Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe>...

84
Ujljdjq jnxtn 1994

Transcript of Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe>...

Page 1: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Ujljdjq jnxtn1994

Page 2: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

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Page 3: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

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13 J,pjh ltzntkmyjcnb pf 1994 ujl

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2 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

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Page 5: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Ytrjnjhst jcyjdyst lfyyst

Htpekmnfns abyfycjdjq ltzntkmyjcnb 1994 ujl 1993 ujl 1992 ujl 1991 ujl¡vky. "R? vky. "R? vky. "R? vky. "R?

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------- --------------------------------------------------------------- ------------------------------------------------------------------Ghb,skm !e,snrb@ jn jcyjdyjq ltzntkmyjcnb lj dsltktybz htpthdjd 25 44 4 !7@Htpthds yf gjrhsnbt gjnthm 24 40 10 –Ghb,skm !e,snrb@ pf gthbjl 1 4 !6@ !7@

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-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------- --------------------------------------------------------------- ------------------------------------------------------------------¡ Pf 9 vtczwtd.

Htpekmnfns jcyjdyjq ltzntkmyjcnb 1994 ujl 1993 ujl 1992 ujl 1991 ujl¡ Bnjujxbckj xbckj xbckj xbckj xbckj

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------- ------------------------------------------------------------------Jlj,htyj yjds[ ghjtrnjd 109 80 47 16 251Gjlgbcfyj yjds[ ghjtrnjd 91 72 34 2 199

1994 ujl 1993 ujl 1992 ujl 1991 ujl¡ BnjujAbyfycbhjdfybt T<HH pf ujl vky. "R? vky. "R? vky. "R? vky. "R? vky. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------- ------------------------------------------------------------------Jlj,htyj 2409 2062 951 350 5772Dsltktyj 1878 1642 826 53 4399Bcgjkmpjdfyj 591 409 127 0 1127

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 3

Page 6: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

4 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

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Page 7: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

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D 1994 ujle T<HH lj,bkcz ,jkmitq rjywtynhfwbb ecbkbq b

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D 1994 ujle <fyr jnrhsk ghtlcnfdbntkmcndj d Fkvfns&

nfrbv j,hfpjv> j,ott xbckj ghtlcnfdbntkmcnd ljcnbukj 13>

ghtlcnfdbntkb yf vtcnf[ yf[jlbkbcm d 17 cnhfyf[. Xbckj

byjcnhfyys[ b yfyzns[ yf vtcnt cjnhelybrjd edtkbxbkjcm

gjxnb dldjt> ljcnbuyed ,jktt 100 xtkjdtr> drk/xfz

26 vtcnys[ cgtwbfkbcnjd. <skj ghbyznj htitybt jnrhsnm

d 1995 ujle ghtlcnfdbntkmcndf <fyrf d Rshuspcnfyt>

Ckjdtybb b {jhdfnbb.

Htpekmnfns abyfycjdjq ltzntkmyjcnb

Htpekmnfns pf 1994 ujl ,skb kexit> xtv j;blfkjcm>

exbnsdfz cjcnjzybt abyfycjds[

hsyrjd. Ghb,skm lj dsltktybz

htpthdjd yf gjrhsnbt gjnthm cjcnfdbkf

24>9 vky. "R?> f gjckt dsltktybz

htpthdjd – 1 vky. "R?. "nj cnfkj

djpvj;ysv ,kfujlfhz edtkbxtyb/

gjcnegktybq jn bydtcnbwbq kbrdblys[

frnbdjd d eckjdbz[ ytcnf,bkmyjuj

abyfycjdjuj hsyrf b hfcneotve

drkfle ltzntkmyjcnb ,fyrjdcrjuj ltgfhnfvtynf.

Dcktlcndbt bybwbfnbd gj 'rjyjvbb htcehcjd b

ghjljk;f/otqcz ,/l;tnyjq lbcwbgkbys j,obt

flvbybcnhfnbdyst hfc[jls b hfc[jls yf fvjhnbpfwb/ ,skb

yb;t hfc[jljd 1993 ujlf> xnj b cgjcj,cndjdfkj ljcnb;tyb/

nfrb[ htpekmnfnjd.

