. 611 dukrnl prnykitns ak F+Aflafvfauh`ks (WFA), inl ulns inbprnbfsns ak

hpnrthifl IAQF ak ;3;,=1 bf``nlks ak kurns:936 dukrnl npkrhifnlks inrrkspnlafkltks h 6=prnykitns ak F+A Innpkrhtfvh, inl ulns inb-prnbfsns ak hpnrthifl ak 919,55 bf``nlks akkurns: =; prnykitns kliuharhans kl `h Flfifh-tfvh LKNQKI (56,88 bf``nlks ak kurns): y 83prnykitns IKLFQ inl ul inbprnbfsn ak hpnr-thifl ak 866,76 bf``nlks ak kurns.

Inl `h kxikpifl ak `ns IKLFQ, phrh dflhlifhr`ns hltkrfnrks k` IAQF ndrkif hyuahs kl dnrbh

ak iraftns h fltkrs ikrn, quk fliùhl ultrhbn ln rkkben`she`k ak chsth k` 99% kl dul-ifl ak `hs ihrhitkrstfihs ak` prnykitn (rkmflak akshrrn``n, innpkrhifl, fltkrlhifnlh`) Klk` ihsn ak `ns IKLFQ k` IAQF ndrkif hyuahskl dnrbh ak suevklifl quk iuerhl chsth k`;7% ak` prksupukstn k`kmfe`k ak` prnykitn.Dflh`bkltk, k` IAQF rkh`fzh dulifnlks ak innr-aflhifl inl `hs Inbulfahaks Hutlnbhs yak aflhbfzhifl ak kbprkshs fllnvhanrhs, klinlinrahlifh inl k` kok Fltkmrhifl Qkrrftnrfhàk `h ifthah Kstrhtkmfh Ksthth` ak Fllnvhifl,

K5F, inl neoktn ak eusihr sflkrmfhs kltrk `hshyuahs ak` Ikltrn hltks aksirfths y `hs ak `hsInbulfahaks.

8.5. MKYQFL AK @H WHUQFIFWHIFLKYWHN@H KL WUNMUHBHYFLLNTHANUKY M@NEH@KY

Qrhafifnlh`bkltk, k` IAQF ch prnbnvfan `hphrtfifphifl ksphn`h kl k` Wrnmrhbh Bhrinak F+A ak h [lfl Kurnpkh, kl h Hmklifh Ks-

phifh` Kurnpkh (KYH) n kl flfifhtfvhs bu`tf`h-tkrh`ks fltkrlhifnlh`ks ak innpkrhifl tkiln-`mfih inbn K[UKJH k FEKUNKJH. Oultn h `nhltkrfnr, akshrrn``h Wrnmrhbhs Ef`htkrh`ks ak

innpkrhifl tkiln`mfih inl tkrikrns phsks,prksth hpnyn fl sftu h kbprkshs fllnvhanrhsksphn`hs trhvs ak su Uka Kxtkrfnr ak rkprk-sklthltks tkiln`mfins, inlikak hyuahs df-lhlifkrhs phrh `h prnbnifl y afdusflfltkrlhifnlh` ak `hs tkiln`nmhs ksphn`hs,kltrk ntrhs hitfvfahaks.

Kl 5776, y h `h ùz ak `h Kstrhtkmfh Ksthth` akFllnvhifl (K5F) ak` Bflfstkrfn ak Ifklifh k Fl-lnvhifl, kl su kok ak Bkrihans k` IAQF chpukstn kl bhrich `h flfifhtfvh Flaustrfh ak `h

Ifklifh (FaI) iuyn neoktfvn prfnrfthrfn ks aflh-bfzhr kstk skitnr bkafhltk `h inbprh pe`fihak tkiln`nmh.

Kl su `henr, k` IAQF akshrrn``h ulh fltklsh hi-tfvfaha ak prnbnifl kltrk hs kbprkshs y mru-pns ak flvkstfmhifl y akdfklak `ns fltkrkskslhifnlh`ks kl k` skln ak `hs afdkrkltks nrmhlf-zhifnlks bu`tf`htkrh`ks y ef`htkrh`ks ak innpk-rhifl tkiln`mfih fltkrlhifnlh` kl qukphrtfifph Ksphh. Inl sus hituhifnlks pkrsf-

muk bhxfbfzhr `h phrtfifphifl ak `hs kltfahaksksphn`hs kl kstns prnmrhbhs thltn kl ihltf-aha -suevklifnlks y inltrhtns- inbn kl ih`f-aha -lfvk` tkiln`mfin y mrhan ak lnvkaha-.

Oultn h `n hltkrfnr, k` IAQF fbpu`sh `h innpk-rhifl tkiln`mfih ef`htkrh` kltrk kbprkshs,hpnyhlan `h inlstftuifl ak inlsnrifns y df-lhlifhlan `h trhlsdkrklifh ak tkiln`nmh kl k`beftn fltkrlhifnlh`. Whrh kstn `tfbn, k` Ikl-trn afspnlk ak ulh rka ak rkprksklthltks kl k`kxtkrfnr quk, kl 5776 hehriheh Ohpl, Inrkh,

Bhrrukins, Erhsf`, Icf`k, Bxfin, Icflh, Flafhy Ksthans [lfans.

Inbn rksu`thans bs aksthihans kl 5776ihek skh`hr?

Yk ch bhltklfan k` eukl lfvk` ak rktnrlnsquk vfklk rkmfstrhlan Ksphh kl su phrtfifph-ifl kl h Hmklifh Ksphifh` Kurnpkh? 879% kl5776. @ns rktnrlns ksphn`ks kl `hs Wrfnrfahaks Qk-

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btfihs y rkhs inmkstfnlhahs pnr k` IAQF ak`TFF Wrnmrhbh Bhrin hìhlzhrnl `ns 517,4 bf-``nlks ak kurns, ul 3,;% ak` prksupukstn ak `h[K-5=, ifdrh ul thltn kxikpifnlh`, akefan h` `f-

akrhzmn kl prnykitns ak akbnstrhifl klklkrmhs rklnvhe`ks. @hs prnpuksths kl k` Wrnmrhbh Bhrin fakrh-ahs pnr kltfahaks ksphn`hs chl phshan ak`6,3% ak 5773 h` 88,8% kl 5776. @hs kltfahaks ksphn`hs `fakrhrnl =8 prn-ykitns kl 5776, `n quk supnlk ul 87,8% ak`tnth`, drkltk h` =,5% ak 5773. [l tnth` ak 183kltfahaks ksphn`hs phrtfifphrnl kl 5776 k`Wrnmrhbh Bhrin (;81 kl 5773). @ns inltrhtns netklfans pnr kbprkshs ksph-n`hs kl `hs Mrhlaks Flsth`hifnlks Ifkltdfihs

(MFIs) fltkrlhifnlh`ks hsiklafkrnl h 5;,5 bf-``nlks ak kurns. Yk `hlz ul kstuafn phrh akdflfr, inlsn`fahr kfbpu`shr `h Flaustrfh ak `h Ifklifh (FaI), ehoniuyn inlikptn sk fliùykl `hs hitfvfahaks akrktnrlns ak `hs MFIs, inbn inltrfeuifl h `hKstrhtkmfh Ksthth` ak Fllnvhifl (K5F), Kl `h prksfaklifh pnrtumuksh ak` prnmrhbhK[UKJH sk hprnehrnl 15 lukvns prnykitnsinl phrtfifphifl ksphn`h, inl ulh flvkrsfl ;

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tnth` ak 91,99 bf``nlks ak kurns. Inl k``n, `hskltfahaks ak lukstrn phs chsth k` oulfn ak5776, chl phrtfifphan kl 314 prnykitns Ku-rkjh, y chl `fakrhan k` 85,1% ak k``ns `n quk

sfth h Ksphh inbn àkr ak Kurkjh thltn klprnykitns phrtfifphans inbn `fakrhans. Yk hprnehrnl 57 prnykitns FEKUNKJH inlphrtfifphifl ksphn`h, quk supnlkl ulh fl-vkrsfl tnth` ak 84,6 bf``nlks ak kurns. Akkstns prnykitns, 8; ksthehl `fakrhans pnr kl-tfahaks ksphn`hs, `n quk sfth h lukstrn phsinbn àkr flafsiutfe`k kl ksth flfifhtfvh. Yk hprnehrnl 54 Hyuahs h h Wrnbnifl Qki-ln`mfih (HWQ), inl ul fbpnrtk ak 9,1 bf``nlksak kurns, inlsn`fahlan k` flstrubkltn ak `hsHWQ, `hlzhan kl 577=.

Yk ikrtfdfihrnl 8= lukvns prnykitns ak inn-pkrhifl kl k` bhrin ak `ns prnmrhbhs ef`htk-rh`ks inl Ihlha, Icflh, Flafh, Inrkh ak` Yury Ohpl, inl prksupukstn tnth` ak 53,4 bf``n-lks ak kurns y ulh flvkrsfl ksphn`h ak 86,1bf``nlks ak kurns. 89 ak `ns phrtfifphltks ksphn`ks kl `ns 8=prnykitns ak innpkrhifl hiuafkrnl pnr prf-bkrh vkz h` IAQF pnr k` htrhitfvn ak `ns Wrn-mrhbhs Ef`htkrh`ks inl tkrikrns phsks.

5776DFLHLIFHIFL AFUKIQH AK WUNVKIQNY L Bf`ks ak

F+A Flafvfauh`ks 611 ;3;.=96

Inlikrthans 16 9;.639

Hkrnlutfins 94 13.613

Fltkrlhifnlh`ks 45 53.667

Ntrns =6= 1=8.383

F+A Innpkrhtfvh ;57 ;;5.987

Innpkrhifl kltrk WVBKs k Fltkmrhans (npkrhifnlks) (8) 5;= 531.7;9

Wrnykitns kl quk sk fltkmrhl 1= 531.7;9

Fltkrkbprkshs Lhifnlh` (npkrhifnlks) (8) 895 ;6.845Wrnykitns kl quk sk fltkmrhl ;7 ;6.845

Fltkrkbprkshs Fltkrlhifnlh` 889 87.777

IKLFQ 83 866.76;

Hyuahs h ovklks kbprkshs fllnvhanrhs =; 56.876

LKNQKI F ;3 86.657

LKNQKI FF 8= 6.836

Hyuahs h h Wrnbnifl Qkiln`mfih (HWQ) 54 9.175

@lkh ak Dflhlifhifl Ehlihrfh ak h Fllnvhifl Qkiln`mfih (@EI) 893 37.=67

QNQH@ DFLHLIFHIFL AFUKIQH 8.=79 8.5;8.9;7


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5776

DFLHLIFHIFL FLAFUKIQH L Bf`ks ak

LKNQKI-Ihpfth` Ufksmn (5) 5 97.777

Hyuahs h h prkphrhifl prnpuksths inbulfthrfhs (HWI+) 37 8.433

Hyuahs h `h prkphrhifl ak ndkrths (HWN) 59 195

Enlns Qkiln`mfins (phmns) (9) - =7;

[lfahaks ak Fllnvhifl Fltkrlhifnlh`, [FF (phmns) (9) - 5.3=1

Wrnmrhbhs ak Ihphifthifl ; 93

Bfsfnlks Fltkrlhifnlh`ks 8= 95

QNQH@ DFLHLIFHIFL FLAFUKIQH 85= 9;.=46

5776

MKYQFL AK WUNMUHBHY LHIFNLH@KY L

Yn`fiftuaks kvhùhahs ak prnykitns IAQF 5.467Kbfsfl ak Fldnrbks Bntfvhans 417

Kvhùhifnlks kxtkrlhs ak` W`hl Lhifnlh` ak F+A+f 5.645

Hituhifnlks afrkiths ak hsksnrhbfkltn h kbprkshs 37;

MKYQFL AK WUNMUHBHY FLQKULHIFNLH@KY %, L Bf`ks ak

Uktnrln Wrnmrhbh Bhrin ak F+A ak h [K (%) (1) 3,; 517.;63

Kltfahaks inl Wrnykitns hprnehans kl k` TFF WB (l) 183 -

Wrnykitns Kurkjh inl phrtfifphifl ksphn`h (l) (;) 15 91.997

Wrnykitns KurnYthrs, Krhlkt y ntrns inl phrtfifphifl ksphn`h (l) 98 8;.457Wrnykitns Fekrnkjh inl phrtfifphifl ksphn`h (l) 57 84.65;

Wrnykitns Ef`htkrh`ks (l) (4) 8= 86.=96

MKYQFL AK WUNMUHBHY HKUNKYWHIFH@KY V UKQNULNYQKILN@MFINY

%, L Bf`ks ak

Uktnrln hiubu`han inltrfeuifl ksphn`h h h KYH (=) 879 8.868.;81Uktnrln hluh` inltrhthifl ksphn`h kl h KYH 4,= 819.777

Uktnrlns ak Cfsphsht (3), Kubktsht (6), YphflYht (87) y Hbhznlhs 881 9=.677

Lbkrn ak inltrhtns y vnùbkl ak inltrhthifl h flaustrfhs ksphn`hskl Mrhlaks Flsth`hifnlks Ifkltdfihs (MFIs)

59 5;.553

WUNBNIFL, AFD[YFL k FLDNUBHIFL LYn`fiftuaks htklafahs pnr `h Uka WF+A+f 89.=5;

Kvkltns inl phrtfifphifl ak` IAQF 937

Hphrfifnlks kl bkafns 9.=;6

Tfsfths h h pmflh wke inrpnrhtfvh kl k` hn ;37.937

Fldnrbks ndfifh`ks trhbfthans 4=3

(8) Ksths bnah`fahaks ak F+A Innpkrhtfvh sk kstruiturhl phrh su mkstfl inbn ulh skrfk ak hituhifnlks flafvfauh`ks (npkrhifnlks) quk tfklkl ul trhthbfkltnflafvfauh`fzhan(5) Inbprnbfsn ak hpnrthifl hprnehan pnr k` Inbft ak Flvkrsfnlks(9) @ns phmns ak [FF y Enlns sk rkdfkrkl h akskben`sns rkh`fzhans kl k` hn akrfvhans ak inbprnbfsns haqufrfans kl ksk hn n hltkrfnrks(1) Uktnrln hluh` snerk prksupukstn akafihan h prnykitns (suevklifnlks) hprnehans kl ns prnmrhbhs ak h [K-5= quk mkstfnlh k` IAQF. Kl dulifl ak hpuksth kl bhrich ak hs bkafahs inrrkspnlafkltks kl k` WL, IIHH, [lfvkrsfahaks y NWF

(;) Whrh k` hn l, ahtns inrrkspnlafkltks h` pkrfnan ak hs prksfaklifhs ak oulfn l-8 h oulfn l.(4) Wrksupukstn ak prnykitns Icflkjh, Ihlhakjh, kti.(=) Uktnrln flaustrfh` hiubu`han (vnùbkl ak inltrhtns) aksak 78/78/5777(3) Uktnrln hluh` skml k` pkrdf` phithan inl `ns inltrhtfsths prflifph`ks(6) Uktnrln snerk `h inltrfeuifl ksphn`h hluh` h `hs flsth`hifnlks ak inltrn` kl tfkrrh quk inltrhth afrkithbkltk Kubktsht.(87) Uktnrlns inrrkspnlafkltks h` sht`ftk bf`fthr ak inbulfihifnlks YphflYht inbprnbktfans pnr @nrh`


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8.9. @H F+A+F KBWUKYHUFH@ KL KYWHH VK@ IAQF

@h haqufsfifl ak vklthohs inbpktftfvhs

snstklfe`ks kl k` tfkbpn akek inlvkrtfrsk kl k`neoktfvn dulahbklth` ak `hs kbprkshs ksph-n`hs. Ln ehsth inl hahpthrsk h `ns ihbefnsfbpukstns pnr k` bkrihan sfln quk chy qukhltfifphrsk h kstns y ksthr kl afspnsfifl akbhltklkr `h afdkrklifh inl `ns inbpktfanrks klul inltkxtn ihah vkz bs inbp`kon, bs fl-tkrlhifnlh`fzhan y bs flifkrtn. @h fllnvhifly `h hp`fihifl ak inlnifbfkltn snl ckrrh-bfklths esfihs phrh k``n.

h) Wrflifph`ks ifdrhs ak F+A

Kl 5773, `tfbn ahtn afspnlfe`k kl FLK, Ks-phh flvfrtf k` 8,9;% ak` WFE kl hitfvfahaksak F+A, bs ak 81.=77 bf``nlks ak kurns in-rrfkltks y ul 87% bs quk kl 577=. Kstk ahtnbhltfklk `h sklah irkifkltk flfifhah h dflh`ks

=

IHWQ[@N

8

5776


ak `ns 67 trhs ul pkrnan ak bhynr inltkliflak `h flvkrsfl rk`hifnlhah inl `h irfsfs kurn-pkh ak 8665-69 y `h inlsn`fahifl prksupuks-thrfh flfifhah kl 8661, y inltflh k` irkifbfkltn

bs kxp`nsfvn quk sk pkrifek h phrtfr ak 5771,kl inlsnlhlifh inl k` bhynr ksdukrzn aksak`h Habflfstrhifl We`fih phrh kstfbu`hr `h fl-vkrsfl kl F+A.

