WORLD BANK - Frederico Sander

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    P{itilwowbal nbvil ow weiOtbol [inbaloj Pykjbd Gikw Molonimilw Tymmbw

    F{igi{bda Nbj Tolgi{

    Cyojo Jympy{* Mojortbo

    Lavimki{ 4* ;002

    Wei ^a{jg Kolc!BMF Gikw TytwoblokbjbwrF{omi~a{c fa{ Ja~-Bldami Daylw{bit

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    ;

    avi{vbi~

    Kodcn{aylg

    ^er ottitt gikw tytwoblokbjbwr bl JBDt1

    ^eow mocit JBDt gbffi{ilw wa awei{ daylw{bit1

    Liuyt kiw~iil gikw gbtw{itt olg wei qyojbwr af pajbdbit olgbltwbwywbalt

    Wei GTF

    ^eow bt bw* ~eow o{i bwt akhidwbvit olg ~eow bt bw ytig fa{1

    Wei we{ii pbjjo{t af wei GTF

    Deojjilnit

    W{iowmilw af pykjbd gikw [idilw deolnit

    Dald{iwi Iuompji

    Wei BMF!^a{jg Kolc Gikw Tytwoblokbjbwr F{omi~a{c

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    [owba af LPV af gikw wa NGP%pi{dilwoni"

    0

    ;0

    70

    60

    50

    ?00

    ?;0

    ?70

    ?60

    Givijapbln Daylw{bit

    Ja~ bldami daylw{bitEBPDt

    4

    kodcn{aylg

    Wei{i bt o ebtwa{r af f{ytw{owig owwimpwt ow {ompbln yp iuwi{lojka{{a~bln wa fbloldi pykjbd blvitwmilw

    Eapi weow blvitwmilw ~ayjg rbijg tyffbdbilw bldami wa ti{vbdi weioggbwbaloj gikw gbg law mowi{bojbxi

    Gikw d{btit eovi imi{nig al tivi{oj addotbalt

    ^er ottitt gikw tytwoblokbjbwr bl JBDt1

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    kodcn{aylg

    Gikw {ijbif eot eijpig* kyw bt law tyffbdbilw wa ilty{i gikwtytwoblokbjbwr nabln fa{~o{g

    ^er ottitt gikw tytwoblokbjbwr bl JBDt1

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    kodcn{aylg

    Tami fbloldbln powwi{lt o{i deolnbln

    Bld{iotblnjr bmpa{wolw {aji af lal-w{ogbwbaloj kbjowi{oj d{igbwa{t olgdammi{dboj d{igbwa{t

    Weiti d{igbwa{t o{i law {ip{itilwig bl iubtwbln gala{-daa{gblowbala{nolbxowbalt

    JBDt fodi tbnlbfbdolw deojjilnit weow o{i gbffbdyjw wa {idaldbji8

    Miiw givijapmilw akhidwbvit* bldjygbln wei MGNt

    Moblwobl gikw ow tytwoblokji jivijt

    Weati deojjilnit mor ki iuodi{kowig fa{ wei JBDt weow eoviiupi{bildig o {ijbif af weib{ gikw ky{gilt8

    Tbnlbfbdolw gikw {igydwbal - Ioti af ka{{a~bln

    Idalambd db{dymtwoldit {imobl yldeolnig

    ^er ottitt gikw tytwoblokbjbwr bl JBDt1

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    kodcn{aylg

    Ebne vyjli{okbjbwr wa iuanilayt teadct

    Lo{{a~ p{agydwbal olg iupa{w tw{ydwy{it

    Tw{ydwy{it daldilw{owig al p{bmo{r dammagbwbit ~bwe vajowbji p{bdit

    [itpalti dopodbwr wa teadct bt ~ioc

    ^eow mocit JBDt gbffi{ilw wa awei{ daylw{bit1

    Iupa{w Tw{ydwy{i

    0) ;0) 70) 60) 50) ?00)