D ntxtybt ujlf ,skb dsltktys htpthds yf gjrhsnbt

gjnthm d cevvt 23>9 vky. "R?> drk/xfz 3>1 vky. "R? gj

ljujdjhysv j,zpfntkmcndfv> ghbxtv hfc[jls>

ghtlecvjnhtyyst yf 'njn ujl> ,skb evtymitys yf

15>8 vky. "R? gj chfdytyb/ c 1993 ujljv d htpekmnfnt

jnvtys ytrjnjhs[ rjyrhtnys[ dsltktyys[ d 1993 ujle

htpthdjd> rjnjhst ,jktt yt hfccvfnhbdfkbcm rfr

ytj,[jlbvst. J,obq cjdjregysq ehjdtym htpthdjd gj

ytgjufityysv rhtlbnfv b bydtcnbwbzv d frwbjythyst

rfgbnfks dshjc c 44 vky. "R? lj 64 vky. "R?.

D 1994 ujle bcgjkmpjdfybt chtlcnd gj ghjtrnfv yf 44fi

ghtdscbkj gjrfpfntkm 1993 ujlf. R rjywe 1994 ujlf

dkj;tybz d frwbjythyst rfgbnfks cjcnfdbkb

365>6 vky. "R?> bcgjkmpjdfybt chtlcnd gj rhtlbnfv –

753>1 vky. "R?> f dkj;tybz d ljkujdst j,zpfntkmcndf d

cnhfyf[ jgthfwbq – 7>9 vky. "R?. Lkz chfdytybz nt ;t

gjrfpfntkb r rjywe 1993 ujlf cjcnfdbkb 192>5 vky. "R?>

357>1 vky. "R? b 7>8 vky. "R? cjjndtncndtyyj.

D ntxtybt ujlf dfkjdjq lj[jl jn jgthfwbq ,fyrjdcrjuj

ltgfhnfvtynf ,jktt xtv eldjbkcz. Tuj jcyjdysv 'ktvtynjv

cnfkb ghjwtyns gj rhtlbnfv> jlyfrj djphjcibt lbdbltyls>

ghb,skm jn ghjlf;b bydtcnbwbq d frwbb b ,jktt dscjrbt

lj[jls d dblt c,jhjd b rjvbccbq nfr;t cgjcj,cndjdfkb

'njve hjcne.

D ntxtybt ujlf kbrdblyst frnbds> cjcnfdkzdibt

4>5 vkhl. "R?> edtkbxbkbcm yf 467>4 vky. "R?> bkb yf

11>7fi> d jcyjdyjv d htpekmnfnt gjkextybz rfgbnfkf> ghbxtv

8>7fi> bkb 385>6 vky. "R?> eghfdkz/n ytpfdbcbvst

hfcgjhzlbntkb frnbdfvb.

C extnjv dctuj lj[jlf gjhnatkm kbrdblys[ frnbdjd

j,tcgtxbk j,obq dfkjdjq lj[jl d 276>9 vky. "R?. "nf

wbahf lfyf c extnjv rjhhtrwbb yf gjyb;tybt cnjbvjcnb>

rfr htfkbpjdfyyjq> nfr b ythtfkbpjdfyyjq> yf 13 vky. "R?>

ghjbcntrf/otuj bp ljkujds[ j,zpfntkmcnd d htpekmnfnt

jnhbwfntkmys[ hsyjxys[ eckjdbq. J,obq lj[jl ,sk yf

77 ,fpbcys[ geyrnjd dsit cjjndtncnde/otuj 'nfkjyyjuj

gjrfpfntkz !cnjbvjcnm chtlcnd gj cnfdrfv gj rhfnrjchjxysv

j,zpfntkmcndfv@ b ceotcndtyyj ghtdsiftn 'nfkjyyst

j,kbufwbb.

Eghfdktybt htcehcfvb

D 1994 ujle T<HH cjdthitycndjdfk eghfdktybt cdjbvb

htcehcfvb> dytlhbd ghjuhfvve gjdsitybz 'aatrnbdyjcnb

pfnhfn b ,jktt ;tcnrjq ,/l;tnyjq lbcwbgkbys. Nfrjq

,jktt ;tcnrbq rjynhjkm yfl htcehcfvb b hfcibhtybt

jgthfwbjyyjq ltzntkmyjcnb cgjcj,cndjdfkb cjrhfotyb/

ljkb flvbybcnhfnbdys[ hfc[jljd d j,ob[ j,zpfntkmcndf[ c

5>7fi d rjywt 1993 ujlf lj 3>7fi d 1994 ujle.

Gjdsitybt 'aatrnbdyjcnb ,skj ljcnbuyenj nfr;t d

htpekmnfnt jhufybpfwbjyys[ bpvtytybq. <fyrjdcrfz

ltzntkmyjcnm ,skf cjchtljnjxtyf d hfvrf[ tlbyjuj

ltgfhnfvtynf gjl herjdjlcndjv gthdjuj dbwt-ghtpbltynf.