Ksth kvn`uifl ch pkrbftfan h lukstrn phs rk-auifr i`hrhbkltk `h afdkrklifh inl `ns phsksak lukstrn kltnrln snifnkinlbfin, sf efkl tn-ahvh ksthbns kons ak ns prflifph`ks flvkrsn-rks inbn Dfl`hlafh, Yukifh n H`kbhlfh, n,dukrh ak `h [lfl Kurnpkh, Ksthans [lfans yOhpl. Chy quk skh`hr quk, drkltk h `h tkl-

aklifh irkifkltk ak` ksdukrzn ksphn`, `hbkafh ak `h [lfl Kurnpkh ([K-5=? 8,3;% kl5773: [K-8;? 8,69% kl 5773 ), vfklk bhltk-lflansk pritfihbkltk ksthe`k aurhltk k` `-tfbn quflquklfn.

7,77

8,37

8,17

8,57

8,77

7,37

7,47

7,17

7,57

8638

8663

866=

8664

866;

8661

8669

8665

8668

8667

8636

8633

863=

8634

863;

8631

8639

8635

5771

5779

5775

5778

5777

8666

577;

5774

577=

5773

Kvn`uifl ak `h flvkrsfl ksphn`h kl F+A kl pnriklthok ak` WFE (8638-5773)

D[KLQK? K`henrhifl prnpfh skml ahtns FLK, 5787.


12/140

e) @h phrtfifphifl ak` skitnr kbprkshrfh`

@h phrtfifphifl kbprkshrfh` kl `h flvkrsfl klF+A ks ulh vhrfhe`k dulahbklth` kl k` hl`fsfs

ak` Yfstkbh Lhifnlh` ak Fllnvhifl y ak` inl-oultn ak ulh kinlnbh. Kl prfbkr ùmhr, snl`hs kbprkshs `hs quk bhtkrfh`fzhl mrhl phrtkak` inlnifbfkltn mklkrhan kl lukvns efklks,skrvfifns y prniksns ak prnauiifl, flirkbkl-thlan, hs, k` efklksthr snifh` h` trhs`hahr ksthsbkonrhs h `h snifkaha. V kl skmulan ùmhr, `hflvkrsfl kl F+A ks ulh ckrrhbfklth phrh k`bkonr pnsfifnlhbfkltn inbpktftfvn ak `hs kb-prkshs ak ul phs y phrh mhrhltfzhr kl k` bkafny `hrmn p`hzn su supkrvfvklifh bkafhltk `h mk-lkrhifl ak bhynr vh`nr hhafan.

Ykml `ns `tfbns ahtns ak` FLK, k` skitnr kb-prkshrfh` ksphn` dflhlifh k` 1;% ak `h F+A tnth`y kokiuth k` ;;% ak `h bfsbh. Wukak akifrskquk h flvkrsfl prfvhah ln ch hinbphhan kl`h bfsbh bkafah k` ksdukrzn rkh`fzhan pnr `hhabflfstrhifl. Hs, `h phrtfifphifl kbprksh-rfh` kst tnahvh `kons ak `ns neoktfvns ak @fs-enh y ks bklnr h `h ak `ns prflifph`ks phsksak lukstrn kltnrln. Ak ckicn, sf sk tnbh h rk-`hifl kltrk `h dflhlifhifl ak` skitnr kbprk-

shrfh` y k` pnriklthok ak flvkrsfl kl F+A snerkk` WFE (vkr mrdfin) sk neskrvhl ulns lfvk`ksbhynrks ak flvkrsfl iuhltn bhynr ks `h phr-tfifphifl ak` skitnr kbprkshrfh`.

Yf sk hlh`fzhl `hs rk`hifnlks kltrk `ns afstfltnshmkltks ak` Yfstkbh Lhifnlh` ak Fllnvhiflak dflhlifhifl y kokiuifl sk inldfrbh ksth,tnahvh, flsudfifkltk phrtfifphifl dflhlifkrh ak

`hs kbprkshs. Yk neskrvh quk `h hutndflhlifh-ifl ak` skitnr kbprkshrfh` sk sfth kl tnrln h`=4%, netklfklan ak `h Habflfstrhifl We`fihul 83% hafifnlh`, ihsf ans pultns pnrikltuh-

`ks bs quk kl 577=, y ul 4% ak` kxtrhlokrn,prflifph`bkltk inltrfeuifnlks ak h [K y ntrnsnrmhlfsbns fltkrlhifnlh`ks. Kl trbflns he-snùtns, `h kokiuifl ak` skitnr kbprkshrfh` skch flirkbklthan kl h`mn bs ak 486 bf``nlksak kurns, ak `ns iuh`ks 55= bf``nlks ak kurnsprnvfklkl ak` flirkbkltn ak h dflhlifhifl ak`skitnr pe`fin h `hs kbprkshs: aksthih thb-efl `h bklnr hpnrthifl ak` skitnr kxtrhlokrn,ulns 88; bf``nlks bklns quk kl 577=.

Kl 5773 inltflh k` ksdukrzn rkh`fzhan aksak

`hs habflfstrhifnlks pe`fihs, quk dflhlifh k`14% ak tnah `h F+A kokiuthah, 3=1 bf``nlkshafifnlh`ks h `ns quk hpnrthrh kl 577= y ihsfans pultns pnrikltuh`ks bs.

[lh ak hs prflifph`ks akef`fahaks ak` Yfstkbh

Lhifnlh` ak Fllnvhifl ks `h dh`th ak inlkxflkltrk k` beftn kbprkshrfh` y k` bulan ak `hflvkstfmhifl, `ns ahtns hrrnohl ulh tklaklifhirkifkltk ak dflhlifhifl ak hs kbprkshs, qukpnarh flafihr ulh bhynr fltkrrk`hifl kltrkhbens bulans (ulh ak `hs `lkhs ak trhehonkstrhtmfihs fbpu`shah aksak `hs habflfstrh-ifnlks pe`fihs), sf efkl, kl 5773 sk ch rkau-ifan `fmkrhbkltk, prnehe`kbkltk, pnr kdkitnak` kbpknrhbfkltn ak h sftuhifl kinlbfih.Hs, `h dflhlifhifl ak `hs kbprkshs h `h F+A

3

IHWQ[

@N

8

5776


7,77

8,37

8,17

8,57

8,77

7,37

7,47

7,17

7,57

Inbphrhifl fltkrlhifnlh` ak `h dflhlifhifl kbprk-shrfh` y pnriklthok ak` WFE flvkrtfan kl F+A

D[KLQK? K`henrhifl prnpfh skml ahtns ak Kurnstht, 5787. Ahtns hn 5773? [K-5=, [K-8;, Ksphh, Dfl`hlafh,Drhlifh y Ukfln [lfan: ahtns hn 577=? H`kbhlfh, Ksthans [lfans, Ohpl y Yukifh.

7,;7 8,77 9,;7 1,779,775,;75,778,;7

U[

DUH

[K-8;[K-5=

KYW

KK[[ H@K

Y[K DFL

OHW

1,;7

Kokiuifl

Qnth` 877,77 %

Habflfstrhifl We`fih 83,83 %

Klskhlzh supkrfnr 54,=; %

Kbprkshs ;1,65 %FWYD@ 7,84 %

Ykitnrks ak dflhlifhifl y kokiuifl ak F+A kl 5773

DflhlifhiflHabflfstrhifl

We`fihKlskhlzh

supkrfnrKbprkshs FWYD@* Kxtrhlokrn

1;,;=% 9,55% 11,6;% 7,;;% ;,=7%

33,7;% 7,58% ;,34% 7,=3% ;,87%

=9,;6% 88,39% 3,35% 7,6;% 1,38%

8=,67% 7,79% =;,;;% 7,83% 4,91%

95,3;% 8,51% 51,37% 94,73% ;,79%


13/140

kokiuthah kl k` beftn ulfvkrsfthrfn ch sfan ak`4,68% kl 577;, k` =,63% kl 5774, k` 6,78% kl577= y 3,35% kl 5773.

i) Afstrfeuifl ak` ksdukrzn kl F+A pnrIIHH

Kl Ksphh kxfstk ulh hbp`fh cktkrnmklkfahakl k` ksdukrzn kl F+A hlh`fzhan pnr IIHH.Qrhafifnlh`bkltk, iuhtrn inbulfahaks sk sf-thl ehsthltk pnr klifbh ak h bkafh lhifnlh`(8,9;% ak` WFE flvkrtfan kl F+A kl 5773), ysnl? Bharfa (5,77%), quk sk bhltfklk pnr tkr-ikr hn inlskiutfvn pnr klifbh ak `h bkafh[K-8;, Whs Thsin (8,64%), Lhvhrrh (8,65%)y Ihthùh (8,48%).

@hs akbs inbulfahaks sk bhltfklkl kl lf-vk`ks fldkrfnrks h `h bkafh lhifnlh` y sk puk-akl afvfafr kl trks mrupns. Hquk``hs pnr klifbhak` 8% ak` WFE akafihan h hitfvfahaks ak F+A,

inl Ihstf``h y @kl h `h ihekzh: `hs quk kstlkltrk k` 8% y `h bftha ak `h bkafh (Hsturfhs,Kxtrkbhaurh y Burifh), y k` mrupn bs rkzh-mhan inl vh`nrks pnr akehon ak `h bftha ak `hbkafh, th` y inbn sk neskrvh kl k` mrdfin.

Kl k` hl`fsfs rkmfnlh`fzhan chy quk flafihrquk tnahs hs IIHH, h kxikpifl ak Ihlhrfhs,@h Ufnoh y Burifh, chl kxpkrfbklthan ul fl-irkbkltn ak su ksdukrzn rk`htfvn. Kl `h the`hsfmufkltk sk pukak vkr `h kvnùifl ak `hsIIHH kl trbflns ak akafihifl ak` WFE.

6

IHWQ[@N

8

5776


Flvkrsfl kl F+A kl rk`hifl inl WFE pnr IIHH, 5773

D[KLQK? FLK, 5787.

7,87 5,878,478,877,47

Bharfa

HsturfhsIhltherfh

@h UfnohHlahùih

HrhmlMh`fifh

I. Th`klifhlhIhstf``h y @kl

KYWHHIhthùhLhvhrrh

Whs Thsin

Eh`khrksIhlhrfhs

Ihstf``h-@h BhlichKxtrkbhaurh

Burifh

Flvkrsfl pnr IIHH kl F+A kl pnriklthok ak` WFE

5774 577= 5773

8 -- Bharfa -- 8,64 8 -- Bharfa -- 8,69 8 -- Bharfa 5,77

5 -- Lhvhrrh -- 8,68 5 -- Lhvhrrh -- 8,33 5 -- Whs Thsin -- 8,64

9 -- Whs Thsin -- 8,;3 9 -- Whs Thsin -- 8,33 9 -- Lhvhrrh -- 8,65

1 -- Ihthùh -- 8,15 1 -- Ihthùh -- 8,13 1 -- Ihthùh -- 8,48

; -- @h Ufnoh -- 8,71 ; -- @h Ufnoh -- 8,84 ; -- Ihstf``h y @kl -- 8,54

4 -- Ihstf``h y @kl -- 7,6= 4 -- Ihstf``h y @kl -- 8,8 4 -- Inbulfaha Th`klifhlh -- 8,7;

= -- Inbulfaha Th`klifhlh -- 7,6; = -- Mh`fifh -- 8,79 = -- Mh`fifh -- 8,71

3 -- Hlahùih -- 7,36 3 -- Hlahùih -- 8,75 3 -- Hlahùih 8,79

6 -- Mh`fifh -- 7,36 6 -- Inbulfaha Th`klifhlh -- 7,64 6 -- Hrhml -- 8,79

87 -- Hsturfhs -- 7,33 87 -- Hsturfhs -- 7,69 87 -- @h Ufnoh 8,77

88 -- Hrhml -- 7,3= 88 -- Burifh -- 7,65 88 -- Ihltherfh 8,77

85 -- Ihltherfh -- 7,=6 85 -- Hrhml -- 7,6 85 -- Hsturfhs -- 7,64

89 -- Burifh -- 7,=4 89 -- Ihltherfh -- 7,33 89 -- Burifh -- 7,34

81 -- Kxtrkbhaurh -- 7,=5 81 -- Kxtrkbhaurh -- 7,=1 81 -- Kxtrkbhaurh -- 7,34

8; -- Ihlhrfhs -- 7,4; 8; -- Ihlhrfhs -- 7,41 8; -- Ihstf``h - @h Bhlich -- 7,=5

84 -- Ihstf ` h - @h Bhlich -- 7,1= 84 -- Ihstf ` h - @h Bhlich -- 7,47 84 -- Ihlhrfhs -- 7,45

8= -- Eh`khrks -- 7,56 8= -- Eh`khrks -- 7,99 8= -- Eh`khrks -- 7,9;

D[KLQK? K`henrhifl prnpfh inl ahtns FLK, 5776.


14/140

a) K` IAQF kl `h F+A ksphn`h

Kl 5776, `h dflhlifhifl afrkith ak` IAQF h `hskbprkshs phrh k` akshrrn``n ak sus prnykitns

ak F+A+f hìhlz `ns 8.5;8 bf``nlks ak kurns,fliùyklan prnykitns ak F+A, hyuahs LKN-QKI, IKLFQ, fltkrkbprksh fltkrlhifnlh`, kti.@h dflhlifhifl inbprnbktfah, bkafhltk ir-

aftns y suevklifnlks, pnr k` IAQF kl 5776 su-pnlk k` 8;,16% ak `h kokiuifl tnth` ak `hs kb-prkshs kl 5773, `n quk sfth h` Ikltrn inbn k`pultn ak rkdkrklifh ak `h hyuah pe`fih h `h

F+A kbprkshrfh`.