    ;009 JBD

    ;009 MBD

    Lal Molyfodwy{bln

    Molyfodwy{bln

    Tay{di8 ^GB* ^a{jg Kolc,

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    kodcn{aylg

    N{iowi{ {ijboldi al affbdboj iuwi{loj d{igbwa{t

    Gikw bt ma{i daldittbaloj

    Jo{ni{ p{apa{wbal af n{olw fbloldbln

    Navi{lmilwt oddaylw fa{ wei jo{nitw teo{i af JBDt iuwi{loj gikw

    ^eow mocit JBDt gbffi{ilw wa awei{ daylw{bit1

    Iuwi{loj

    Gikw

    Dampatbwbal

    %;000-06"

    0)

    ;0)

    70)

    60)

    50)

    ?00)

    JBDt MBDt

    Daldittbaloj

    LalDaldittbaloj

    Tay{di8 NGF* ^a{jg Kolc,

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    kodcn{aylg

    ^ioci{ pajbdbit olg bltwbwywbalt wilgwa bld{ioti wei {btc af gikw p{akjim blw~a ~ort8

    Gb{idwjr* ot ~ioci{ bltwbwywbalttea{wil wei ea{bxal af navi{lmilwt*

    {ifjidw gid{iotig pykjbd fbloldbojmolonimilw dopodbwr olgoddaylwokbjbwr* olg dampjbdowi weibmpjimilwowbal af tytwoblokjimod{aidalambd pajbdbit

    Blgb{idwjr* ot ~ioci{ bltwbwywbalt jiogwa tja~i{ n{a~we* ~ebde jiogt wa gikw

    p{akjimt

    Impb{bdoj jblc kiw~iil qyojbwr afpajbdbit olg bltwbwywbalt olg {btc afgikw gbtw{itt

    ^eow mocit JBDt gbffi{ilw wa awei{ daylw{bit1

    Coyfmol Blgiu

    al Navi{loldi

    %ovn ;000-06"-0,>

    -0,6

    -0,9

    -0,7

    -0,4

    -0,;

    -0,?

    0,0

    Pajbw bdoj Twokbjbwr( Onn{inowig blgiu(

    JBDt

    MBD

    (Blgiu woci vojyit kiw~iil -;,9 o lg ;,9, Ebnei{ lym ki{blgbdowit kiwwi{ pi{fa{mo ldi

    Tay{di8 ^a {jg kolc,

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    kodcn{aylg

    Impb{bdoj faylgowbalt8 C{oor olg Lie{y ;007

    ^eow fodwa{t iupjobl wei ipbtagit af gikw gbtw{itt1

    Gikw gbtw{itt gifblig ot8 oddymyjowbal af o{{io{t

    {ita{w wa Po{bt Djyk {ijbif

    {ita{w wa BMF lal-daldittbaloj typpa{w %TKO!IFF"

    We{ii tiwt af p{igbdwa{t8

    gikw jivijt

    qyojbwr af pajbdbit olg bltwbwywbalt

    teadct

    Wei impb{bdoj liuyt kiw~iil gikw gbtw{itt olg wei qyojbwr af pajbdbit olgbltwbwywbalt

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    kodcn{aylg

    Idalamiw{bd [ityjwt

    Wei impb{bdoj liuyt kiw~iil gikw gbtw{itt olg wei qyojbwr af pajbdbit olgbltwbwywbalt

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    kodcn{aylg

    Idalamiw{bd [ityjwt

    Wei impb{bdoj liuyt kiw~iil gikw gbtw{itt olg wei qyojbwr af pajbdbit olgbltwbwywbalt

    Kotbd [ityjwt

    %?" %;" %4"Tompji Ojj JBD%o" MBD%o"

    PV Gikw ! Iupa{wt 0,677 0,?74 0,;6;%0,?9;"((( %0,0>7"( %0,060"(((DPBO -0,99> -0,4?? -0,0;0

    %0,?7;"((( %0,02?"((( %0,09?"[ioj NGP N{a~we -7,6;0 -0,240 -;,050

    %;,059"(( %?,?22" %0,>72"(((Daltwolw 0,5;? ?,2?? -?,4>9

    %0,9?;" %0,>52"(( %0,2;9"

    Akti{vowbalt ;00 54 ??>

    Ayw-af-Tompji P{igbdwbvi Pa~i{%F{odwbal af ivilwt da{{idwjr p{igbdwig"