Ltgfhnfvtyn cjcnjbn bp nthhbnjhbfkmys[ b jnhfcktds[

jnltkjd b bvttn d yfcnjzott dhtvz ,jkmie/ djpvj;yjcnm

hfphf,fnsdfnm ghjtrns rfr d xfcnyjv> nfr b

ujcelfhcndtyyjv ctrnjhf[ ghb vbybvfkmyjv le,kbhjdfybb.

<jktt 'aatrnbdyjt hfcghtltktybt htcehcjd rfr bp

dcgjvjufntkmys[ cke;, d j,kfcnm jcyjdyjq ,fyrjdcrjq

ltzntkmyjcnb> nfr b d hfvrf[ jgthfwbjyys[ jnltkjd

ghbdtkj r hjcne ghjbpdjlbntkmyjcnb. Jlby 'nf; plfybz

kjyljycrjq inf,-rdfhnbhs <fyrf ,sk clfy d ce,fhtyle.

Lkz nt[ ;t wtktq dscdj,j;ltyf tot gkjoflm.

</l;tnyfz lbcwbgkbyf> ddtltyyfz dj dnjhjq gjkjdbyt

1993 ujlf> d 1994 ujle ,skf erhtgktyf. </l;tn 1995 ujlf

jcyjdfy kbim yf 3>5-ghjwtynyjv edtkbxtybb !d aeynf[

cnthkbyujd@ flvbybcnhfnbdys[ hfc[jljd !d htfkmyjv

dshf;tybb 'nj ghfrnbxtcrb yektdjq hjcn@> ytcvjnhz yf

djphjcibt rjynhjkmyst b bcgjkybntkmcrbt aeyrwbb>

cdzpfyyst c edtkbxbdf/obvcz gjhnatktv <fyrf.

Xtnrfz b ytbpvtyyfz ghbdth;tyyjcnm T<HH ghbywbgfv

juhfybxtybz hfc[jljd b ,/l;tnyjq lbcwbgkbys j,tcgtxbkf

tve vyjujxbcktyyst ghtbveotcndf. Ght;lt dctuj jyf

csuhfkf xhtpdsxfqyj df;ye/ hjkm d djccnfyjdktybb

Htpekmnfns

abyfycjdjq

ltzntkmyjcnb

ghtdscbkb

j;blfybz

Page 9: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

ljdthbz r <fyre cj cnjhjys tuj frwbjythjd b rkbtynjd>

edtkbxbd nfr;t ljdthbt hsyrf. Rhjvt njuj> jyf gjpdjkbkf

dscdj,jlbnm htcehcs> rjnjhst ,skb pfntv yfghfdktys yf

jgthfwbjyye/ ltzntkmyjcnm> xnj ghbdtkj r gjdsityb/

ghjbpdjlbntkmyjcnb.

Gjkbnbrf

Yf,k/ltybt pf cj,k/ltybtv cnfnmb 1

Cjukfcyj cnfnmt 1 Cjukfitybz j, exht;ltybb T<HH>

cnhfys> d rjnjhs[ ltqcndetn <fyr> ljk;ys ,snm

ghbdth;tys ghbywbgfv vyjujgfhnbqyjq ltvjrhfnbb>

gk/hfkbpvf b hsyjxyjq 'rjyjvbrb b ghjdjlbnm b[ d

;bpym. Yf,k/ltybt pf cj,k/ltybtv 'nb[ ghbywbgjd edzpfyj

c ltzntkmyjcnm/ <fyrf b jnhf;ftncz d cnhfntubz[ <fyrf d

jnyjitybb cnhfy jgthfwbq> d rjnjhs[ cjlth;bncz jwtyrf

ghbdth;tyyjcnb njq bkb byjq cnhfys cnfnmt 1. Cjdtn

lbhtrnjhjd hfccvfnhbdftn ghbdth;tyyjcnm cnhfy cnfnmt 1

ghb gthbjlbxtcrjv j,ce;ltybb ltzntkmyjcnb <fyrf b

cnhfntubq d j,kfcnb rhtlbnjdfybz> rfr 'nj nht,etncz gj

Cjukfityb/.

D ltzntkmyjcnb <fyrf nfr;t exbnsdf/ncz rjynfrns c

ghfdbntkmcndfvb gj djghjcfv> djpybrf/obv d cdzpb c

ghjwtccjv yf,k/ltybz. Yf,k/ltybt jceotcndkztncz d

ntcyjv cjnhelybxtcndt c Tdhjgtqcrbv cj/pjv>

Jhufybpfwbtq gj ,tpjgfcyjcnb b cjnhelybxtcnde d Tdhjgt>

Cjdtnjv Tdhjgs b vbybcnthcndfvb byjcnhfyys[ ltk

ujcelfhcnd-xktyjd.