87

IHWQ[

@N

8

5776


8.177.777

Qnth` habflfstrhiflpe`fih sfl

dflhlifhifl IAQF

* Inbprnbfsns ak hpnrthifl IAQF fliùyklan suevklifnlks (inlthef`fzhahs pnr k` FLK inbn dflhlifhifl ak `h Habf-lfstrhifl We`fih: hs hyuahs rkkben`she`ks y phrifh`bkltk rkkben`she`ks ak` IAQF ln sk fliùykl kl h dflhlifhifl ak`h Habflfstrhifl We`fih).Dukltk? FLK, 5787 y k`henrhifl prnpfh.

8.577.7778.777.777377.777477.777177.777577.7777

IAQF*

Kxtrhlokrn

FWYD@

FWYD@

Dukltks ak dflhlifhifl ln kbprkshrfh`ks ak `h F+A kokiuthah pnr `hs kbprkshs, hn5773 (bf`ks ak kurns) y hpnrthifl IAQF hn 5776 (bf`ks ak kurns)


15/140

Wnr `tfbn, k` rkphrtn mknmrdfin ak h hitfvfahaIAQF y k` ak `h flvkrsfl kbprkshrfh` kl F+Akst rk`htfvhbkltk hinbphshan, sf efkl, inbnrksu`than ak `h fbpnrthltk iuhlth ak` Dnlan

Qkiln`mfin mkstfnlhah pnr k` IAQF, sk neskr-vhl h`mulhs afdkrklifhs sfmlfdfihtfvhs? `hsIIHH ak inlvkrmklifh, kspkifh`bkltk Hlah-ùih, tfklkl ul pksn supkrfnr kl k` IAQF ak-

88

IHWQ[@N

8

5776


97,7 %

Hlahùi

h

Inbphrhtfvh ak `h afstrfeuifl ak `h flvkrsfl kbprkshrfh` kl F+A (hn 5773) y `h afstrf-euifl ak `hs hyuahs ak` IAQF (hn 5776)

Wksn F+A kbprkshrfh`

D[KLQK? FLK, 5787 y IAQF, 5787

5;,7 %

57,7 %

8;,7 %

87,7 %

;,7 %

7,7 %

Hrhm

l

Hstu

rfhs

Eh`kh

rks

Ihlh

rfhs

Ihlt

herfh

Ihstf``

h-@h

Bhl

ich

Ihstf``h

y@k

l

Ihthù

h

Inbu

lfaha

Th`k

lifhl

h

Kxtrk

bhaur

h

Mh`fifh

@hUfno

h

Bha

rfa

Bur

ifh

Lhvh

rrn

WhsTh

sin

Wksn hpnrthifl IAQF

efan h ksth bhynr afspnlfef`faha ak dnlans ks-truiturh`ks: thbefl sk neskrvh quk kl hquk-``hs inbulfahaks anlak kxfstk ul prkanbflfnak` skitnr skrvfifns `h prksklifh IAQF tfklak h

skr ul pnin bklnr akefan h` ihritkr prkanbf-lhltkbkltk flaustrfh` ak `ns prnykitns dflhl-ifhans, inbn niurrk pnr kokbp`n kl Bharfa.


16/140

5

KYQU[IQ[UH

NUMHLF_HQFTH


17/140

5.8. INLYKON AK HABFLFYQUHIFLK` Inlskon ak Habflfstrhifl ak` IAQF, h

98/85/5776, kstheh fltkmrhan pnr

89

IHWQ[@N

5

5776


Wrksfakltk

A. Ouhl Qnbs Ckrlhlf Eurzhin Ykirkthrfn Mklkrh` ak Fllnvhifl(Bflfstkrfn ak Ifklifh k Fllnvhifl)

Tfikprksfakltk y Afrkitnr Mklkrh`

A. Bhurfif @uiklh Ektrfu Afrkitnr Mklkrh` ak` IAQF

Inlskokrns

A. D`fx Mhrih-Nicnh Ynrfh Yueafrkitnr Mklkrh` ak Wrnykitns ak Flvkstfmhifl(Bflfstkrfn ak Ifklifh k Fllnvhifl)

A. Afkmn Bnux Icrin`ks Hsksnr ak` Mheflktk ak `h Bflfstrh ak Ifklifh k Fllnvhifl

A I`hrh Kumklfh Mhrih Mhrih Hsksnrh ak` Mheflktk ak h Bflfstrh ak Ifklifh k Fllnvhifl

A Inlikpifl Mrhu N fv Yueafrkitnrh Mklkrh` ak Innraflhlifl Kinlbfih(Bflfstkrfn ak Kauihifl)

A Ihrbkl Hrrnyn ]h`achus Okdh ak` Mheflktk ak h Yueskirkthrfh(Bflfstkrfn ak Ifklifh k Fllnvhifl)

A Ihrbkl Yfbl Hafkmn Yueafrkitnrh Mklkrh` ak Habflfstrhifl Dflhlifkrh,Umfbkl Fltkrfnr k Flspkiifl ak Ykrvfifns (Bflfstkrfn akIfklifh k Fllnvhifl)

A. Qnbs Drhf`k Yhltns Yueafrkitnr Mklkrh` ak Innraflhifl ak NrmhlfsbnsWe`fins ak Flvkstfmhifl (Bflfstkrfn ak Ifklifh k Fllnvhifl)

A Flbhiu`hah Dftklf Ihbpns Hsksnrh ak` Akphrthbkltn ak Wn`tfih Ynifh` k Flaustrfh` ak`h Ndfiflh Kinlbfih ak` Wrksfakltk ak` Mnefkrln

A. Ouhl KlrfqukMrhan`pc Ihafkrln

Afrkitnr Mklkrh` ak Wn`tfih Kinlbfih(Bflfstkrfn ak Kinlnbh y Chifklah)

A Fshek` Mhrih Yhlz Yueafrkitnrh Mklkrh` ak Inlskrvhifl ak Ukiursns yH`fbklthifl Hlfbh` Bflfstkrfn ak Bkafn Hbefkltk y BkafnUurh` y Bhrfln)

A. Okss Ihlaf` Mnlzh`n Afrkitnr Mklkrh` ak Flaustrfh (Bflfstkrfn ak Flaustrfh,Qurfsbn y Inbkrifn)

A. Onrmk E`zqukz @fany Tnih` Hsksnr ak` Mheflktk ak` Bflfstrn ak Flaustrfh,Qurfsbn y Inbkrifn

A. Tfitnrfh Bhrins Ihekrn Yueafrkitnrh Mklkrh` ak Fldnrbhifl Fltkrlhifnlh`

(Bflfstkrfn ak `h Wrksfaklifh)A. Onhqul Dkrllakz Lkz Hsksnr ak `h Bflfstrh (Bflfstkrfn ak Akdklsh)

A Ekmnh Irfstktn E`hsin Yueafrkitnrh Mklkrh` ak `h Ndfiflh Wrksupuksthrfh(Bflfstkrfn ak Ifklifh k Fllnvhifl)

A Fshek` H`nlsn Wfhr Hsksnr ak` Mheflktk ak h Bflfstrh ak Ifklifh k Fllnvhifl

A. @ufs KauhranUuz @pkz ak `h Qnrrk Hy``l

Yueafrkitnr Mklkrh` ak Flsth`hifnlks y NrmhlfsbnsFltkrlhifnlh`ks (Bflfstkrfn ak Ifklifh k Fllnvhifl)

A. Uh` Muf``krbnYlickz Dkrllakz-Ekrlh`

Hsksnr ak` Mheflktk ak `h Bflfstrh ak Ifklifh k Fllnvhifl

A. Ons Bhrh Nil H`inikeh Yueafrkitnr Mklkrh` ak Fldrhkstruiturh Ifkltdfih (Bflfstkrfnak Ifklifh k Fllnvhifl)

Ykirkthrfh ak` Inlskon

A. Ihrbkl Ihlah Bnrkln Ykirkthrfh Mklkrh ak IAQF (Bflfstkrfn ak Ifklifh k Fllnvhifl)


18/140


19/140


20/140

9

KTH@[HIFL V

DFLHLIFHIFL AK WUNVKIQNY


21/140

9.8. QFWN@NMH AK WUNVKIQNYK` IAQF kvh`h, sk`kiifnlh y dflhlifh prn-

ykitns ak F+A akshrrn``hans pnr kbprkshs ks-

phn`hs. K` flstrubkltn dflhlifkrn quk utf`fzhphrh k``n ks `h hyuah phrifh`bkltk rkkben`sh-e`k -kstn ks, ulh hyuah quk flinrpnrh ul trhbnrkkben`she`k h tfpn ak fltkrs 7 y ul trhbn lnrkkben`she`k- y kl nihsfnlks `h suevklifl.Akpklafklan ak `hs afstflths lkiksfahaks akhpnyn kl bhtkrfh ak F+A quk ch fan aktki-thlan, k` IAQF ch irkhan y ndrkik h `hs kb-prkshs afstfltns tfpns ak prnykitns, inlafdkrkltks pkrdf`ks ak hpnyn dflhlifkrn.

Kl ou`fn ak 5773, `hs bnah`fahaks prkkxfstkl-tks ak Flvkstfmhifl Flaustrfh` Inlikrthah y akAkshrrn``n Qkiln`mfin sk dusfnlhrnl kl `h akWrnykitns Kbprkshrfh`ks ak F+A (WFA), `nsiuh`ks iuklthl inl ulh ckrrhbfklth dflhlifkrhak hyuah lfih quk sk ndrkik bnau`hah kldulifl ak `hs ihrhitkrstfihs ak` prnykitn(pnar hikrihrsk bs n bklns h` `bftk ak in-ekrturh bxfbh ak h hyuah). Wnr ntrn han, hsflfifhtfvhs chsth kltnliks hpnyhahs pnr bkafnak `ns Wrnykitns ak Fllnvhifl Qkiln`mfih lnsk rkinmfkrnl kl `ns WFA, ihlh`fzlansk chifhulh `lkh ehlihrfh ak Dflhlifhifl ak `h Flln-vhifl Qkiln`mfih, dnlakhah pnr k` IAQF, yquk sk inlstftuy h` kdkitn.

Hs, kl 5776 `hs bnah`fahaks ak hpnyn ndrkif-ahs afrkithbkltk pnr k` IAQF dukrnl?

h) Wrnykitns Kbprkshrfh`ks ak F+A (WFA)

Ynl prnykitns kbprkshrfh`ks ak F+A nrfklth-ans h` akshrrn``n ak lukvns prnauitns n prn-

iksns flaustrfh`ks. Qfklkl ihritkr hp`fihan ysk ehshl kl k` akshrrn``n ak lukvhs tkiln`n-mhs kl `h kbprksh.

Akltrn ak ksth ihtkmnrh sk afdkrklifhl `nsprnykitns ak F+A Flafvfauh`ks y `ns ak F+A In-npkrhtfvh. Inbn su prnpfn lnberk flafih, `nsprnykitns ak F+A Innpkrhtfvh snl flfifhtfvhsakshrrn``hahs pnr vhrfhs kbprkshs kl innpk-rhifl y sk rkinmkl kl `hs sueihtkmnrhs akWrnykitns Fltkmrhans, ak Innpkrhifl Qkiln-

`mfih kltrk pybks k Fltkrkbprkshs Lhifnlh`.Ksths flfifhtfvhs iuklthl inl indflhlifhiflak` DKAKU, pnr bkafn ak` Wrnmrhbh NpkrhtfvnDnlan Qkiln`mfin.

e) Wrnykitns LKNQKI.

Ynl prnykitns quk tfklkl inbn neoktfvn hpn-yhr `h irkhifl y inlsn`fahifl ak kbprkshsak ehsk tkiln`mfih, dhif`fthlan k` ihbfln h nskbprklakanrks tkiln`mfins aksak k` bn-bkltn ak h inlikpifl ak h fakh kbprkshrfh`chsth quk `h kbprksh sk ch inlsn`fahan.

i) Wrnykitns IKLFQ (Inlsnrifns Kstrhtmf-ins Lhifnlh`ks kl Flvkstfmhifl Qilfih).

Flstrubkltn irkhan kl k` bhrin ak FLMKLFN5787, phrh hpnyhr prnykitns ak flvkstfmhiflflaustrfh` hinbktfans pnr mrhlaks inlsnrifnsinlstftufans pnr mrhlaks kbprkshs, WVBKYy ikltrns mklkrhanrks ak inlnifbfkltn, akiuhtrn hns ak aurhifl y prksupukstns kltrk57 y 17 bf``nlks ak kurns. @h suevklifl qukrkifekl pukak hìhlzhr k` ;7% ak` prksu-pukstn hprnehan.

Yh`vn kl k` ihsn ak `ns prnykitns IKLFQ, kÌAQF ndrkik ulh inlvnihtnrfh pkrbhlkltk akhyuahs pùrfhluh`ks. Kstn sfmlfdfih quk `hskbprkshs pukakl prksklthr kl iuh`qufkr bn-bkltn sus sn`fiftuaks ak hyuah, pnr `n qukpukakl akshrrn``hr sus prnykitns sfl k` kl-inrskthbfkltn tkbpnrh` quk supnlk k` rks-pktn h p`hzns ak hpkrturh y ifkrrk ak ulhinlvnihtnrfh.

Kl 5776, hakbs ak su `henr ak dflhlifh-ifl, k` IAQF thbefl duk nrmhlfsbn kvh-

ùhanr ak tnans ns prnykitns kbprkshrfh`ksak fllnvhifl y akshrrn``n tkiln`mfin prk-sklthans h inlvnihtnrfhs kxtkrlhs ak` W`hlLhifnlh` ak F+A+f ak afdkrkltks nrmhlfsbnsak `h Habflfstrhifl Ikltrh` (Bflfstkrfn akFlaustrfh Qurfsbn Inbkrifn y Bflfstkrfn akIfklifh k Fllnvhifl).

8=

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Inl neoktn ak prksthr ul hpnyn kspkifh` h`tkofan kbprkshrfh` ksphn` kl h hituh` irfsfsdflhlifkrh, kl 5773 y 5776 k` IAQF flirk-bklt hiushahbkltk k` htrhitfvn dflhlifkrnak `hs hyuahs quk ndrkik h `h kbprksh.

Hs, kl 5773 prn`nlm k` p`hzn ak hbnrtfzh-ifl (inl ihritkr mklkrh` phs ak `h cnr-quf``h =-6 h `ns 87 hns), fltrnauon ul trhbnln rkkben`she`k (ak kltrk k` 8;% y k` 99%)y kxtklaf k` `bftk ak inekrturh ak `h hyuahIAQF aksak k` 47% h` =;% ak` prksupukstnak` prnykitn y kl 5776 mklkrh`fz `h inlik-sfl ak hltfifpns ak` 5;% ak `h hyuah IAQFh `hs kbprkshs inl prnykitns hprnehans,sfl `h kxfmklifh ak mhrhlths hafifnlh`ks

(hltks sk `fbftheh h bfirnpybks y h prnbn-tnrks ak prnykitns ak Flvkstfmhifl Flaus-trfh` Inlikrthah). Inl ksth flfifhtfvh, kÌAQF eusih hpnyhr ak dnrbh kspkifh` h `hkbprksh kl `h hituh` sftuhifl ak irfsfs. Vkspkifh`bkltk h `h pybk, quk ks `h bshdkithah.