    Ojj Ivilwt 0,>? 0,>9 0,>5Gbtw{itt Ivilwt 0,>7 0,96 0,>0La{moj Wbmit Ivilwt 0,>0 0,54 0,50

    Twolgo{g i{{a{t bl po{ilweitit( tbnlbfbdolw ow ?0)3 (( tbnlbfbdolw ow 9)3 ((( tbnlbfbdolw ow ?)%o" Mo{nbloj iffidwt {owei{ weol tjapi daiffbdbilwt o{i {ipa{wig fa{ fb{tw we{ii vo{bokjit bla{gi{ wa fodbjbwowi dampo{btal af monlbwygi af itwbmowig iffidwt kiw~iil weiti w~a dajymlt,,

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    kodcn{aylg

    Wei jbcijbeaag af gikw gbtw{itt bt tyktwolwbojjr iupjoblig kr we{iifodwa{t8

    gikw ky{gil*

    qyojbwr af pajbdbit olg bltwbwywbalt* olg

    tytdipwbkbjbwr wa teadct

    Wei qyojbwr af pajbdbit olg bltwbwywbalt bt ot bmpa{wolw ot wei gikwky{gil bl p{igbdwbln gikw gbtw{itt ipbtagit

    Wa ottitt wei p{akokbjbwr af gikw gbtw{itt* daylw{r-tpidbfbd gikwwe{iteajgt o{i ma{i opp{ap{bowi weol o ylbfa{m we{iteajg

    Wei impb{bdoj liuyt kiw~iil gikw gbtw{itt olg wei qyojbwr af pajbdbit olgbltwbwywbalt Blwi{p{iwowbal af wei {ityjwt8

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    kodcn{aylg

    Bl wei C{oor-Lie{y twygr olg wei Gikw Tytwoblokbjbwr F{omi~a{c*wei DPBO bt ytig ot o mioty{i af pajbdbit olg bltwbwywbalt

    Blgiu dojdyjowig kr wei ^a{jg Kolc weow ivojyowit wei qyojbwr af odaylw{rt p{itilw pajbdr olg bltwbwywbaloj f{omi~a{c %jowi ?220t"

    Dojdyjowig ollyojjr fa{ ojj daylw{bit

    Damp{btit?6 d{bwi{bo n{aypig bl 7 djytwi{t8

    Mod{aidalambd molonimilw Tw{ydwy{oj pajbdbit

    Pajbdbit fa{ tadboj bldjytbal olg iqybwr

    Pykjbd tidwa{ molonimilw olg bltwbwywbalt

    Wei Daylw{r Pajbdr olg Bltwbwywbaloj Ottittmilw %DPBO"

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    kodcn{aylg

    Daylw{bit o{i lawig ylgi{ iode d{bwi{bal %? wa 6"

    Wei avi{ojj lawi bt wei tbmpji ovi{oni af wei {owit fa{ ojj weid{bwi{bo

    Tbldi ;00? tivi{oj bmp{avimilwt eovi kiil blw{agydig watw{ilnweil dampo{okbjbwr od{att daylw{bit8

    Giwobjig nybgijblit

    ;-peoti opp{aode %kildemo{cbln olg {itw af wei daylw{bit"

    Tbldi ;009 DPBO avi{ojj {owit fa{ BGO-aljr daylw{bit o{i pykjbdjrovobjokji

    Wei Daylw{r Pajbdr olg Bltwbwywbaloj Ottittmilw %DPBO"

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    wei GTF

    O f{omi~a{cdojjig wei JBD GTF~ot givijapig hablwjr kr wei^a{jg Kolc olg wei BMF %ogapwig bl ;009" wa8

    K{bln o n{iowi{ daltbtwildr* gbtdbpjbli* olg w{oltpo{ildr watytwoblokbjbwr olojrtit