Jgthfwbjyyfz gjkbnbrf

D yfxfkt 1994 ujlf Cjdtn lbhtrnjhjd jlj,hbk gthtxtym

chtlytchjxys[ jgthfwbjyys[ ghbjhbntnjd. Cktle/obt

jcyjdyst ghbywbgs ghbyzns Cjdtnjv eghfdkz/ob[ yf

T;tujlyjv pfctlfybb 1994 ujlf> cjcnjzditvcz d Cfyrn-

Gtnth,ehut%

– egjh yf hfpdbnbt xfcnyjuj ctrnjhf>

– ltzntkmyjcnm dj dct[ cnhfyf[ jgthfwbq>

– hf,jnf c vtcnysvb xfcnysvb ghtlghbznbzvb> jcj,tyyj c

VCG>

– hfcibhtybt bcgjkmpjdfybz abyfycjds[ gjchtlybrjd>

– edtkbxtybt bydtcnbwbq d frwbjythyst rfgbnfks.

Eghfdkz/obt nfr;t gjlxthryekb> xnj <fyr d cdjtq

ltzntkmyjcnb herjdjlcndetncz ytj,[jlbvjcnm/ cjltqcndbz

'rjkjubxtcrb pljhjdjve b ecnjqxbdjve hfpdbnb/> cltkfd

egjh yf ,kfuf jn ,jktt 'aatrnbdyjuj bcgjkmpjdfybz

'ythubb. "nb jcyjdyst gjkj;tybz ,skb ghtndjhtys d

;bpym d rjyntrcnt gj-ght;ytve jrfpsdftvjuj <fyrjv

cjltqcndbz cnhernehyjq gthtcnhjqrt> ghbdfnbpfwbb b

hfpdbnb/ byahfcnhernehs> xnj rhfqyt df;yj lkz hfpdbnbz

xfcnyjuj ctrnjhf> f nfr;t lkz htubjyfkmyjq byntuhfwbb b

j[hfys jrhe;f/otq chtls.

Ghjljk;fz jceotcndkznm cnhjubq rjynhjkm yfl

htcehcfvb> <fyr ecbkbk jrfpsdftvjt bv yf gtht[jlysq

ghjwtcc djpltqcndbt ,kfujlfhz bp,hfyyjve bv $jgnjdjve$

gjl[jle r ltzntkmyjcnb d abyfycjdjv ctrnjht. <fyr ntcyj

cjnhelybxfk c ,fyrfvb> abyfycjdsvb exht;ltybzvb b

bydtcnbwbjyysvb rjvgfybzvb d cnhfyf[ jgthfwbq>

ghtljcnfdkz/obvb chtlcndf vtkrbv ghtlghbznbzv> rjnjhst

<fyr yt vju 'rjyjvbxyj ghjabyfycbhjdfnm.

<fyr hfphf,jnfk hfvrb lkz hfcghjcnhfytybz nfrjuj

$jgnjdjuj$ gjl[jlf yf ghjvsiktyyjcnm b njhujdk/ xthtp

gfhnythcndj c abhvfvb pfgflys[ cnhfy> f nfr;t cnhfy

jgthfwbq. <kfujlfhz yje-[fe b cnhf[jdjve gjntywbfke

cdjb[ ghjvsiktyys[ gfhnythjd> bvt/ob[ cnhfntubxtcrbt

j,zpfntkmcndf d cnhfyf[ jgthfwbq> <fyr cvj;tn

bcgjkmpjdfnm c ,jkmitq jnlfxtq b ,jktt hfdyjvthyj cdjq

rfgbnfk dj dctv htubjyt.

Djphj;ltybt njhujdkb cgjcj,cndetn ecgt[e gtht[jlf r

hsyre> b vths d 'njq df;yjq j,kfcnb dtcmvf ytj,[jlbvs.

<fyr cnhtvbncz cjltqcndjdfnm vt;leyfhjlyjq njhujdkt

gentv cyb;tybz hfc[jljd yf jgthfwbb b d 'nb[ wtkz[

hfphf,fnsdftn hzl ghjtrnjd.