Hafifnlh`bkltk, k` IAQF `hlz ul sfstkbhphrh inlikakr hltfifpns ak` =;% ak `h hyuahhprnehah y inbprnbktfah, hulquk h afdk-

rklifh ak` prfbkr sfstkbh, k` k`kvhan bnl-thltk ak kstk hltfifpn aktkrbfl quk sk rk-qufkrh h `h kbprksh ul hvh` quk pkrbfthkvfthr rfksmns ak aksihpfth`fzhifl (k` IAQFakpklak kl mrhl bkafah ak su prnpfh tksn-rkrh y ln ak hsfmlhifnlks ak WrksupukstnsMklkrh`ks ak` Ksthan). Whrh dhif`fthr h `hskbprkshs `h inlskiuifl ak` bfsbn kl ulbnbkltn ak bhrihah rkstrfiifl irkaftfifh,k` IAQF hìhlz ul hiukran inl k` Flstftutnak Iraftn Ndfifh` (FIN) phrh quk stk dhif`ftkk` hvh` h `h kbprksh kl ulhs inlafifnlksvklthonshs.

@h fbpnrthlifh ak `hs bkafahs hanpthahs, ykspkifh`bkltk `h ak `h mklkrh`fzhifl ak hl-

tfifpns sk kvfaklifh sf sk tfklk kl iuklthquk k` akskben`sn ak `hs hyuahs inlikaf-ahs pnr k` IAQF sk rkh`fzh inldnrbk `h kb-prksh vh kokiuthlan `ns cftns kl quk sksueafvfak k` prnykitn.

9.5. KTH@[HIFL AK YN@FIFQ[AKY AKDFLHLIFHIFL

Aurhltk 5776 k` IAQF kvhù ul tnth` ak;.;45 prnykitns kbprkshrfh`ks ak F+A k fl-

83

5776


Qfpn`nmh akprnykitns

Inekrturhbxfbh

ak `h hyuah

Fltkrs ak`Qrhbn

Ukkben`she`kHbnrtfzhifl Qrhbn Ln

Ukkben`she`k

Wrnykitns ak F+A Flafvf-

auh`ks (WFA) =;% 7% 87 hns 8;%*Wrnykitns ak F+A Innpk-rhtfvh (Fltkmrhans, akInnpkrhifl Qkiln`-mfih kltrk pybks k Fltk-rkbprkshs Lhifnlh`)

=;% 7% 87 hns Chsth k` 99%

Wrnykitns LKNQKI =7% 7%Yk flfifh iuhlansk mklkrh ihscd`nw pnsftfvn**

-

Wrnykitns IKLFQ ;7% Yuevklifl

@lkh ehlihrfh akDflhlifhifl h `hFllnvhiflQkiln`mfih(@EI)

=;% Kurfenr -7.;; n = hns sflihrklifh, n =hns inl 5 ak

ihrklifh

-

* Kl aktkrbflhans ihsns (innpkrhifl, inbpnlkltk fltkrlhifnlh`) pukak hìhlzhr k` 5;%.** Yk hbnrtfzhl hluh`bkltk ihltfahaks kqufvh`kltks h kltrk k` 87 y k` 57% ak` ihsc d`nw mklkrhan

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lnvhifl tkiln`mfih, ak `hs quk 5.936 in-rrkspnlahl h sn`fiftuaks ak hyuahs IAQF,96 h prnykitns IKLFQ, 887 h rkinlsfakrh-ifnlks ak hluh`fahaks ak prnykitns IKLFQ

yh hprnehans y kl dhsk ak skmufbfkltn 8;5h prnykitns prksklthans h `h @lkh Ehlihrfhak Dflhlifhifl h `h Fllnvhifl Qkiln`mfih(@EI) y 5.645 h `hs inlvnihtnrfhs kxtkrlhsak` hn 5776 ak` W`hl Lhifnlh` ak F+A+f. Klk` sfmufkltk iuharn sk akth``hl `hs sn`fiftu-aks kvhùhahs kl 5776?

9.9. DFLHLIFHIFL AFUKIQHKl 5776, y trhs `h inrrkspnlafkltk kvh-

ùhifl tilfin-inbkrifh` y kinlbfin-df-lhlifkrh, k` Inlskon ak Habflfstrhifl akÌAQF hprne 8.154 prnykitns (611 ak F+AFlafvfauh`, 936 ak F+A Innpkrhtfvh npkrh-ifnlks-, =; LKNQKI y 83 IKLFQ), ul 54,6%bs quk `ns 8.851 ak 5773.

Kl tnth`, h hpnrthifl dflhlifkrh inbprnbk-tfah pnr k` Ikltrn aurhltk 5776 kl kstns prn-ykitns duk ak 8.8;= bf``nlks ak kurns y `h

flvkrsfl bnvf`fzhah ak 8.=3; bf``nlks.

Hakbs ak `ns hltkrfnrks, `h puksth kl bhr-ich ak `h @lkh ehlihrfh ak Dflhlifhifl h`h Fllnvhifl Qkiln`mfih (@EI) hhak h `hsifdrhs hltkrfnrks 89= prnykitns, 35 bf``nlksak hpnrthifl y 8;7 ak flvkrsfl bnvf`fzhah.H inltfluhifl sk akth``hl `hs ifdrhs hltkrfn-rks skml `h tfpn`nmh ak prnykitns?

Kl 5776, k` `hlzhbfkltn akdflftfvn ak `hs bn-ah`fahaks ak F+A Innpkrhtfvh, quk tfklkl ulbhynr vnùbkl bkafn, supusn quk inl ul96,8% bs ak prnykitns quk kl 5773, `hhpnrthifl irkifkrh ul 48,=% inl rkspkitn

h 5773. Kstk k`kvhan flirkbkltn ak `nsinbprnbfsns ak dflhlifhifl IAQF kl 5776inbpklsh, inl irkiks, k` aksiklsn ak`56,=% rkmfstrhan kl 5773 inl rk`hifl h577= akrfvhan ak` houstk ak` IAQF h` BhrinInbulfthrfn ak Hyuahs ak Ksthan h `h F+Aquk k` Ikltrn rkh`fz kl 5773 y quk supusn,kltrk ntrhs inshs, dflhlifhr `h hbnrtfzhiflak `ns hitfvns utf`fzhans aurhltk k` tfkbpn akaurhifl ak` prnykitn kl ùmhr ak dflhlifhr`h inbprh ak ksns hitfvns, `n quk afn ùmhr h

ul aksiklsn ak` vnùbkl bkafn ak dflhl-ifhifl inbprnbktfah pnr prnykitn.

Kl inlskiuklifh, kltrk 866= y 5776 `h hpnr-thifl dflhlifkrh inbprnbktfah pnr k` Ikl-trn phrh `h dflhlifhifl ak prnykitnskbprkshrfh`ks ak F+A+f sk bu`tfp`fi pnr 3,=,`n quk supnlk ul rftbn bkafn ak irkifbfkltnhluh` ak` 86,=% (thsh bkafh ak vhrfhiflhluh`).

86

5776


Yn`fiftuaks ak Hyuahs IAQF 5.;93

Wrnykitns IAQF* 5.936

Wrnykitns IKLFQ (Inlvnihtnrfh ak

5773 y rkinlsfakrhifnlks) 816@lkh ehlihrfh ak Dflhlifhifl h `hFllnvhifl Qkiln`mfih (@EI)

8;5

Yn`fiftuaks ak Hyuahs h ntrnsnrmhlfsbns

5.645

Qnth` ;.4;5

* Kxiùan IKLFQ

Qfpn`nmh akprnykitns

Lbkrn akprnykitnshprnehans

HpnrthiflIAQF

(bf``nlks akkurns)

Wrksupukstntnth`

(bf``nlks akkurns)

F+A

Flafvfauh`ks

611 ;31,=1 346,3;

F+A Innpkrh-tfvns (npkrh-ifnlks) (DQ)

936 919,58 148,34

Fltkmrhans yInnpkrhiflQkiln`mfihkltrk pybks

5;= 531,7; 935,;6

Fltkrkbprk-shs Lhifnlh` 895 ;6,84 =6,54

LKNQKI =; 56,88 16,54

IKLFQ 83 866,87 179,68

Yue tnth` 8.154 8.8;=,84 8.=31,33

@lkh ehlih-rfh ak Dflhl-ifhifl h `hFllnvhiflQkiln`mfih(@EI)

89= 38,47 8;7,51

Qnth` 8.;49 8.593,=4 8.69;,89

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bulfihifnlks akefan h` bklnr pksn ak `ns hi-tfvns kl `ns bfsbns.

Yfl kbehrmn, `h hahpthifl kl 5773 ak` IAQF

h` Bhrin Inbulfthrfn ak Hyuahs, quk ln pkr-bftk `h dflhlifhifl ak `h inbprh ak hitfvns, chsupukstn, hakbs ak ul aksiklsn mklkrh`f-zhan ak `h afbklsfl ak `ns prnykitns, quk kl5776 `ns ak` rkh ak Qkiln`nmhs ak `h Fldnr-bhifl y `hs Inbulfihifnlks phskl h skr `nsak bhynr afbklsfl bkafh? 8,8; bf``nlks akkurns, drkltk h` bf``l ak Qkiln`nmhs ak `hWrnauiifl, ns 7,63 ak Hmrnh`fbklthifl, Efn-tkiln`nmh y Yhùa y `ns 7,35 ak Bhtkrfh`ks,Xubfih y Bkafnhbefkltk.

9.9.5. AFYQUFE[IFL MKNMUDFIH AK WUNVKIQNY

HWUNEHANY

Kl 5776, Bharfa duk `h Inbulfaha Hut-lnbh àkr kl vnùbkl ak hyuah IAQF inb-prnbktfah (57,5%), bfkltrhs quk Ihthùh `nduk kl lbkrn ak prnykitns hprnehans(58,=%). Kl rk`hifl h ksth `tfbh Inbulfaha,

ihek skh`hr quk kl 5776 Ihthùh vfn aklukvn rkauifrsk k` pksn ak `hs hyuahs IAQFak quk krh akstflhthrfh, inltfluhlan hs k` rk-trniksn quk vklfh rkmfstrhlan aksak 5779.

Kstk prnmrksfvn aksiklsn ak` pksn ak Ihth-ùh snerk k` tnth` ak hyuah inbprnbktfah pnrk` IAQF (kl 5779 hsiklah h` 97% y kl 5776sk sftu kl k` 8=,6%), ch afsiurrfan kl phrh`k`nh `h afvkrsfdfihifl rkmfnlh` ak `h hitfvfaha akÌAQF, quk kl mrhl bkafah ch vklfan fbpu`-

shah pnr `h indflhlifhifl ak` DKAKU kl sushituhifnlks.

Hs, `h hyuah IAQF kl `hs Inbulfahaks in-

rrkspnlafkltks h` hltfmun Neoktfvn 8 (hquk``hsiuyn WFE pkr ihpfth ks fldkrfnr h` =;% ak `hbkafh inbulfthrfh y hcnrh aklnbflhahs Inl-vkrmklifh, Wchsflm-fl y Wchsflm-nut? Hlahù-ih, Ihstf``h-@h Bhlich, Kxtrkbhaurh, Mh`fifh,Hsturfhs, Burifh, Ihlhrfhs, Ihstf``h y @kl yInbulfaha Th`klifhlh), quk supnlh kl 5779k` 99,8% ak `ns inbprnbfsns ak hpnrthifl akÌAQF, ch irkifan bhrihahbkltk y kl 5776 h`-ihlz k` 19,5%. V, akltrn ak `hs hltkrfnrks, hshyuahs ak` Ikltrn kl `hs rkmfnlks ak Inlvkr-mklifh (Hlahùih, Ihstf``h-@h Bhlich, Kxtrk-

bhaurh, Mh`fifh) quk supnlhl kl 5779 k`87,8% ak` tnth` skr chl bs quk aup`fihan, ph-shlan h rkprksklthr k` 59,4% kl 5776.

58

5776


5779 5771 577; 5774 577= 5773 57767

577177477

Wrnykitns

8777857781778477

377

Qkiln`nmhs ak `h WrnauiiflQkiln`nmhs ak `h Fldnrbhifl y `hs InbulfihifnlksBhtkrfh`ks, Xubfih y Bkafn HbefkltkH`fbklthifl, Efntkiln`nmh y Yhùa

Afstrfeuifl pnr rkhs tkiln`mfihs ak `nsWrnykitns ak F+A (Flafvfauh`ks y Innpkrhtfvns)

y LKNQKI hprnehans kl 5776

Afstrfeuifl pnr IIHH ak `ns Wrnykitns ak F+A(Flafvfauh`ks y Innpkrhtfvns), @EI, LKNQKI

y IKLFQ hprnehans kl 5776

InbulfahaWrnykitnshprnehans

HpnrthiflIAQF(bf``. )

Wrksu-pukstntnth`(bf``. )

Hlahùih 8;8 864,=; 561,47Hrhml 43 11,9; 49,=1

Hsturfhs 53 85,61 83,;5

Eh`khrks 4 9,4= ;,;;

Ihlhrfhs 87 87,=8 8;,9=

Ihltherfh 95 8;,7= 58,;8

Ihstf``h y@kl 36 =7,47 884,69

Ihstf``h-@h

Bhlich == 47,77 3=,68Ihthùh 996 558,=8 91=,1;

Kxtrkbhaurh 57 88,49 8;,66

Mh`fifh 93 51,5= 91,99

@h Ufnoh 5; 6,43 84,;;

Bharfa 57= 5;7,55 171,95

Burifh 48 91,;; 1=,=;

Lhvhrrh =1 9;,4; ;3,63

Whs Thsin 838 859,18 577,55Th`klifh 8;= 889,;9 83;,15

Qnth` 8.;49 8.593,=4 8.69;,89

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Akspus ak Ihthùh y Bharfa, `hs Inbulfah-aks bs hitfvhs kl 5776 dukrnl Hlahùih, WhsThsin y Th`klifh, inl ulns hyuahs ak 86=, 859,y 881 bf``nlks ak kurns, rkspkitfvhbkltk. Yfl

kbehrmn Hlahùih tfklk ul lbkrn ak prnyki-tns `fmkrhbkltk fldkrfnr h `hs ntrhs ans Inbulf-ahaks, `n quk flafih ul bhynr vnùbkl bkafnak `ns prnykitns ak Hlahùih.

Ksths ; Inbulfahaks Hutlnbhs mklkrhrnlkl 5776 k` 44,5% ak `ns prnykitns hprnehanspnr k` IAQF y supusfkrnl k` =9,8% ak `hs hyu-ahs. Kstn ks, kl inlsfstklifh inl k` ckicn akquk ks kl ksths inbulfahaks anlak sk sfthl`ns bhynrks pn`ns kinlbfins y ak fllnvhiflak` phs, kl k``hs sk inlikltr bs ak `hs 5/9

phrtks ak hitfvfaha ak` Ikltrn.