    Ojja~bln fa{ kiwwi{ blfa{mig pajbdr ogvbdi

    Kotig al wei8

    Bmpa{woldi af gikw tytwoblokbjbwr

    Liig wa woci blwa oddaylw JBDt tpidbfbdbwbit8

    Impb{bdoj faylgowbalt al wei jblc kiw~iil qyojbwr af pajbdbit olg

    bltwbwywbalt olg gikw gbtw{itt

    ^eow bt wei Gikw Tytwoblokbjbwr F{omi~a{c1

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    wei GTF

    Typpa{w wei iffa{wt af JBDt wa miiw weib{ givijapmilw naojt ~bweaywd{iowbln fywy{i gikw p{akjimt kr8

    Nybgbln JBDt ka{{a~bln gidbtbalt bl o ~or weow mowde wei fbloldbln liigt ~bweweib{ dy{{ilw olg p{atpidwbvi okbjbwr wa {ipor

    Ojja~bln d{igbwa{t wa wobja{ weib{ fbloldbln wi{mt bl olwbdbpowbal af fywy{i {btct,

    Bmp{avi ^a{jg Kolc olg BMF ottittmilwt olg pajbdr ogvbdi

    Eijp giwidw pawilwboj d{btit io{jr ta weow p{ivilwbvi odwbal dol kiwocil

    Akhidwbvit af wei GTF

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    wei GTF

    Wei iffidwbvilitt af wei GTF yjwbmowijr gipilgt al bwt k{aogi{ ytikr ka{{a~i{t olg d{igbwa{t

    Wei GTF bt o waaj fa{ {obtbln o~o{ilitt af gikw tytwoblokbjbwr*bmp{avbln dammylbdowbal olg daa{gblowbal kiw~iil d{igbwa{t olgka{{a~i{* olg omaln d{igbwa{t %{igydbln wei f{ii-{bgbln bttyi"

    Ayw{iode olg w{oblbln bt cir wa odebivbln webt naoj

    Bw dol woci wei fa{m af timblo{t* widelbdoj ~a{cteapt* eolgt al w{oblbln*widelbdoj ottbtwoldi* iwd,

    P{odwbdoj Ytit af wei GTF

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    wei GTF

    GTF bt ytig wa giwi{mbli BGOt n{olw ijbnbkbjbwr omaln bwtka{{a~i{t

    N{olw ojjadowbal bt kotig al iuwi{loj gikw gbtw{itt {btct{owblnt giwi{mblig ylgi{ wei GTF, [btc {owblnt o{iw{oltjowig blwa o w{offbd jbnew trtwim fa{ iode daylw{r8

    N{iil Ja~ [btc af Gikw Gbtw{itt

    ?00) twolgo{g BGO d{igbw ebnejr daldittbaloj wi{mt

    Rijja~ Migbym [btc af Gikw Gbtw{itt

    mbu af n{olwt olg jaolt 90)-90)

    [ig Ebne [btc!al Gikw Gbtw{itt

    ?00) n{olwt

    P{odwbdoj Ytit af wei GTF

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    wei GTF

    Kawe wei Kolc olg wei Fylg eovi odwbvijr ylgi{wocil ayw{iodeiffa{wt al wei GTF ~bwe lio{jr ojj moha{ myjwbjowi{oj olg kbjowi{ojd{igbwa{t, Ayw{iode appa{wylbwbit wa dammi{dboj d{igbwa{t eovi kiilpy{tyig ot ~ijj,

    Ol bld{iotbln lymki{ af d{igbwa{t o{i blda{pa{owbln ijimilwt af wei

    GTF blwa weib{ fbloldbln wi{mt,Myjwbjowi{oj d{igbwa{t8

    Ot af la~* wei OfGK* wei BoGK* wei OtGK* olg BFOG blda{pa{owi ijimilwt af weiGTF blwa weib{ a~l fbloldbln wi{mt,

    Kbjowi{oj d{igbwa{t8

    Matw AIDG gala{t iupjbdbwjr yti wei GTF wa nybgi weib{ jilgbln wi{mt

    AIDG iupa{w d{igbw onildbit eovi ogapwig* bl Holyo{r ;005* o tiw af jilgblnnybgijblit weow ogei{i wa BGO olg BMF daldittbalojbwr {iqyb{imilwt fa{ JBDt,