J,pjh cj,snbq pf ujl

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 7

Xbckj jceotcndkztvs[ ghjtrnjd b dfkjdst hfc[jls T<HH

40

0

1991 ujl 1992 ujl 1993 ujl 1994 ujl

80

120

xbckj#vky. "R?

ghjtrns

hfc[jls

160

200

Page 10: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

J,pjh cj,snbq pf ujl

8 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Abyfycjdfz gjkbnbrf

Abyfycjdfz gjkbnbrf T<HH jghtltkztn gfhfvtnhs> d

hfvrf[ rjnjhs[ jy vj;tn ghjdjlbnm cdj/ jgthfwbjyye/ b

abyfycjde/ ltzntkmyjcnm b eghfdkznm ghbceobvb tq

hbcrfvb lkz j,tcgtxtybz cdjtuj abyfycjdjuj ,kfujgjkexbz.

D 1994 ujle ,skb ghjdtltys j,pjh b ljhf,jnrf hzlf

fcgtrnjd abyfycjdjq gjkbnbrb d cdtnt yjdjuj jgsnf.

Gthbjlbxtcrbq j,pjh abyfycjdjq gjkbnbrb ghtlcnfdkztncz

df;ysv> jcj,tyyj c extnjv njuj> xnj <fyr bvttn xtnrj

jghtltktyyst jgthfwbjyyst ghbjhbntns dj dct[ cnhfyf[

jgthfwbq.

Eghfdktybt gjhnatkmysvb hbcrfvb b bydtcnbwbjyyfz

gjkbnbrf gjldthukbcm lfkmytqitq hfphf,jnrt> jcj,tyyj d

jnyjitybb bydtcnbwbq <fyrf. Nfr> yfghbvth> ,skb lfys

ljgjkybntkmyst erfpfybz jnyjcbntkmyj abyfycjds[

gjchtlybrjd> ufhfynbq> bydtcnbwbq d frwbjythyst

rfgbnfks b cgtwbfkmys[ bydtcnbwbq – nfrb[ rfr

Cgtwbfkmyfz ghjuhfvvf cnhernehyjq gthtcnhjqrb>

htubjyfkmyst ajyls dtyxehyjuj rfgbnfkf b ghjuhfvvs lkz

VCG. Gjhzljr rhtlbnyjuj rjynhjkz <fyrf nfr;t ,sk

gthtcvjnhty c extnjv ytlfdyb[ bpvtytybq.

Gjkbnbrf cjplfybz htpthdjd ,skf gthtcvjnhtyf c ntv>

xnj,s htpthds jnhf;fkb ghbceobt gjhnatk/ <fyrf hbcrb.

Htityj enjxybnm d 1995 ujle gjhzljr jwtyrb dyenhtyyb[

hbcrjd <fyrf d rfxtcndt jcyjds lkz lfkmytqituj

gthtcvjnhf gjkbnbrb d j,kfcnb cjplfybz htpthdjd.

Htpekmnfns j,pjhf gjkbnbrb kbrdblyjcnb gjrfpfkb> xnj

<fyr ljk;ty gjllth;bdfnm vbybvfkmysq rj'aabwbtyn

kbrdblyjcnb yf ehjdyt 45fi gjnht,yjcntq d yfkbxyjcnb yf

gjcktle/obt nhb ujlf. "njn rj'aabwbtyn hfccvfnhbdftncz

d rfxtcndt vbybvfkmyjuj ehjdyz> f yt jgthfwbjyyjuj

pflfybz> jcj,tyyj c extnjv df;yjcnb cjplfybz d yfxfkmyst

ujls ljcnfnjxys[ htpthdjd kbrdblyjcnb lkz j,tcgtxtybz

ghbyzns[ j,zpfntkmcnd.

C extnjv ghjuyjpbhetvjuj hfcibhtybz gjhnatkz <fyrf

Cjdtn eghfdkz/ob[ yf T;tujlyjv pfctlfybb 1994 ujlf

ghbitk r pfrk/xtyb/> xnj gjnht,etncz hfccvjnhtnm djghjc

j rfgbnfkt <fyrf> b j,hfnbkcz r Cjdtne lbhtrnjhjd c

ghjcm,jq bpexbnm jcyjdyst jgthfwbjyyst b abyfycjdst

ghtlgjkj;tybz> xnj,s d 1995 ujle yfxfnm yfghfdktybt

cjjndtncnde/ob[ jnxtnjd eghfdkz/obv.