Lnth? Ahtns inrrkspnlafkltks h Wrnykitns ak F+A (flafvfauh`ks y innpkrhtf-vns), @EI, LKNQKI y IKLFQ

9.9.9. HL@FYFY WNU QHBHN AK KBWUKYHY

Kl k` iuharn sfmufkltk sk kxpnlkl k` l-bkrn ak prnykitns hprnehans, k` inbprnbfsn

ak hpnrthifl IAQF y k` prksupukstn tnth` ak`hs flfifhtfvhs skml `h afbklsfl ak `hs kb-prkshs prnbntnrhs.

Lnth? Ahtns inrrkspnlafkltks h Wrnykitns ak F+A (flafvfauh`ks y innpkrhtfvns)y LKNQKI

* Npkrhifnlks kl k` ihsn ak prnykitns Innpkrhtfvns

K` tkofan kbprkshrfh` dflhlifhan pnr IAQF kstinbpukstn prflifph`bkltk pnr kbprkshs inlbklns ak 5;7 kbp`khans. Kl 5776 k` =6% ak`ns prnykitns hprnehans y k` 44% ak `ns dnl-

ans inbprnbktfans pnr k` Ikltrn, inrrkspnl-afkrnl h kstk tfpn ak kbprkshs, drkltk h` =3%y =9% ak 5773, rkspkitfvhbkltk. Kl inlsk-iuklifh `hs kbprkshs inl bs ak 5;7 kbp`k-hans chl rkauifan su phrtfifphifl kl 5776 h`58%, `n quk fùstrh k` prnmrksfvn hikrihbfkltnak` IAQF chifh `hs pybks.

Kl 5776, `h hpnrthifl bkafh pnr prnykitn hs-iklaf h `ns 437.115,39 kurns. Kl k` ihsn akkbprkshs ak bklns ak 5;7 kbp`khans `h

hpnrthifl bkafh duk ak ;49.;5; kurns pnrprnykitn. @hs ak bs ak 5;7 kbp`khans rkif-efkrnl ul bhynr vnùbkl ak hpnrthifl bkafh(8.898.838,76 kurns pnr prnykitn), `n quk rk-d`koh ak `h bhynr ihphifaha ak kstk skmulanmrupn phrh hinbktkr prnykitns ak bs klvkr-mhaurh. K` lbkrn tnth` ak kbprkshs eklkdf-ifhrfhs ak hyuahs IAQF phrh akshrrn``hrprnykitns ak F+A, thltn flafvfauh`ks inbn klinlsnrifn, y lukvhs flfifhtfvhs kbprkshrfh`ksak ehsk tkiln`mfih (LKNQKI) duk kl 5776 ak8.596. [l ;=% ak sths akshrrn``hrnl prnyki-

55

5776


Afstrfeuifl ak` lbkrn ak prnykitns hprnehanspnr IIHH, 5776

Ntrhs 87,5% Ihthùh 58,=%

Bharfa89,5%

Whs Thsin88,4%

Th`klifh 87,7%

Hlahùih 6,=%

Ihstf``hy @kl;,=%

Burifh9,6%

Hrhml1,1%

Lhvhrrh87,5%

Ihstf``h-@hBhlich

87,5%

Afstrfeuifl ak` prksupukstn tnth` ak `ns prnykitnshprnehans pnr IIHH, 5776

Ihthùh 83,7%Hlahùih 8;,5%

Whs Thsin87,9%

Ntrhs 6,8%Bharfa 57,6%

Lhvhrrh9,7%

Th`klifh 6,4%

Ihstf``h y @kl4,7%

Ihstf``h-@h Bhlich1,;%

Hrhml9,9%

Wrnykitns*Hpnrthifl

IAQF(bf``. )

Wrksupukstntnth` (bf``. )

Chsth;7 4=4 98;,3; 1;7,98

;8-

516115 981,8= 1;7,=3

5;7-

166884 884,;9 84=,91

;77n

bs8=1 588,;8 985,;1

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tns IAQF pnr prfbkrh vkz inl `n quk h98/85/5776 k` in`kitfvn tnth` ak kbprkshsIAQF hsiklah h 4.;=;. Ak kstk tnth` ak kb-prkshs IAQF, k` 19% chl hiikafan pnr prfbkrh

vkz h hs hyuahs ak` Ikltrn kltrk 5771 y 5776,inbn inlskiuklifh ak` fbpnrthltk irkifbfkltnak hitfvfaha quk ch kxpkrfbklthan k` IAQF klk` pkrfnan skh`han.

@ns prnykitns IKLFQ

K` Wrnmrhbh IKLFQ -Inlsnrifns Kstrhtmfins Lhifnlh`ks

kl Flvkstfmhifl Qilfih- ks ulh flfifhtfvh kliuharhah

akltrn ak` prnmrhbh FLMKLFN 5787 afrfmfah h dnbklthr h

innpkrhifl pue`fin-prfvhah kl F+A, bkafhltk `h dflhlifh-

ifl ak mrhlaks prnykitns ak flvkstfmhifl prkinbpktftfvh

kl flaustrfhs ak ihritkr kstrhtmfin.

K` IAQF ks k` rkspnlshe`k ak `h mkstfl ak ksth bnah`f-

aha ak prnykitns, quk snl rkh`fzhans pnr mrhlaks inl-

snrifns kbprkshrfh`ks.

@ns neoktfvns ak IKLFQ snl dhvnrkikr `h rkh`fzhifl ak

mrhlaks prnykitns quk flirkbkltkl `h ihphifaha ifklt-

dfin-tkiln`mfih ak `hs kbprkshs y `ns mrupns ak flvkstf-

mhifl lhifnlh`ks, kxtklakr `h iu`turh ak `h innpkrhifl

kl F+A y skr ul phsn prkvfn phrh `h phrtfifphifl kl inl-

snrifns kl prnmrhbhs fltkrlhifnlh`ks.

Aurhltk 5776 sk rksn`vf `h quflth inlvnihtnrfh ak hyuahs

IKLFQ. Qrhs kvhùhr 96 prnpuksths, sk hprnehrnl 83 prnykitns,

inbprnbktflansk hyuahs ak 866 bf `nlks ak kurns kl dnrbh

ak suevklifl. Ksths flfifhtfvhs supusfkrnl ulh flvkrsfl tnth`

ak 171 bf `nlks ak kurns, sfklan k` prksupukstn bkafn ak ns

prnykitns hprnehans ak 55 bf `nlks (5= kl 5773).

Kl `ns 83 prnykitns hprnehans phrtfifphrnl 5;8 kbprk-

shs. Ak ksths ul ;8% (853) krhl pybks, n quk flafih quk

k` fltkrs pnr phrtfifphr kl mrhlaks prnykitns ak flvkstf-

mhifl prkinbpktftfvh ln sk `fbfth h `h mrhl kbprksh. @hs

IIHH inl bhynr rkprksklthifl snl Bharfa, Whs Thsin

y Hlahùih, sf efkl, chl phrtfifphan kbprkshs ak pritf-

ihbkltk tnahs `hs rkmfnlks.

Kl ksth Inlvnihtnrfh ak 5776, phrtfifphrnl ak bkafh 81

kbprkshs kl ihah prnykitn, inl `n quk k` lfvk` ak innpk-

rhifl fltkrkbprkshrfh`, uln ak `ns neoktfvns dulahbklth-

`ks ak IKLFQ, sk ch bhltfklk ksthe`k aksak 577= y ul

5;% pnr klifbh quk kl 5774 (88,89 kbprkshs pnr prn-

ykitn), hn ak` `hlzhbfkltn ak` Wrnmrhbh.

Kl phrh`k`n, `h in`henrhifl kltrk kbprkshs y mrupns ak

flvkstfmhifl (quk thbefl ks uln ak `ns neoktfvns dulah-

bklth`ks ak IKLFQ) sk ch flirkbklthan lnthe`kbkltk.

Kl 5776 phrtfifphrnl 993 mrupns ak flvkstfmhifl kl

IKLFQ, ul 3% bs quk kl 5773. @ns mrupns ak flvkstfmh-

ifl phrtfifphl ehon `h bnah`faha ak sueinltrhthifl y prn-

ikakl ak ikltrns pe`fins ak flvkstfmhifl, ulfvkrsfahaks,

ikltrns tkiln`mfins y ikltrns ak flvkstfmhifl prfvhans

sfl lfbn ak ùirn. @ns mrupns prnikakltks ak `h [lfvkr-

sfaha supnlkl k` 17% ak` tnth`, y `k sfmukl `ns ak Ikltrns

ak Fllnvhifl y Qkiln`nmh, inl ul 93%.

Kl iuhltn h rkhs tkiln`mfihs, ks fltkrkshltk skh`hr `h

inlikltrhifl ak ns prnykitns IKLFQ kl hs rkhs ak Klkr-

mh, bkafn hbefkltk y ihbefn i`fbtfin (= prnykitns) y Efn-

tkiln`nmh, shùa y h`fbklthifl (= prnykitns) quk kl

inloultn supnlkl k` =3% ak hs flfifhtfvhs hpnyhahs.

9.9.1. IN@HENUHIFL INL IKLQUNY AK FLTKYQFMHIFL

Euklh phrtk ak `ns prnykitns quk dflhlifhk` IAQF ``kvhl hphrkohah `h in`henrhifl ak `hkbprksh prnbntnrh inl ikltrns ak flvkstfmh-ifl, trhtlansk kl ulns ihsns ak in`henrh-ifnlks flikltfvhahs u ne`fmhtnrfhs, inbn kl nsprnykitns Fltkmrhans, `ns ak Innpkrhifl Qki-

ln`mfih kltrk pybks y `ns IKLFQ, y kl ntrnsak in`henrhifl vnùlthrfh, inbn kl `ns prn-ykitns ak F+A Flafvfauh`ks y `ns LKNQKI.

Kl `lkh inl `n rkmfstrhan kl 5773 (498), kÌAQF hprne kl 5776 ul tnth` ak 49; prnyki-tns inl phrtfifphifl ak IWFs n IFQs, quk afk-rnl ùmhr h bs ak 8.;77 inlvklfns akin`henrhifl. @ns prksupukstns akstflhans hkstns ikltrns kl `ns prnykitns ak F+A (Flafvf-auh`ks, Innpkrhtfvns) y LKNQKI tnth`fzhrnl

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Afstrfeuifl ak` lbkrn ak prnykitns hprnehanspnr IIHH, 5776

Bharfa 99,5%Ntrhs 4,3%

Ihthùh 51,=%Whs Thsin 81,4%

Th`klifh6,1%

Hlahùih3,7%

Ihstf``hy @kl9,1%

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854,16 bf``nlks ak kurns y 87;,77 bf``nlks kl`ns prnykitns IKLFQ.

9.9.; @H MKYQFNL AK DNLANY DKAKU

Wrfbkr y skmulan pkrfnan ak prnmrhbhiflak dnlans kstruiturh`ks ak `h [K.

Inl neoktn ak fbpu`shr k` akshrrn``n tkiln-`mfin-flaustrfh` rkmfnlh` bkafhltk k` hpnyn h `hrkh`fzhifl ak prnykitns kbprkshrfh`ks ak F+A,k` IAQF inbklz h mkstfnlhr dnlans DKAKU kl8661, kl k` pkrfnan ak prnmrhbhifl ak dnlanskstruiturh`ks 8661-8666. @n cfzn pnr bkafn ak`h Yuevklifl M`neh` DKAKU-IAQF phrh hs rk-mfnlks ksphn`hs Neoktfvn 8 hqu``hs quk ln

hìhlzhl k` =;% ak `h bkafh ak` WFE pkr ihpfthinbulfthrfn- y `ns Wrnmrhbhs Npkrhtfvns akznlhs Neoktfvn 5 -znlhs flaustrfh`ks kl rkks-truiturhifl y inl prne`kbhs ak akskbp`kn- akHrhml, Ihthùh, @h Ufnoh, Lhvhrrh, Bharfa yWhs Thsin 866=-8666.

Kl k` pkrfnan ak prnmrhbhifl 5777-5774 kÌAQF phrtfifp kl k` Wrnmrhbh Npkrhtfvn Fltk-mrhan DKAKU-DYK ak F+A+f kl `hs rkmfnlksksphn`hs Neoktfvn 8 y kl 4 Aniubkltns lf-

ins ak Wrnmrhbhifl (ANI[Ws) akstflhans h`hs znlhs Neoktfvn 5. H `n `hrmn ak` bfsbn, kÌAQF hprne 5.663 prnykitns inl indflhlifh-ifl ak` DKAKU y inbprnbktf phrh kstns prn-ykitns ulh hpnrthifl pe`fih ak 8.199bf``nlks ak kurns, cheflansk mklkrhan ulhflvkrsfl ak 9.766 bf``nlks ak kurns.

Aurhltk k` prfbkr skbkstrk ak 5776 `h hitfvf-aha ak` IAQF inrrkspnlafkltks h` pkrfnan akprnmrhbhifl 5777-5774 sk `fbfthrnl h` aks-kben`sn ak `ns `tfbns inbprnbfsns ak dflhl-

ifhifl haqufrfans prkvfhbkltk.

Qkrikr pkrfnan ak prnmrhbhifl

Aurhltk 577= k` IAQF lkmnif inl k` Bflfs-tkrfn ak Kinlnbh y Chifklah su phrtfifphiflkl k` tkrikr pkrfnan ak prnmrhbhifl ak dnlanskstruiturh`ks (577=-5789) akltrn ak` WrnmrhbhNpkrhtfvn ak F+A+f pnr y phrh k` eklkdfifn ak`hs kbprkshs, fltkrvklifl inlnifah inbnDnlan Qkiln`mfin. Ksk bfsbn hn, kl phrh-

`k`n, sk prnauih h lkmnifhifl kltrk ns skrvf-ifns ak `h Inbfsfl Kurnpkh y k` Bflfstkrfn akKinlnbh y Chifklah (`h aklnbflhah Hutnrf-aha ak Mkstfl ksphn`h), hprnehlan h Inbf-

sfl Kurnpkh k` aniubkltn dflh` ak` DnlanQkiln`mfin kl afifkberk ak 577=.

Kl 5773, y phrh dnrbh`fzhr y rkmu`hr `h phrtfif-phifl lkmnifhah pnr ak` IAQF kl k` DnlanQkiln`mfin, k` Ikltrn susirfef ul hiukrankspkidfin inl k` Bflfstkrfn ak Kinlnbh y Ch-ifklah kl k` quk sk rkmu`h ak dnrbh prkifshsus inbpktklifhs y ne`fmhifnlks, y h phrtfr akksk bnbkltn, inbklz h akshrrn``hr hitfvfah-aks ak afdusfl y prnbnifl ak sus hituhifn-lks akltrn ak` Dnlan Qkiln`mfin, y h

kstrkichr `h in`henrhifl inl `hs IIHH phrhdhif`fthr `h inldnrbhifl ak `ns inlsnrifns kb-prkshrfh`ks akshrrn``hanrks ak `ns prnykitns.