    PD- Wei Ivbol Opp{aode

    P{odwbdoj Ytit af wei GTF

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    wei GTF

    ?, O twolgo{gbxig fa{~o{g-jaacbln olojrtbt af gikw olggikw-ti{vbdi grlombdt

    ;, Ol ottittmilw af iuwi{loj gikw tytwoblokbjbwr bl {ijowbalwa blgbdowbvi daylw{r-tpidbfbd gikw ky{gil we{iteajgt

    weow gipilg al wei qyojbwr af pajbdbit olg bltwbwywbalt

    4, O {btc af iuwi{loj gikw gbtw{itt djottbfbdowbal weow wocitblwa daltbgi{owbal webt we{iteajg ottittmilw* ot ~ijj otawei{ daylw{r tpidbfbd fodwa{t

    Wei We{ii Pbjjo{t af wei GTF

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    wei GTF

    Wei We{ii Pbjjo{t af wei GTF

    ?, O twolgo{gbxig fa{~o{g-jaacbln olojrtbt af gikw olg gikw-ti{vbdi grlombdt

    Wocit blwa daltbgi{owbal JBDt tpidbfbdbwbit8

    jaln ea{bxal %;0 rio{t" wa {ifjidw jaln n{odi pi{bag olg mowy{bwr

    p{itilw vojyi law fodi vojyi wa dopwy{i wei daldittbalojbwr

    Wei olojrtbt damp{btit p{ahidwbalt ylgi{8 o kotijbli tdilo{ba %matw jbcijr aywdami"*

    ojwi{lowbvi tdilo{bat %weow gbtdbpjbli wei p{ahidwbalt ylgi{ weikotijbli"*

    twolgo{gbxig tw{itt witw kotig al o daylw{rt ebtwa{bdoj

    vyjli{okbjbwr wa teadct

    daylw{r-tpidbfbd tw{itt witwt bf wei vyjli{okbjbwbit o{i law gyjrdopwy{ig kr wei twolgo{g witwt

    Twolgo{gbxowbal ojja~t dampo{btal od{att daylw{bit kyw fjiubkbjbwr btliigig wa ogg{itt daylw{r-tpidbfbd db{dymtwoldit

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    wei GTF

    Wei We{ii Pbjjo{t af wei GTF

    ;, Ol ottittmilw af iuwi{loj gikw tytwoblokbjbwr bl {ijowbalwa blgbdowbvi daylw{r-tpidbfbd gikw ky{gil we{iteajgt weowgipilg al wei qyojbwr af pajbdbit olg bltwbwywbalt

    We{iteajgt o{i blgbdowbvi* law ka{{a~bln jbmbwt

    Daylw{r db{dymtwoldit %i,n,* ja~ {btc bl jo{ni ildjovi blf{otw{ydwy{i

    blvitwmilwt" teayjg ki daltbgi{ig

    _yojbwr af pajbdbit olg bltwbwywbalt

    ^ioc

    DPBO:4,;9

    Migbym

    4,;9:DPBO:4,>9

    Tw{aln

    DPBO9

    LPV af gikw-wa-NGP 40 70 90

    LPV af gikw-wa-iupa{wt ?00 ?90 ;00

    LPV af gikw-wa-{ivilyi ;00 ;90 400

    Gikw ti{vbdi-wa-iupa{wt ?9 ;0 ;9

    Gikw ti{vbdi-wa-{ivilyi ;9 40 49

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    wei GTF

    Wei We{ii Pbjjo{t af wei GTF

    4, O {btc af iuwi{loj gikw gbtw{itt djottbfbdowbal weow wocitblwa daltbgi{owbal webt we{iteajg ottittmilw* ot ~ijj otawei{ daylw{r tpidbfbd fodwa{t