Yjdst gjkbnbxtcrbt vths

D ntxtybt 1994 ujlf ,sk hfphf,jnfy hzl yjds[

gjkbnbxtcrb[ vth> drk/xfz cnhfntub/ d jnyjitybb ctrnjhf

ytldb;bvjcnb. Rhjvt njuj> ,skb gthtcvjnhtys ghbywbgs

ltzntkmyjcnb d j,kfcnb 'ythutnbrb. <skj htityj drk/xbnm

b[ d rjvgktrcye/ 'ythutnbxtcre/ gjkbnbre d 1995 ujle.

Rjyrhtnyst ghjuhfvvs b bybwbfnbds

D 1994 ujle T<HH hfcibhbk bcgjkmpjdfybt chtlcnd

nt[ybxtcrjuj cjnhelybxtcndf. Df;yjq jcj,tyyjcnm/

nt[ybxtcrjuj cjnhelybxtcndf zdkztncz tuj cgjcj,yjcnm

cjltqcndjdfnm bydtcnbwbjyyjq b rhtlbnyjq ltzntkmyjcnb

<fyrf xthtp gjlujnjdre b jceotcndktybt ghjtrnjd.

D 1994 ujle yf 'nb wtkb ,skj dsltktyj 74fi htcehcjd

nt[ybxtcrjuj cjnhelybxtcndf d gjllth;re bydtcnbwbq b

rhtlbnjd j,otq cevvjq 1 vkhl. "R?. D 1994 ujle T<HH

dsltkbk 87>6 vky. "R? yf 311 ghjtrnjd nt[ybxtcrjuj

cjnhelybxtcndf& bcgjkmpjdfyj ,skj 46>4 vky. "R?.

D ntxtybt ujlf <fyr

gjlgbcfk ctvm yjds[

cjukfitybq j ajylf[

nt[ybxtcrjuj cjnhelybxtcndf&

j,ott xbckj ajyljd

ljcnbukj 35. <fyr

ghjljk;bk cjnhelybxtcndj c Tdhjgtqcrbv cj/pjv b

bvt/obvbcz cnhfyfvb-ljyjhfvb. R rjywe ujlf ajyls

nt[ybxtcrjuj cjnhelybxtcndf cjcnfdbkb 232>8 vky. "R?>

cgtwbfkmyst ajyls !lkz <fknbb b Hjccbb@ – d wtkjv

13>7 vky. "R?> f ajyls gjl rjyrhtnyst ghjtrns –

16>8 vky. "R?. Gjckt j,ce;ltybq yf T;tujlyjv pfctlfybb

Cjdtnf eghfdkz/ob[ 1994 ujlf ljyjhs cjukfcbkbcm cltkfnm

xfcnm ajyljd ytj,eckjdktyysvb b bcgjkmpjdfnm b[ lkz

jgkfns eckeu vtcnys[ rjycekmnfynjd bp cnhfy jgthfwbq

<fyrf.

T<HH ghjljk;bk hf,jne gj cgtwbfkmysv ghjuhfvvfv b

bybwbfnbdfv d gjllth;re hfpdbnbz vtkrb[ b chtlyb[

ghtlghbznbq. Ajyl lkz vtkrb[ ghtlghbznbq Hjccbb>

cjplfyysq <fyrjv d 1993 ujle gj bybwbfnbdt

cnhfy - xktyjd Uheggs 7> ghjljk;bk cdj/ ltzntkmyjcnm d

1994 ujle& ,skb cjplfys yjdst bycnhevtyns

abyfycbhjdfybz vtkrb[ ghtlghbznbq. J;blftncz> xnj

gjkyjvfcinf,yfz ghjuhfvvf nfrjuj nbgf vj;tn ,snm

jceotcndktyf b d lheub[ cnhfyf[ jgthfwbq.

Chtlb ghjxb[ df;ys[ jgthfwbjyys[ bybwbfnbd>

ghtlghbyzns[ c gjvjom/ ljyjhjd d 1994 ujle> vj;yj

yfpdfnm cjplfybt xtnsht[ htubjyfkmys[ ajyljd dtyxehyjuj

rfgbnfkf d Hjccbb. Jyb zdkz/ncz xfcnm/ gjllth;rb <fyrjv

rfvgfybb vfccjdjq ghbdfnbpfwbb gentv pyfxbvjuj

gjhnatkmyjuj exfcnbz d ghbdfnbpbhjdfyys[ rjvgfybz[ b

jrfpfybz eghfdktyxtcrjq gjvjob yjdsv xfcnysv dkfltkmwfv.

J;blftncz> xnj htubjyfkmyst ajyls dtyxehyjuj rfgbnfkf

,elen dcrjht cjplfys b d lheub[ cnhfyf[.