Iuhlan `hlz sus hituhifnlks akltrn ak`Dnlan Qkiln`mfin, k` IAQF prfnrfz `hs hitfvf-ahaks ak F+A rkh`fzhahs kl inlsnrifns kbprk-shrfh`ks, hpnyhlan lfihbkltk y bkafhltkbnah`fahaks ak hyuah kspkidfihs (WrnykitnsFltkmrhans y Wrnykitns ak Innpkrhifl Qkiln-`mfih kltrk pybks) h rkh`fzhifl ak prnykitns

ak F+A innpkrhtfvh akshrrn``hans ltkmrhbkltkpnr kbprkshs ak ulh Inbulfaha Hutlnbhaktkrbflhah. Wkrn vfklan `h afdfiu`tha ak he-snrifl ak kstk tfpn ak hyuahs, kl k` `tfbn trf-bkstrk ak 5773, k` IAQF k`fbfl `h `fbfthiflrkmfnlh` flafihah y bhtfz su hpnyn prfnrfthrfn h`h F+A innpkrhtfvh ahlan hpnyn thbefl h prn-ykitns ak F+A flafvfauh`ks.

Dflh`bkltk, kl lnvfkberk ak 5773 k` IAQFhprne `ns prfbkrns prnykitns indflhlifhansinl k` Dnlan Qkiln`mfin. Yk trhtheh ak 81

npkrhifnlks inl ulh flvkrsfl inloulth ak 85bf``nlks ak kurns y ulns inbprnbfsns akhpnrthifl pe`fih DKAKU-IAQF ak 3 bf``nlks.Qrhs k``n, k` IAQF fbpu`s inl dukrzh k` rftbnak hprnehifl ak prnykitns indflhlifhans inlk` Dnlan Qkiln`mfin? aurhltk 5776 k` IAQFhprne 365 npkrhifnlks inl ulh flvkrsflinloulth ak 655 bf``nlks ak kurns, ulns inb-prnbfsns ak hpnrthifl pe`fih DKAKU-IAQFak 4;9 bf``nlks y ulh hyuah DKAKU ak 833bf``nlks ak kurns.

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* DKAKU + IAQF

Ak ksth dnrbh, h 98 ak afifkberk ak 5776 skrkmfstrhehl 674 prnykitns hprnehans inl ulhflvkrsfl inloulth ak 69; bf``nlks ak kurns,

ulns inbprnbfsns ak hpnrthifl pe`fihDKAKU-IAQF ak 445 bf``nlks y ulh `h hyuahDKAKU 868 bf``nlks ak kurns.

Kl iuhltn h `h afstrfeuifl ak `hs 365 npkrh-ifnlks hprnehahs kl 5776 pnr ihtkmnrhs akrkmfnlks, aksthih k` ckicn ak quk `hs rkmfn-lks ak Inbpktftfvfaha chl supukstn, ak dnrbhhprnxfbhah, k` ;7% ak `h hitfvfaha (;4% ak `hsnpkrhifnlks hprnehahs y 16% ak `h hpnrthiflpe`fih inlikafah). Wnr ntrn `han, `hs rkmfnlks

ak Inlvkrmklifh supnlkl ul 5;% ak hs Npk-rhifnlks y ul 9;% ak `h Hpnrthifl pe`fih.@ns pnriklthoks hltkrfnrks flafihl k` fbpnr-thltk pksn ak `ns mrhlaks prnykitns innpkrh-tfvns kl `hs rkmfnlks ak Inlvkrmklifh, iuyhmklkrhifl k` IAQF ch fbpu`shan inl dukrzhaurhltk k` hn.

9.1. YKM[FBFKLQN AK WUNVKIQNY[lh vkz hprnehans `ns prnykitns ak F+A

quk skrl dflhlifhans, k` IAQF inltrn`h k` aks-hrrn``n ak `ns bfsbns, vkrfdfihlan k` iubp`f-bfkltn ak `ns neoktfvns tkiln`mfins y ak`prksupukstn ak kokiuifl prkvfstns, inbn inl-afifl prkvfh h` akskben`sn ak ns dnlans inl-ikafans. Ks `h aklnbflhah dhsk akskmufbfkltn.

Yfl inlsfakrhr `ns prnykitns IKLFQ, aurhltk5776 k` IAQF mkstfnl ulh ihrtkrh ak 9.;67prnykitns kl dhsk ak skmufbfkltn (`ns hprneh-ans kl k` hn y ntrns hprnehans inl hltkrfnrf-aha), sk kbftfkrnl 8.187 ikrtfdfihifnlks pnr ul

fbpnrtk tnth` ak 685,3= bf``nlks ak kurns y ulhhpnrthifl IAQF ak 1=9,34 bf``nlks, sk rkh`fz`h rkikpifl akdflftfvh ak 316 prnykitns, quk-ahlan kl dhsk ak akshrrn``n ul tnth` ak 5.414prnykitns trhs `h hlu`hifl ak 69.

9.;. DFLHLIFHIFNL EHLIHUFHK` IAQF ndrkik h `hs kbprkshs quk qufkrkl

rkh`fzhr prnykitns akstflhans h su bnakrlfzh-ifl tkiln`mfih bkafhltk `h flinrpnrhifl y

5;

5776


Kvnùifl ak `ns inbprnbfsns ak hpnrthifl IAQF kl prnykitns kbprkshrfh`ks akF+A+f (Flvkstfmhifl Flaustrfh` Inlikrthah, F+A, Akshrrn``n k Fllnvhifl Qkiln`mfih,

@EI, LKNQKI y IKLFQ) 866=-5776. Bf``nlks ak kurns.

5773 5776

Lbkrn ak npkrhifnlks 81 365

Flvkrsfl tnth` 85.58;.875 655.415.938

Hpnrthifl pe`fih * =.663.41; 4;9.;41.65;

Hyuah DKAKU 9.588.745 83=.49=.841

Hituhifl IAQF kl k` Dnlan Qkiln`mfin.Afstrfeuifl ak npkrhifnlks hprnehahs, flvkrsfl

tnth`, hpnrthifl pe`fih y hyuah DKAKU pnrihtkmnrhs ak rkmfnlks kl 5776 (lbkrn y kurns)

Npk-rhifn-lks

Flvkrsfltnth`

Hpnrthiflpe`fih *

HyuahDKAKU

Inbpktftfvfaha 16= 145.489.3;6 957.553.=7; 46.413.475

Inlvkrmklifhsflm fl 586 988.547.=43 553.716.;13 35.379.333

Wchsflm fl 857 873.4=3.45= =4.7=8.593 51.677.88=

Wchsflm nut ;4 17.736.853 56.58;.191 87.531.;;=

Qnth` 365 655.415.935 4;9.;41.65; 83=.49=.841

Inrrkspnlaklifh kltrk IIHH ksphn`hsy ihtkmnrhs ak rkmfnlks DKAKU

Ihtkmnrhs Inbulfahaks Hutlnbhs

Inlvkrmklifh

Hlahùih, Ihstf``h-@h Bhlich,

Kxtrkbhaurh, Mh`fifh.Wchsflm nut Hsturfhs, Burifh, Ikuth, Bk f` h.

Wchsflm flIhlhrfhs, Ihstf``h y @kl,Inbulfaha Th`klifhlh.

InbpktftfvfahaHrhml, Eh`khrks, Ihltherfh,Ihthùh, Bharfa, Lhvhrrh, WhsThsin, @h Ufnoh.

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hahpthifl hitfvh ak tkiln`nmhs kbkrmkltks,n h hp`fihifl ak btnans ak prnauiifl luk-vns n sfmlfdfihtfvhbkltk bkonrhans, hpnyn pnrbkafn ak `h @lkh ehlihrfh ak Dflhlifhifl h

`h Fllnvhifl Qkiln`mfih n @lkh Ehlih-IAQF(@EI). Inl ksth lkh, k` IAQF ndrkik dflhlifh-ifl, h tfpn ak fltkrs enlfdfihan, phrh `h fl-inrpnrhifl ak ihpfth` dsfin fllnvhanr qukbkonrk `h inbpktftfvfaha ak `h kbprksh, sfkb-prk quk `h tkiln`nmh flinrpnrhah skh kbkr-mkltk kl k` skitnr.

Ksth `lkh sk akdflf y sk lkmnif inl `hs kl-tfahaks dflhlifkrhs kl k` skmulan skbkstrkak 5773 y sk ch `hlzhan kl 5776. H afdkrkl-ifh ak `h `lkh FIN-IAQF (iuyh vfmklifh dflh-

`fz kl 5774), `h `lkh @EI sk ch afskhaninbn ulh in`henrhifl afrkith ak` IAQF inl`hs kltfahaks dflhlifkrhs. Yu neoktfvn? inltrf-eufr h fbpu`shr h dflhlifhifl ehlihrfh ak flf-ifhtfvhs kbprkshrfh`ks ak fllnvhifltkiln`mfih kl ul bnbkltn ak bhrihah rks-trfiifl irkaftfifh.

K` IAQF dnlakh ksth `lkh y `h kbprksh qukqufkrk hinmkrsk h `h bfsbh ch ak afrfmfrsk hh`mulh ak `hs kltfahaks dflhlifkrhs in`henrh-

anrhs hackrfahs? Ehlin ak Yhlthlakr, EETH,@h Ihfxh y Ehlin Yhehak``. @h kltfaha ehlih-rfh lntfdfih k`kitrlfihbkltk h` IAQF `hs sn`fif-tuaks quk rkifek y k` Ikltrn sn`fifth h `hkbprksh `h bkbnrfh tilfih phrh su hl`fsfs,quk sk rkh`fzh kl ul p`hzn ak tfkbpn fldkrfnr hul bks. @h kltfaha ehlihrfh ks `h quk inlikakn aklfkmh `hs sn`fiftuaks y phrh k``n sk hpnyhkl su kvhùhifl dflhlifkrh y `h kvhùhifl ti-lfih ak` IAQF.

Inl ksth `lkh sk dflhlifh bkafhltk prsthbn

n `khsflm inl ul tfpn bxfbn ak` Kurfenr - 7,;pultns chsth k` =;% ak `hs flvkrsfnlks prn-auitfvhs kl hitfvns dfons akstflhans h h bkonrhy bnakrlfzhifl ak` inbpnlkltk tkiln`mfinak `h kbprksh, inl ulh hpnrthifl bxfbh pnreklkdfifhrfn y hn ak 8.;77.777 kurns dnrbh`f-zhans kl ulh n vhrfhs npkrhifnlks. K` pkrfnanak hbnrtfzhifl pukak skr ak ; n = hns sflihrklifh n = hns inl 5 ak ihrklifh.

Kl 5776 k` IAQF kvhù 8;5 sn`fiftuaks in-rrkspnlafkltks h `h @lkh ehlihrfh ak Dflhl-ifhifl h `h Fllnvhifl Qkiln`mfih (@EI),hprnelansk dflh`bkltk 89= flfifhtfvhs ak fl-

lnvhifl tkiln`mfih, quk supusfkrnl ulhhpnrthifl ak 35 bf``nlks ak kurns y ul prk-supukstn tnth` ak 8;7 bf``nlks.

9.4. FLFIFHQFTH LKNQKILKNQKI ks ulh flfifhtfvh ak` IAQF iuyn

neoktfvn ks hpnyhr `h irkhifl y inlsn`fahiflak kbprkshs ak ehsk tkiln`mfih kl Ksphh.LKNQKI iuklth flstrubkltns afskhans phrhhpnyhr h `h kbprksh kl `hs dhsks flfifh`ks aksu ifi`n ak vfah y hs dhif`fthr k` ihbfln h `ns

kbprklakanrks tkiln`mfins aksak k` bn-bkltn ak h inlikpifl ak h fakh kbprkshrfh`chsth `h inlsn`fahifl ak `h inbphh.

Kl `h prfbkrh dhsk (Irkhifl) sk hpnyh, bk-afhltk `hs Hyuahs LKNQKI, h `hs kbprkshs akrkifkltk irkhifl (bklns ak ans hns aksaksu inlstftuifl) inl lkiksfaha ak dflhlifhiflphrh akbnstrhr `h vfhef`faha kbprkshrfh` ak sufllnvhifl. @hs Hyuahs LKNQKI supnlkl `hinliksfl ak ul iraftn "skbf``h" ak ul fbpnrtk

bxfbn ak 9;7.777 kurns (kxikpifnlh`bkltk177.777) h tfpn ak fltkrs ikrn y sfl mhrhlthshafifnlh`ks. Kstk iraftn ln pukak supkrhr k`=7% ak` prksupukstn tnth` ak` prnykitn.

Kl `h skmulah dhsk (Inlsn`fahifl) sk hpnyh h`hs kbprkshs fllnvhanrhs inl ulh hltfmkahaak kltrk 5 y 4 hns bkafhltk hyuahs rkkben`-she`ks ak chsth 8.777.777 ak kurns. Kl k` ihsnak kbprkshs quk chl rkifefan prkvfhbkltkulh Hyuah Lkntki phrh `h irkhifl ak `h kb-prksh, ak `h hyuah Lkntki ak Inlsn`fahifl sk

akauik `h hyuah rkifefah kl `h dhsk Irkhifl.

Kl hbens ihsns, `h akvnùifl ak `h hyuah tfklkùmhr kl iunths hluh`ks ak chsth k` 57% ak` ihsc-d`nw ak h kbprksh iuhlan kstk skh pnsftfvn.

Kl 5776 dukrnl hprnehans ul tnth` ak =; prn-ykitns, inl ulns inbprnbfsns ak hpnrthiflak` Ikltrn ak 56,88 bf``nlks ak kurns y ulh fl-vkrsfl tnth` bnvf`fzhah ak 16,54 bf``nlks.

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9.4.8 LKNQKI IHWFQH@ UFKYMN

Whrh kbprkshs ak ehsk tkiln`mfih ak rk-ifkltk irkhifl, pkrn quk sk kliukltrhl yh kl

`h dhsk pnstkrfnr ak inlsn`fahifl, k` IAQF trhthak dhif`fthr k` hiiksn h dflhlifhifl bkafhltkihpfth` rfksmn. Whrh k``n ch prnbnvfan, oultninl k` Dnlan Kurnpkn ak Flvkrsfnlks (DKF), k`Wrnmrhbh LKNQKI Ihpfth` Ufksmn, flfifhtfvh`hlzhah kl 5774 y akstflhah h aflhbfzhr k` ih-pfth` rfksmn ksphn` kl kbprkshs tkiln`mfihs.@h flfifhtfvh LKNQKI Ihpfth` Ufksmn prktklakflifafr kl `ns dh``ns ak bkrihan quk rksu`thlkspkifh`bkltk hiushans kl `hs prfbkrhs kth-phs ak `h vfah ak `h kbprksh y kl `ns skitnrksak h`th tkiln`nmh (QFI, shùa y efntkiln`n-

mh). Yupnlk ulh hpuksth h `hrmn p`hzn pnr`h tkiln`nmh bkafhltk ulh in`henrhifl p-e`fin-prfvhah quk hìhlzh `ns 839 bf``nlks akkurns y kl k` quk phrtfifphl kltfahaks ksph-n`hs y kurnpkhs.

LKNQKI Ihpfth` Ufksmn inltkbp`h ul pkrfnanak flvkrsfl ak ; hns (5774-5787) y iuklthinl `h phrtfifphifl ak mrhlaks kbprkshs ks-phn`hs (Ihoh Bharfa, Fekrarn`h, Ukpsn` VWD,Qk`kdlfih, Flarh, @h Ihfxh, Ihfxh Ihthùlyh,

HIY, Mhs Lhturh`, Mrupn Yhlthlakr, Ikpsh,[lfl Dklnsh, Klfsh y Hxfs).