    Ja~ {btc Gikw blgbdowa{t o{i ~ijj kija~ gikw-ky{gil we{iteajgt

    Tw{itt witwt ga law jiog wa tbnlbfbdolw k{iodeit af we{iteajgtMagi{owi {btc Kotijbli tdilo{ba gait law blgbdowi o k{iode af we{iteajgt Tw{itt witwt tea~ o tbnlbfbdolw {bti bl gikw ti{vbdi {owbat a{ o k{iode af

    gikw we{iteajgt

    Ebne {btc Kotijbli blgbdowit o k{iode af gikw a{ gikw ti{vbdi we{iteajgt

    Bl gikw gbtw{itt Dy{{ilw gikw olg gikw ti{vbdi {owbat o{i bl tbnlbfbdolw a{ tytwoblig

    k{iode af we{iteajgt

    Djottbfbdowbal teayjg law ki gali mideolbtwbdojjr/

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    wei GTF

    Deojjilnit ~bwe GTOt

    GTOt liig wa ki kotig al {iojbtwbd mod{aidalambdtdilo{bat

    Wei kowwji onobltw yl{iojbtwbd ottympwbalt

    Odwbvi yti af wei ebtwa{bdoj tdilo{ba

    Td{ywblr af potw p{ahidwbalt onobltw aywdamit wa bmp{avi weiqyojbwr af fywy{i p{ahidwbalt Ebne p{ahidwig n{a~we gbvbgilgt ottadbowig ~bwe jo{ni ypf{alw

    ka{{a~bln %9 pi{dilw af NGP a{ ma{i bl PV wi{mt" w{bnni{ weibldjytbal af ol ojwi{lowbvi ebne-blvitwmilw* ja~-n{a~wetdilo{ba

    Iupjbdbw hytwbfbdowbal bt {iqyb{ig ~eil o tbnlbfbdolwbmp{avimilw bl wei wi{mt af fbloldbln bt ottymig

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    wei GTF

    Deojjilnit ~bwe GTOt

    Wei twolgo{g olojrtbt mor liig wa ki ogopwig fa{ JBDtweow eovi8

    Tbnlbfbdolw iuwi{loj p{bvowi fbloldbln Wei ottadbowig vyjli{okbjbwbit mor law ki dopwy{ig %tyde ot ok{ypw

    {ivi{tojt bl mo{ciw tilwbmilw jiogbln wa tyggil dopbwoj aywfja~t" Wei GTO liigt wa ki dampjimilwig ~bwe o ma{i iuwiltbvi

    vyjli{okbjbwr olojrtbt %tyde ot wei teo{i af tea{w-wi{m gikw olg{iti{vi davi{oni {owbat"

    Oddymyjowig jo{ni fbloldboj ottiwt Wei GTF fadytit al o daylw{rt jbokbjbwbit* law bwt ottiwt

    Fa{ daylw{bit ~bwe jo{ni ottiwt %tyde ot abj-iupa{wbln daylw{bit"* weipykjbd GTO dol ki dalgydwig al o liw gikw {owei{ weol o n{attgikw kotbt

    Gikw gbtw{itt {owblnt o{i gi{bvig kotig al n{att iuwi{loj gikw/

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    wei GTF

    W{iowmilw af Gamitwbd Gikw

    Blwin{owbln gamitwbd olg iuwi{loj gikw bl wei GTF patit daldipwyoj olg

    p{odwbdoj deojjilnit8

    Lal-dampo{bkbjbwr od{att daylw{bit

    Afwil paa{ gowo qyojbwr

    Gbffi{ilw fbloldboj wi{mt* bmpjrbln o gbffi{ilw tiw af {btct

    Gamitwbd gikw eot awei{ fyldwbalt kitbgit kygniw fbloldbln

    Ea~ wa blda{pa{owi blwa o f{omi~a{c weow obmt wa p{avbgi o tbnloj wa

    gala{t {ino{gbln wei opp{ap{bowi jivij af daldittbalojbwr af iuwi{loj gikw,

    Law tw{obnewfa{~o{g wa blda{pa{owi GG blwa iubtwbln we{iteajgt/

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    ;>

    wei GTF

    [idilw Deolnit Oggbwbaloj Fjiubkbjbwr %;002"?