<fyr ghjljk;bk cdj/ ltzntkmyjcnm gj Cxtne zlthyjq

,tpjgfcyjcnb> exht;ltyyjve d 1993 ujle gj bybwbfnbdt

7 yjds[ ajyljd

nt[ybxtcrjuj

cjnhelybxtcndf

Page 11: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

J,pjh cj,snbq pf ujl

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 9

cnhfy Uheggs 7 lkz gjdsitybz ,tpjgfcyjcnb fnjvys[

'ktrnhjcnfywbq. Cxtn zlthyjq ,tpjgfcyjcnb gjkmpetncz

gjllth;rjq cnhfy Uheggs 7> f nfr;t <tkmubb> Lfybb>

Yblthkfyljd> Yjhdtubb> Abykzylbb> Idtqwfhbb b Idtwbb.

D 1994 ujle ,sk gjlgbcfy ghjtrn lkz Buyfkbycrjq F"C d

Kbndt& ldf ghjtrnf gkfybhe/ncz lkz Hjccbb d ljgjkytybt r

ghjuhfvvt ltqcndbq gj pfrhsnb/ Xthyj,skmcrjq F"C d

Erhfbyt.

Xktys <fyrf

T<HH ghjljk;bk htitybt pflfx> cdzpfyys[ c tuj ibhjrbv

b hfpyjj,hfpysv xktycrbv cjcnfdjv. Gjkj;tybt d

1994 ujle yt bpvtybkjcm% xbckj xktyjd <fyrf ,skj 59> f

xbckj cnhfy jgthfwbq – 25.

D ctynz,ht 1994 ujlf Cjdtn lbhtrnjhjd ghbyzk htitybt

j yfxfkt gthtujdjhjd <fyrf c <sditq ?ujckfdcrjq

Htcge,kbrjq Vfrtljybz> Ckjdtybtq b {jhdfnbtq lkz

yf[j;ltybz ghbtvktvjuj htitybz jnyjcbntkmyj

hfcghtltktybz frwbq ,sditq ?ujckfdbb. <skj nfr;t

htityj gjplytt hfccvjnhtnm ghjcm,s j, edtkbxtybb

gjlgbcrb yf rfgbnfk <fyrf tuj ysytiyb[ xktyjd> f nfr;t

ghjcm,s j ghbyznbb yjds[ xktyjd.

Jhbtynbhs yf ,eleott

D yfcnjzott dhtvz gjckt ghjdtltyyjuj d 1994 ujle

gththfcghtltktybz frwtynjd tuj ltzntkmyjcnb lkz T<HH

jnrhskbcm pyfxbntkmyj kexibt gthcgtrnbds gj

dsgjkytyb/ tuj vfylfnf. Gj vtht lfkmytqituj ekexitybz

eckjdbq ltzntkmyjcnb <fyrf cghjc yf tuj eckeub> jcnfdfzcm

ytjlbyfrjdsv d hfpys[ cnhfyf[> d wtkjv hfcntn dj dctv

htubjyt. J, 'njv e;t cdbltntkmcndetn b cjjndtncndtyyj

,jkmijq gjhnatkm ujnjdzob[cz ghjtrnjd. <fyr jnhtfubhetn

yf 'nj gjbcrfvb yjds[ gentq lfkmytqituj gjdsitybz

cdjtq ghjbpdjlbntkmyjcnb b pyfxbvjcnb ghjtrnjd. "nj

ghbdtltn nfr;t r ,jktt $jgnjdjve$ gjl[jle d abyfycjdjv

ctrnjht> f nfr;t r cjplfyb/ gfhnythcrb[ jnyjitybq d

ghjvsiktyyjcnb b njhujdkt. Dsgjkyzz jcj,e/ hjkm

$frnbdyjuj$ bydtcnjhf> <fyr ,eltn ghjrkflsdfnm genm b

ecnfyfdkbdfnm ntvgs ltzntkmyjcnb lkz lheub[ bydtcnjhjd>

ghbdktrfz d htubjy ceotcndtyyst ljgjkybntkmyst

bydtcnbwbb.

Page 12: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

10 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Eckjdbz ltzntkmyjcnb

Ddtltybt

Vfylfn T<HH> bpkj;tyysq d Cjukfitybb j, exht;ltybb

<fyrf> pfrk/xftncz d njv> xnj,s $cjltqcndjdfnm gtht[jle r

jnrhsnjq 'rjyjvbrt> jhbtynbhjdfyyjq yf hsyjr> f nfr;t

hfpdbnb/ xfcnyjq b ghtlghbybvfntkmcrjq bybwbfnbds$.