LKNQKI Ihpfth` Ufksmn sk ch flstrubklthanh trhvs ak ans snifkahaks quk `k pkrbftkl hi-tuhr inbn dnlan ak dnlans (LKNQKI IhpfthÙfksmn Ynifkaha ak Dnlans, Y.H., Y.I.U.) yinbn dnlan ak inflvkrsfl (Inflvkrsfl LKN-QKI, YH, Y.I.U.).

Kl 5776 kl k` prnmrhbh LKNQKI IhpfthÙfksmn sk hprnehrnl 5 npkrhifnlks bkafhltk

k` dnlan ak dnlans, inbprnbktfklan ul ihpfth`bxfbn kl hbehs ak 97 bf``nlks ak kurns.

Oultn h `h hltkrfnr `henr dflhlifkrh, `h Flfifhtfvh

LKNQKI thbefl rkh`fzh hitfvfahaks quk dhif-`fthl k` kliukltrn kltrk `h akbhlah (kbprkshs)y `h ndkrth (flvkrsnrks y snifkahaks ak ihpfth`rfkmn). Kl kstk skltfan, k` IAQF trhth ak hprn-vkichr hs sflkrmfhs ak su hitfvfaha inl k` prn-mrhbh Lkntki y dhif`fth h `ns dnlans inl `nsquk in`henrh rkdkrklifhs ak kbprkshs qukprkvfhbkltk chl afsdruthan ak iraftns LKN-QKI n quk chl hsfstfan h dnrns ak ihpfth`rfksmn nrmhlfzhans ehon ksth flfifhtfvh. @h fakhks quk `ns npkrhanrks ak ihpfth` rfksmn puk-ahl afspnlkr ak fldnrbhifl esfih snerk kb-

prkshs quk, pnr su akshrrn``n, pukaklrkprksklthr ulh euklh npnrtulfaha ak flvkr-sfl phrh k``ns.

Kl 5776 k` IAQF prnbnvf k` nithvn dnrn ak ih-pfth` rfksmn LKNQKI, quk tuvn ùmhr kl Bh-``nrih y duk innrmhlfzhan pnr k` IAQF y k`FAKWH, kl in`henrhifl inl k` IFAKB, KNF,FKYK, HYIUF, HWQK, [YI y [LFKBWUKLAFH.Kl k` bfsbn, ul tnth` ak 84 kbprkshs ak ehsktkiln`mfih prksklthrnl sus p`hlks ak lkmn-

ifn hltk bs ak 877 flvkrsnrks.

V phrh rkdnrzhr k` hìhlik ak h Uka LKNQKI,skh`hr quk sk dfrbhrnl hiukrans ak in`hen-rhifl inl k` FAKWH, innrmhlfzhanr ak` ifthandnrn ak ihpfth` rfksmn ak Bh``nrih, y `h Ksiuk`hak Nrmhlfzhifl Flaustrfh` (KNF), klihrmhah ak`h dnrbhifl ak `ns phrtfifphltks kl k` dnrn akihpfth` rfksmn y dnrbhifl ak kbprklakanrks.

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Wrnmrhbhs ak innpkrhifl tkiln`mfih

K` IAQF prnbukvk `h phrtfifphifl ksph-n`h kl k` Wrnmrhbh Bhrin ak F+A ak `h [lfl

Kurnpkh, kl `h Hmklifh Ksphifh` Kurnpkh(KYH) n kl flfifhtfvhs bu`tf`htkrh`ks fltkrlh-ifnlh`ks ak innpkrhifl tkiln`mfih inbnK[UKJH k FEKUNKJH.

Oultn h `n hltkrfnr, akshrrn``h Wrnmrhbhs Ef`h-tkrh`ks ak innpkrhifl tkiln`mfih inl tkrik-rns phsks (Ihlha, Icflh, Flafh, Inrkh,Ohpl, kti.), prksth hpnyn fl sftu h kbprkshsfllnvhanrhs ksphn`hs trhvs ak su Uka Kx-tkrfnr ak rkprksklthltks tkiln`mfins, inl-ikak hyuahs dflhlifkrhs phrh `h prnbnifl y

afdusfl fltkrlhifnlh` ak `hs tkiln`nmhs ks-phn`hs y innraflh `h rk`hifl inl `h Hsnifh-ifl Kurnpkh ak Hmklifhs ak Fllnvhifl,QHDQFK y `ns bkafns inl `ns quk iuklth kÌAQF kl Erusk`hs (YNYQ).

Ntrns prnmrhbhs? inbprhs pe`fihs

Kl k` hn 5776 y h `h ùz ak `h KstrhtkmfhKsthth` ak Fllnvhifl (K5F) ak` Bflfstkrfn akIfklifh k Fllnvhifl, kl su kok ak Bkrihans

k` IAQF ch pukstn kl bhrich `h flfifhtfvh Fl-austrfh ak `h Ifklifh (FaI) iuyn neoktfvn prfn-rfthrfn ks aflhbfzhr kstk skitnr bkafhltk `hinbprh pe`fih ak tkiln`nmh, hituhlan kltrks drkltks prflifph`ks?

`nmrhr quk `hs kbprkshs ksphn`hs netklmhlbs y bkonrks inltrhtns akltrn y dukrh ak Ksphh, nmrhr ul rktnrln shtfsdhitnrfn kl pkrsnlh` ks-phn` kl mrhlaks flsth`hifnlks ifkltdfihs y prnbnvkr `h `nih`fzhifl kl tkrrftnrfn ksphnàk mrhlaks fldrhkstruiturhs ak flvkstfmhifl.

Kl inlskiuklifh, y ahan quk Ksphh ihrkihak ulh kstrhtkmfh phrh dhif`fthr `h ihphifthifltkiln`mfih ak kbprkshs y ak` pkrsnlh` ifkl-tdfin tilfin kl k` bhrin ak mrhlaks flsth`h-ifnlks ifkltdfihs, k` IAQF kst trhehohlan kl`h akdflfifl ak ul W`hl Lhifnlh` ak FaI, iuyhprfbkrh inlvnihtnrfh vkr `h ùz kl 5787. @hhitfvfaha ak FaI fliùyk y hbp`h hs hitfvfah-aks trhafifnlh`ks ak IAQF kl mrhlaks flsth-`hifnlks ifkltdfihs.

1.8. WUNMUHBH BHUIN AK F+A AK @H [LFLK[UNWKH

K` Wrnmrhbh Bhrin ks `h prflifph` flfifhtfvh

inbulfthrfh ak dnbkltn y hpnyn h `h F+A kl `h[lfl Kurnpkh. Qfklk inbn prflifph` neoktfvn`h bkonrh ak h inbpktftfvfaha ak hs kbprkshsy kltfahaks ksphn`hs bkafhltk `h dflhlifhiflak hitfvfahaks ak flvkstfmhifl, akshrrn``n tki-ln`mfin, akbnstrhifl k fllnvhifl kl rmf-bkl ak in`henrhifl trhlslhifnlh` kltrkkbprkshs k flstftuifnlks ak flvkstfmhifl. K`Wrnmrhbh Bhrin ndrkik h `hs kltfahaks phrtf-ifphltks quk akshrrn``hl prnykitns ak F+A sue-vklifnlks ak` ;7% ak `ns instks rkh`ks ak`

prnykitn (=;% kl k` ihsn ak WVBK).

Hakbs, prksth hpnyn dflhlifkrn h hs fldrhks-truiturhs ak flvkstfmhifl kurnpkhs, h `h prn-bnifl y dnrbhifl ak` pkrsnlh` flvkstfmhanr,`h flvkstfmhifl esfih y, h phrtfr ak` TFF Wrn-mrhbh Bhrin, h `h innraflhifl ak `ns prnmrh-bhs lhifnlh`ks ak F+A y h `h puksth kldulifnlhbfkltn ak W`hthdnrbhs Qkiln`mfihsKurnpkhs (WQKs).

5776 duk k` tkrikr hn ak mkstfl ak h sptfbhkafifl ak` Wrnmrhbh Bhrin? k` TFF WrnmrhbhBhrin (577=-5789).

K` TFF Wrnmrhbh Bhrin hpnyh thltn `h flvkstf-mhifl h `hrmn p`hzn inbn `h nrfklthah h `h rk-snùifl ak prne`kbhs flbkafhtns, y skkstruiturh kl iuhtrn mrhlaks prnmrhbhs. Kl k`prfbkrn ak k``ns, aklnbflhan "Innpkrhifl",sk hpnyh `h ihsf tnth`faha ak `ns prnykitns akflvkstfmhifl kl inlsnrifn. Hc ks anlak ikl-trh prflifph`bkltk k` IAQF su hitfvfaha.

K` IAQF akdfklak `ns fltkrksks ksphn`ksaksak `ns afdkrkltks rmhlns ak mkstfl ak`Wrnmrhbh Bhrin kl quk phrtfifph, dnbklth `hphrtfifphifl ksphn`h kl k` Wrnmrhbh bk-afhltk hiifnlks ak prnbnifl, y prksth h `hskbprkshs hpnyn dflhlifkrn phrh `h prkphrh-ifl ak prnpuksths. Inl th` dfl, klihekzh `hak`kmhifl ksphn`h y ks Wultn Lhifnlh` akInlthitn (LIW) ak `ns Inbfts ak Mkstflinrrkspnlafkltks h `ns afkz tkbhs ak` ihp-

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tu`n Innpkrhifl hs inbn ak hsultns `kmh-`ks y dflhlifkrns. Ks hakbs rkspnlshe`k akFlvkstfmhifl kl eklkdfifn ak `hs WVBK,hpnrthlan kxpkrtns h` Inbft Kstrhtmfin

phrh tnans `ns Inbfts ak Mkstfl ak` ihp-tu`n Ihphifahaks, `h innraflhifl ak `nsLIW y K[UHQNB.

K` Ikltrn `fakrh `h ak`kmhifl ksphn`h kl k`Mrupn ak Ukprksklthltks Lhifnlh`ks ak `hsFlfifhtfvhs Qkiln`mfihs Inloulths (OQF) I`khlYjy (Hkrnlutfih), FBF (Bkafihbkltns Fllnvh-anrks) y DIC (Cfarmkln y Wf`hs ak Inbeustf-e`k), y oultn h kstn phrtfifph kl `ns Inlskonsak Hutnrfahaks We`fihs y kl `ns Inlskons akHabflfstrhifl ak `hs ans OQF rk`htfvhs h sn-

ifkaha ak `h fldnrbhifl? KLFHI (Lhlnk`ki-trlfih) y HUQKBFY (Yfstkbhs Kbpntrhans).Hafifnlh`bkltk, fltkrvfklk kl mrupns ak trh-ehon kurnpkns (IUKYQ, Onflt Wrnmrhbbflm,Bfrrnr Mrnup ak W`hthdnrbhs Qkiln`mfihs Ku-rnpkhs, MBKY Havfsnry Inulif`), ks k` lnanksphn` ak h ihsf tnth`faha ak rkaks ak LIW yphrtfifph kl ans KUH-LKQ ak ihritkr kstrht-mfin? KUHINE[F@A (Inlstruiifl) yKUHYBK5 (Wybks), susikptfe`ks ak inlauifrh duturhs flfifhtfvhs kurnpkhs ak fbphitn. Wnr

ntrh phrtk, hpnrth kxpkrtns h `ns inbfts akInnpkrhifl Fltkrlhifnlh` (FLIN), Fldrhks-truiturhs ak Flvkstfmhifl y K[UHQNB y phr-tfifph kl `ns mrupns inlstftufans pnr k`Bflfstkrfn ak Ifklifh k Fllnvhifl phrh prkph-rhr `h Wrksfaklifh ksphn`h ak `h [K kl 5787kl `hs hitfvfahaks ak su inbpktklifh.

1.8.8. UKY[@QHANY KL 5776

Kl 5776, `h ifdrh m`neh` ak rktnrlns hìhl-zhans pnr kltfahaks ksphn`hs kl k` inloultn

ak Wrfnrfahaks Qkbtfihs y rkhs inmkstfnlh-ahs pnr k` IAQF duk ak 517,4 bf``nlks akkurns, kqufvh`kltk h` 3,;% ak` prksupukstn[K-5=. Kstk rksu`than ks ul thltn kxikpifnlh`,akefan prflifph`bkltk h` `fakrhzmn kl prnyki-tns ak akbnstrhifl kl klkrmhs rklnvhe`ks?ul flafihanr bs hakiuhan ks k` rktnrln tnth`hiubu`han kl `ns 9 prfbkrns hns ak` TFF Wrn-mrhbh Bhrin, quk ks ak` =,5% [K-5= y in-rrkspnlak h 435,8 bf``nlks ak kurns.

Aurhltk k` hn, y drutn ak `hs bkafahs k fl-ikltfvns `hlzhans h trhvs ak` Wrnmrhbh Qki-lnkurnph y `h `henr ak` IAQF pnr bkafn ak suphrtfifphifl kl `h k`henrhifl ak `ns prnmrh-

bhs ak trhehon y sus hitfvfahaks ak prnbnifly afdusfl, sk chl neskrvhan `hs sfmufkltks tkl-aklifhs hsiklakltks kl `ns Qkbhs mkstfnlh-ans pnr k` Ikltrn?

Yk flirkbklth k` lfvk` ak `fakrhzmn ksphn`thltn kl prnpuksths inbn kl prnykitns hprneh-ans? `hs prnpuksths `fakrhahs pnr kltfahaks ks-phn`hs chl hìhlzhan kl 5776 k` 88,8% ak`tnth` ak h [K, drkltk h` k` 6,3% ak 5773, y ak `nsprnykitns hprnehans kl k` hn, lukstrn phs `f-akrh =8, k` 87,8% ak` tnth`, drkltk h` =,5% ak

5773). [l tnth` ak 183 kltfahaks ksphn`hs phr-tfifphrnl kl hitfvfahaks dflhlifhahs kl 5776. Aksths, 57; snl kbprkshs, quk flirkbklthl suiunth ak phrtfifphifl ak bhlkrh lnthe`k, y k`rkstn snl mrupns ak flvkstfmhifl, ikltrns tki-ln`mfins y habflfstrhifnlks, prflifph`bkltk. @h afbklsfl bkafh ak `hs hitfvfahaks y prn-ykitns dflhlifhans ch irkifan, n quk sk ch trh-auifan kl ulh bhynr suevklifl bkafh quklns sfth pritfihbkltk h` lfvk` ak `h bkafhkurnpkh. Qhbefl sk ch flirkbklthan k` pksn

ak `h phrtfifphifl ak kltfahaks ksphn`hs kl`hs hitfvfahaks y prnykitns dflhlifhans (11,9%kl 5773 y 13,5% kl 5776). Kl iuhltn h rkhs Qkbtfihs, aksthihl `nsflirkbkltns ak rktnrlns kl Klkrmh (ak` 87,5%ak 5773 h` 89,=% ak 5776, inl `fakrhzmn kb-prkshrfh` ak mrhlaks prnykitns ak akbnstrh-ifl kl rklnvhe`ks), Lhlntkiln`nmhs,Bhtkrfh`ks y Wrnauiifl (6,9% kl 5773 y88,8% kl 5776) y Hitfvfahaks kspkidfihs phrhWVBK (k` yh kxik`kltk 89,8% ak 5773 sk su-pkr inl k` 81,6% ak 5776) y QFI. Ksth `tfbh,

phs ak` ;,;% ak 5773 h` 3,5% ak 5776, inl nquk k` Qkbh phs h supnlkr ul 97% ak ns rk-su`thans netklfans pnr Ksphh. Wnr IIHH, `fakrhl kl phrtfifphifl Bharfa(97,3%), Ihthùh (54,1%), Whs Thsin(85,;%), Hlahùih (=,6%) y Th`klifh (=,3%).Bharfa y Hlahùih supkrhl kl 5776 ns rksu`-thans ak` hn hltkrfnr.