    Wei gikw af TAIt ki iudjygig f{am blgikwiglitt blgbdowa{t ~eil wei TAIt dol

    ka{{a~ ~bweayw o pykjbd nyo{olwii olg weib{ api{owbalt pati jbmbwig fbtdoj {btct fa{

    wei navi{lmilw,

    Kolc olg BMF twoff ylgi{woci ma{i bl gipwe olojrtbt wa kiwwi{ ottitt wei bmpodw

    af pykjbd blvitwmilw al n{a~we

    Ylgi{woci daylw{r tpidbfbd olojrtit wa ilty{i weow GTOt ga law jiog wa iudittbvijr

    dalti{vowbvi ka{{a~bln pajbdbit gy{bln {idittbalt a{ n{a~we tja~ga~lt

    Wei {aji af {imbwwoldit ki kiwwi{ {idanlbxig bl GTOt* itpidbojjr ~ei{i weir o{i

    jo{ni* bldjygbln bl wei giwi{mblowbal af gikw-{ijowig {btc {owblnt,

    Mblbmbxi we{iteajg iffidw bld{ioti bli{wbo

    Dalgydwbln fyjj-kja~l GTOt ivi{r 4 rio{t* bl wei blwi{bm ypgowit

    Gbtdaylw {owi {igydig wa 7 pi{dilw f{am 9 pi{dilw* la {ijouowbal af wei {yji

    oppjbdowbal

    ? Tii ewwp8!!na,~a{jgkolc,a{n!V^?JDHFGH0fa{ wei {ijivolw pajbdr popi{,

    http://go.worldbank.org/VW1LCJFDJ0http://go.worldbank.org/VW1LCJFDJ0http://go.worldbank.org/VW1LCJFDJ0
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    ;5

    wei gikw tytwoblokbjbwr olojrtbt8 o dald{iwi iuompji

    Jiw mi

    blw{agydi weiBMF!^a{jg

    Kolc GTO

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    wei gikw tytwoblokbjbwr olojrtbt8 o dald{iwi iuompji

    Olojrtbt af mod{aidalambd fa{idotw8

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    olojrtbt af mod{aidalambd olg fbloldboj fa{idotw

    N{a~we p{atpidwt o{i bmp{avbln g{bvil kr ebnei{ p{bvowi blvitwmilwt olg ebne iupa{w n{a~we

    Blfjowbal bt p{ahidwig wa tyktbgi wa tblnji-gbnbw jivijt

    P{ahidwig bmpa{w n{a~we bt ojta jo{ni bl wei migbym wi{ma Webt bt daltbtwilw ~bwe bld{iotit bl FGB %dopbwoj naag bmpa{wt"

    [imbwwoldit o{i jo{ni olg fbloldi o n{iow pa{wbal af wei w{ogi gifbdbwta P{bvowi w{oltfi{t o{i iupidwig wa bld{ioti f{am ?6 pi{dilw af NGP bl ;009 wa lio{jr ;9 pi{dilw bl ;00>

    P{bvowi iuwi{loj gikw bt n{a~bln tyktwolwbojjr avi{ wei migbym wi{ma Wei ottympwbalt al n{a~we bl FGB olg p{bvowi gikw mor ki n{aylgig al {ifa{mt! mioty{it wocil kr wei

    oywea{bwbit wa bmp{avi wei kytblitt djbmowi

    P{ipalgi{oldi af daldittbaloj jaolta Matw ka{{a~bln bl wei lio{ wi{m bt fa{idotw wa ki al daldittbaloj wi{mta Avi{ wei jaln-wi{m* ot wei idalamr givijapt ka{{a~bln* ~bjj kidami jitt daldittbaloj,

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    wei DPBO olg gikw ky{gil we{iteajgt

    Wei daylw{r bt {owig ot o migbym pi{fa{mi{8

    a wei DPBO bt 4,67

    a o {owbln kiw~iil 4,;9 olg 4,>9 {ifjidwt migbym pi{fa{moldi

    Pajbdr kotig iuwi{loj gikw ky{gil blgbdowa{t8

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    olojrtbt af gikw w{ohidwa{bit ylgi{ wei kotijbli tdilo{ba

    Tajvildr daltbgi{owbalt8

    Ojj wei gikw twadc

    {owbat o{i ~ijj kija~weib{ {itpidwbvi

    we{iteajgt

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    olojrtbt af gikw w{ohidwa{bit ylgi{ wei kotijbli tdilo{ba

    Jbqybgbwr daltbgi{owbalt8

    Ojj wei gikw ti{vbdi {owbat o{i ojta ~ijj

    kija~ weib{ {itpidwbvi we{iteajgt

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    gikw w{ohidwa{bit ylgi{ ojwi{lowbvi tdilo{bat olg tw{itt witwt