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1.8.5. DNLAN K[UNFLMKLFN V QKILNK[UNWH

Dnlan Kurnflmklfn

Kl 5773 sk pusn kl bhrich `h akifsfl akÌnlskon ak Bflfstrns ak 81 ak skptfkberk ak577= quk klinbkla h` IAQF `h mkstfl ak`Dnlan Kurnflmklfn, pnr k` iuh` sk cherltrhlsdkrfan 97 bf``nlks ak kurns kltrk 5773 y5787 h hs IIHH quk chyhl flirkbklthan suphrtfifphifl kl k` TFF Wrnmrhbh Bhrin drkltkh` hltkrfnr. Whrh flstrubklthr`n k` IAQF ch dfr-bhan inlvklfns inl 84 IIHH, kl vfrtua ak`ns iuh`ks sk afspnlar k` iht`nmn ak hitfvf-

ahaks kl `ns quk `hs hmklifhs rkmfnlh`ks fl-vfkrthl `hs hsfmlhifnlks ak` Dnlan, inl k`hsksnrhbfkltn ak` IAQF. Qnan k``n, ch ak pkr-bftfr hrtfiu`hr kl ul tnan inckrkltk `ns hpn-yns tilfins k flikltfvns dflhlifkrnsakrfvhans ak Kurnflmklfn, hrbnlfzlan`nsinl `ns ak` IAQF.

Qkilnkurnph

Qkilnkurnph ks ul prnmrhbh ak flikltfvnsphrh kbprkshs, hsnifhifnlks y p`hthdnrbhstkiln`mfihs quk k` IAQF mkstfnlh aksak 577=,hn kl quk sk afskhrnl y `hlzhrnl `hs prfbk-rhs `lkhs ak` prnmrhbh. Qkilnkurnph sk kl-bhrih kl k` W`hl Kurnflmklfn y tfklk inbnneoktfvn ikltrh` flirkbklthr prnmrksfvhbkltk`h phrtfifphifl y `fakrhzmn kbprkshrfh` ksph-n` kl k` TFF Wrnmrhbh Bhrin.

@h prfbkrh ak `hs `lkhs ak` prnmrhbh inlsfs-th kl kstfbu`hr `h irkhifl ak [lfahaks ak Fl-

lnvhifl Fltkrlhifnlh` ([FF) u ndfiflhsksthe`ks ak prnykitns kurnpkns kl k` skln akhsnifhifnlks kbprkshrfh`ks y p`hthdnrbhs tki-ln`mfihs quk dhif`ftkl k` hiiksn h `h F+A in-bulfthrfh, prnpnrifnlhlan ul skrvfifn quk vhaksak `h k`henrhifl ak `h prnpuksth chsth `hmkstfl habflfstrhtfvh ak` prnykitn. @h hyuahpnstkrfnr ak` IAQF sk bnau`h kl dulifl ak nsrktnrlns hìhlzhans.

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Whrtfifphifl ksphn`h kl prnmrhbhs ak` TFF Wrnmrhbh Bhrin ak F+A ak `h [Kinmkstfnlhans pnr k` IAQF kl 5776. Uktnrlns ksphn`ks y prksupukstns [K-5=.

Uksu`thans prnvfsfnlh`ks 5776 *

UKQNULN KYWHH WUKY[W[KYQN [K 5=Qkbh/rkh Bf``nlks ak kurns % Bf``nlks ak kurns

Yhùa 56,= ;,; ;17,6

EFN 88,3 4,6 8=7,4

FIQ =5,4 3,5 335,;

LBW 54,5 88,8 59;,1

Klkrmh ;7,; 89,= 943,7

Bkafn Hbefkltk 85,= =,4 844,4

Qrhlspnrtk 3,6 3,= 875,3

Ynifnkinlnbh 5,5 9,4 48,1

Ksphifn 9,7 4,9 13,5

Ykmurfaha 4,6 ;,1 85=,7

KrhLkt 5,= ;,4 1=,6

QNQH@ INNWKUHIFL 55=,5 3,9 5.=;8,9

Hit. kspkidfihs phrh WVBKs 89,1 81,6 67,8

QNQH@ TFF WB (mkstfl IAQF) 517,4 3,; 5.318,1


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@hs 97 [FF irkhahs iuerkl pritfihbkltk tnahk` rkh ak hitfvfaha ak` IAQF kl k` TFF Wrn-mrhbh Bhrin, sfklan iuhtrn ak k``hs ak ihri-tkr bu`tfskitnrfh`. K` IAQF ch inbprnbktfan

phrh su puksth kl bhrich ul tnth` ak 1,14 bf-``nlks ak kurns. Ak `hs [FF hprnehahs, 87kstl h p`kln dulifnlhbfkltn y chl inlsk-mufan ul rktnrln ak kbprkshs lukvhs n luk-vns innraflhanrks kl k` Wrnmrhbh Bhrin ak87,1 bf``nlks ak kurns, ul 1% ak` tnth` netk-lfan pnr ksths kltfahaks kbprkshrfh`ks.

@h skmulah ak `hs `lkhs ks k` Wrnmrhbh akEnlns Qkiln`mfins (WEQ) quk tfklk pnr ne-oktn fakltfdfihr kbprkshs inl ihphifaha ak `f-akrhr inlsnrifns y lukvhs kbprkshs inl

pntklifh` ak phrtfifphifl kl k` TFF WrnmrhbhBhrin, hs inbn flirkbklthr `h ih`faha ak `hsprnpuksths. Whrh k``n, k` IAQF iuklth inl `hin`henrhifl ak hmkltks fltkrbkafns quk k`h-enrhrhl kstrhtkmfhs h bkafah ak `hs kbprk-shs. H dflh`ks ak 5776 cheh ul tnth` ak =4hmkltks iuh`fdfihans kl Qkilnkurnph.

H 98 ak afifkberk ak 5776 y aksak k` flfifnak` prnmrhbh, ns hmkltks ak` WEQ chehl prk-sklthan ul tnth` ak 37; W`hlks Kstrhtmfins Fl-

afvfauh`fzhans (WKF) ak kbprkshs. Inbnrksu`thans prk`fbflhrks, sk chehl prksklthan111 phrtfifphifnlks kl prnpuksths inl ul rk-tnrln hsnifhan bhynr ak 51 bf``nlks ak kurns,`n quk supnlk ul 3,3% ak` tnth` netklfan pnr`hs kbprkshs ksphn`hs aksak quk sk flfif k`TFF Wrnmrhbh Bhrin.

Kstns Enlns, hs inbn `hs hyuahs ak `hs [FF,prksthl ul hpnyn flafrkitn pnr n quk snl inb-phtfe`ks inl `hs hyuahs afrkiths quk sn`fiftkl`hs kbprkshs h` IAQF phrh prkphrhr sus prn-

puksths h trhvs ak `hs trhafifnlh`ks pkrn bk-onrhahs Hyuahs h h Wrkphrhifl ak WrnpuksthsInbulfthrfhs (HWI+). Ksth ks prkifshbkltk htkrikrh ak `hs `lkhs ak Qkilnkurnph? k` flirk-bkltn ak hs iuhlths y h bkonrh ak hs inlaf-ifnlks ak akvn`uifl ak` prsthbn IAQF ak `hsHWI+ phrh `hs kbprkshs ksphn`hs quk `fak-rkl prnpuksths ak ih`faha. Kl 5776 sk prkskl-thrnl 957 sn`fiftuaks hprnelansk ul tnth` ak37 pnr ul fbpnrtk ak 8,= bf``nlks ak kurns.

1.8.9. KUHLKQ

KUHLKQ ks ulh ckrrhbfklth ak` WrnmrhbhBhrin phrh prnbnvkr `h innraflhifl ak prn-

mrhbhs lhifnlh`ks y rkmfnlh`ks ak F+A+f. Mrh-ifhs h `h dflhlifhifl inbulfthrfh, KUHLKQirkh rkaks anlak sk inbphrtk fldnrbhifl, skdflhlifhl prnykitns trhls-lhifnlh`ks y sk sfkl-thl `hs ehsks phrh inlvnihtnrfhs inl dnlansak `ns phsks fltkrkshans y, kl ihsns sk`kitf-vns, inl flikltfvns ak` TFF Wrnmrhbh Bhrin.Ahan k` fltkrs ak ksths rkaks phrh fbpu`shr`h fltkrlhifnlh`fzhifl ak `ns sfstkbhs rkmfn-lh`ks ak hpnyn h `h F+A+f kbprkshrfh`, k` IAQFakifaf kl 5773 k` dhif`fthr `h phrtfifphifl af-rkith ak IIHH y Hmklifhs rkmfnlh`ks kl KUH-

LKQs. K` IAQF ch phrtfifphan kl 5776 inbnneskrvhanr kl ans KUHLKQs ak nrfklthifl fl-austrfh` y ihritkr kstrhtmfin, inlirkthbkltk,`h KUHLKQ nrfklthah h `h innpkrhifl ak Ikl-trns Qkiln`mfins inl WVBK kl prnykitns akF+A (KUHYBK5), y `h akafihah h tkiln`nmhsak `h inlstruiifl KUHINE[F@A.

1.8.1. YKUTFIFNY AK FLDNUBHIFNL, HWNVN V NDF-

IFLH YNYQ (YWHLFYC NDFIK DNU YIFKLIK HLA

QKICLN@NMV)

Drutn ak `hs `henrks hinbktfahs kl `nshns prkikakltks, k` trhehon ak` IAQF kliuhltn h fbpu`sn ak` Wrnmrhbh Bhrin sk chfan rkkstruiturhlan. Wnr ul `han, ch rkdnrzhansu `henr ak fldnrbhifl esfih inl k` skrvfifnquk prksth k` lfvk` 5 Fltkrlhifnlh` ak `h UkaWFAF. Wnr ntrn, ch fbpu`shan `h ak hsksnrh-bfkltn mrhifhs h skrvfifn hhafan quk prksthl`hs [lfahaks ak Fllnvhifl Fltkrlhifnlh` y nshmkltks ak Enlns Qkiln`mfins, `ns iuh`ks hi-thl aksak `h prnxfbfaha h sus inbulfahaks

ak phrtfifphltks y lukvns `akrks.

Hsfbfsbn, k` IAQF ch rkdnrzhan sus `henrks akin`henrhifl inl IFWs y IFQs inl `ns quk kxfs-tkl inlvklfns ak in`henrhifl y ak dnrbhiflfl cnusk h mrhlaks kbprkshs k flstftuifnlks.

@ns hltkrfnrks hpnyns tfklkl su prn`nlmhiflkl Erusk`hs, anlak pnr klinbfklah ak `hIFIVQ, k` IAQF innraflh `h Yphlfsc Nddfik dnrYifklik & Qkicln`nmy (YNYQ) phrh dhif`fthr ns

95

IHWQ[

@N

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inlthitns inl `h Inbfsfl, hs inbn hpnyhr h`hs kltfahaks kl `h netklifl ak fldnrbhifl ykl `h lkmnifhifl ak inltrhtns. @h Ndfiflh ksthbefl rkspnlshe`k ak `h Mhikth YNYQ y ak`

kl`hik inl h Uka FM@N (Fldnrbh` Mrnup nd @fhf-snl Nddfiks), fltkmrhah pnr hs ndfiflhs quk ntrnsphsks tfklkl thbefl kl Erusk`hs.

Hakbs ak prksthr ns skrvfifns ak hpnyn k fl-dnrbhifl trhafifnlh`ks, kl 5776 YNYQ pusnkl bhrich uln lukvn inlsfstkltk kl ul Iursnak Ihphifthifl akstflhan h mkstnrks ak nr-mhlfzhifnlks inl fltkrksks kl `h rkh`fzhifl akFlvkstfmhifl, Akshrrn``n Qkiln`mfin k Flln-vhifl. K` neoktfvn ak` iursn ks hikrihr `h in-bulfaha ifkltdfin tkiln`mfih ksphn`h h `hs

flstftuifnlks kurnpkhs, kl phrtfiu`hr h `h In-bfsfl Kurnpkh, ak dnrbh quk tkbhs y hspki-tns ak fltkrs phrh Ksphh kl F+A+f pukahlskr pukstns kl inlnifbfkltn y afsiutfans inl`ns rkprksklthltks hakiuhans ak `h InbfsflKurnpkh, hubklthlan hs k` inlnifbfkltn pnrphrtk ak stns ak `ns tkbhs ak vh`nr hhafankurnpkn quk snl ak fltkrs phrh Ksphh.

@h prfbkrh rkh`fzhifl ak` Iursn ak Ihphifth-ifl kl YNYQ sk akshrrn`` kltrk k` 81 ak skp-

tfkberk y k` 88 ak afifkberk ak 5776.

Kl rk`hifl h `h Hsnifhifl Kurnpkh ak Hmkl-ifhs ak Fllnvhifl (QHDQFK), aurhltk 5776 k`IAQF ch phrtfifphan hitfvhbkltk kl sus dnrnsfltkrlns, fakrhlan afstflths hituhifnlks, inbnk` mrupn ak trhehon phrh nptfbfzhr k` hprnvk-ichbfkltn ak Dnlans Kstruiturh`ks inbulfth-rfns (Dnlan Qkiln`mfin kl k` ihsn ksphn`) klprnykitns y hituhifnlks fltkrlhifnlh`ks.

1.5. HMKLIFH KYWHIFH@ K[UNWKH (KYH)K` IAQF prnbukvk `h phrtfifphifl ksphn`h

kl h Hmklifh Ksphifh` Kurnpkh (KYH, inl ne-oktn ak dhif`fthr `h ihphifthifl tkiln`mfih ak`h flaustrfh ksphn`h kl hquk``ns beftns klquk prksklth pntklifh` y chikr vh`kr hquk``hsrkhs kl `hs quk `hs kbprkshs sk chl inlstf-tufan inbn `fakrks, aksak k` bnbkltn kl qukk` pksn dulahbklth` ak `h hitfvfaha ksphifh`ksphn`h nsif`h kl tnrln h su phrtfifphifl kl`h Hmklifh.

Oultn h kstn, k` Ikltrn prnpnrifnlh hpnyn h `hHabflfstrhifl We`fih kl tnans `ns hsultnsrk`htfvns h` ksphifn, ahah su kxpkrfklifh y in-lnifbfkltn ak` skitnr. Ak dnrbh bs inlirkth,

tfklk inbn inbktfan `h mkstfl ak` W`hl Kstrh-tmfin phrh k` Ykitnr Ksphifh` ksphn` phrh k`pkrnan 577=-5788 (kl hak`hltk W`hl Ksphifh`577=-5788), k`henrhan pnr k` IAQF kl inlsu`thinl `ns prflifph`ks hitnrks ak` skitnr y prk-sklthan pnr

informe anual cdti 2009 (es) / cdti annual report 2009 (spanish) / cdti-ren 2009ko urtekaria (es)

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