    Tajvildr daltbgi{owbalt8

    Iuwi{loj gikw {owbat {imoblt kija~

    wei we{iteajg ylgi{ wei ebtwa{bdoj

    tdilo{ba8 la ivbgildi weow wei

    p{ahidwbalt dol ki avi{-apwbmbtwbd

    Wei matw iuw{imi tw{itt teadc bt

    Wei K98 damkblowbal af ja~i{ NGP

    n{a~we olg ja~i{ liw lal-gikw

    d{iowbln fja~t, Aljr ali blgbdowa{ bt

    k{iodeig8 PV af gikw-wa-NGP,

    K{iode avi{ 9 rio{t ~bwe ol ovi{oni

    givbowbal af > pi{dilwoni pablwt,

    Kyw twoff hygnig weow tdilo{ba wa ki

    jitt jbcijr bl p{odwbdi,

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    Jbqybgbwr daltbgi{owbalt8

    Iuwi{loj gikw ti{vbdi {owbat {imoblt kija~ wei

    we{iteajg ylgi{ wei ebtwa{bdoj tdilo{ba olg ivil

    ylgi{ wei matw iuw{imi tw{itt teadc,

    gikw w{ohidwa{bit ylgi{ ojwi{lowbvi tdilo{bat olg tw{itt witwt

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    Matw iuw{imi tdilo{ba bt K9 olg twoff hygnig wei p{akokbjbwr af addy{{ildi wa ki ja~

    Tidalg ~a{{btami tdilo{ba fa{ ~ebde wei pattbkbjbwr af addy{{ildi bt giimig n{iowi{ bt wei K7tdilo{ba = magijbln af o fojj bl lal-gikw d{iowbln fja~t, Bl ;005-02* weiti fja~t ~i{i matwjrdamp{bti af w{oltfi{t,

    a Wei k{iode addy{t gy{bln ? rio{ aljr

    a [imbwwoldit wilg wa ki myde jitt vajowbji weol awei{ wrpit af blfja~t,

    gikw w{ohidwa{bit ylgi{ ojwi{lowbvi tdilo{bat olg tw{itt witwt

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    gikw gbtw{itt {owbln

    Gitpbwi wei wimpa{o{r k{iode* daylw{r doti ? {idibvigo ja~ gikw gbtw{itt {owbln8

    Wei oywea{bwbit eovi o naag w{odc {ida{g af mod{aidalambdtwokbjbwr

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    45

    daldjytbal

    O GTO bt aljr ot naag ot bwt ylgi{jrbln kotijbli tdilo{ba,

    Bw bt bmpa{wolw law wa ivojyowi wei {btc af gikw gbtw{itt bl omideolbtwbdoj molli{

    O naag GTO mytw djio{jr gbtdytt wei janbd af weidjottbfbdowbal olg wei mobl tay{dit af yldi{woblwr

    Wei GTF bt law wei aljr {itpalti wa wei qyitwbal af wei

    {btc af iudittbvi gikw bl JBDt, Ea~ivi{* bw bt wei aljrgiwobjig olg twolgo{gbxig olojrtbt weow bt ovobjokji wa weipykjbd

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    fa{ fy{wei{ blfa{mowbal

    Blfa{mowbal al wei GTF olg daylw{r GTOt dol ki faylg8

    ewwp8!!~~~,bmf,a{n!gto ewwp8!!~~~,~a{jgkolc,a{n!gikw

    Blwi{itwig po{wbit dol gb{idw qyitwbalt GTOt olg daldittbalojbwrpajbdr-{ijowig qyitwbalt we{ayne o gigbdowig mobjkau8

    JilgblnWaJBDt@BMF,A[N

    JilgblnWaJBDt@^A[JGKOLC,A[N

    WEOLC RAY

    http://www.imf.org/dsahttp://www.worldbank.org/debtmailto:[email protected]:[email protected]:[email protected]:[email protected]://www.worldbank.org/debthttp://www.imf.org/dsahttp://www.imf.org/dsa
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    Weolc ray/