Lfktt d Cjukfitybb ujdjhbncz> xnj $<fyr dj dct[ cdjb[

jgthfwbz[ herjdjlcndetncz pljhjdsvb ,fyrjdcrbvb

ghbywbgfvb$. Nfrbv j,hfpjv> jgthfwbjyye/ gjkbnbre T<HH

jghtltkz/n cnhtvktybt jrfpfnm djpltqcndbt yf ghjwtcc

gtht[jlf> f nfr;t jwtyrf abyfycjds[ hbcrjd> cdzpfyys[ c

rjyrhtnysvb rfntujhbzvb bydtcnbwbq. <jktt njuj>

cjltqcndez gtht[jle> <fyr ghtljcnfdkztn chtlcndf yf

ghjtrns> rjnjhst yt vjuen ,snm gjkyjcnm/

ghjabyfycbhjdfys bp lheub[ bcnjxybrjd.

Gtht[jlysq gthbjl nht,etn jhufybpfwbjyys[

ghtj,hfpjdfybq. Bvtyyj hfcghtltktybt njdfhjd b htcehcjd

yfhzle c ghfdfvb cj,cndtyyjcnb b cnhernehfvb

cnbvekbhjdfybz b djpyfuhf;ltybz [fhfrnthbpe/n hfpkbxbz

vt;le hsyjxyjq b flvbybcnhfnbdyj-rjvfylyjq

'rjyjvbrfvb. Chtlb ghjtrnjd> j,tcgtxbdf/ob[ yfb,jktt

ceotcndtyye/ gjllth;re ghjwtcce gtht[jlf> vj;yj yfpdfnm

ghjtrns> ltvjycnhbhe/obt gjntywbfkmysv jntxtcndtyysv

b byjcnhfyysv bydtcnjhfv djpvj;yjcnb> jnrhsdf/obtcz d

htpekmnfnt gtht[jlf r hsyre> erhtgkz/obt nfrbt hsyjxyst

exht;ltybz> rfr ,fyrb> gjvjuf/obt cjplfdfnm hsyrb

c,snf> cgjcj,cnde/obt cnhernehyjq gthtcnhjqrt

ghtlghbznbq b kbrdblfwbb eprb[ vtcn. Jnrhsdf/obtcz lkz

<fyrf d 'nb[ j,kfcnz[ djpvj;yjcnb jghtltkz/ncz

'rjyjvbxtcrbvb eckjdbzvb d cnhfyf[ jgthfwbq.

Ghjtrns T<HH> gj rjnjhsv ,skb ghbyzns j,zpfntkmcndf

d 1994 ujle> ljk;ys ,skb jrfpsdfnm ceotcndtyyjt

djpltqcndbt yf ghjwtcc gtht[jlf¡. Ghjtrns d abyfycjdjv

ctrnjht> chtlb rjnjhs[ – ghbj,htntybt frwbq ,fyrjd b

ghtljcnfdktybt rhtlbnjd VCG xthtp vtcnys[ gjchtlybrjd>

cgjcj,cndjdfkb hfcibhtyb/ bcgjkmpjdfybz hsyjxys[

bycnhevtynjd d ghtljcnfdktybb rhtlbnjd. Vyjubt jgthfwbb

T<HH jrfpfkb gjllth;re hf,jnt njdfhys[ hsyrjd& jcj,j

yfukzlysv ghbvthjv zdkztncz abyfycbhjdfybt cjplfybz

jgnjds[ gkjljjdjoys[ hsyrjd. Yf kbrdblfwb/ eprb[ vtcn>

pfnhelyz/ob[ ghjwtcc gtht[jlf> ,skb yfghfdktys b lheubt

ghjtrns> nfrbt rfr abyfycbhjdfybt hfcibhtybz

ntktajyys[ ctntq b nhfycgjhnf.

Cjukfcyj vfylfne T<HH> gj vtymitq vtht 60fi

rhtlbnys[ j,zpfntkmcnd> ufhfynbq b bydtcnbwbq <fyrf d

frwbjythyst rfgbnfks ljk;ys ghtljcnfdkznmcz xfcnyjve

ctrnjhe. Nhelyjcnb jceotcndktybz ghjtrnjd d xfcnyjv

ctrnjht> f nfr;t cdzpfyysq c nfrbvb ghjtrnfvb hbcr

cyb;f/ncz gj vtht njuj> rfr cnhfys jceotcndkz/n

cnhernehyst htajhvs b lj,bdf/ncz vfrhj'rjyjvbxtcrjq

cnf,bkbpfwbb. Ecgt[b hsyjxys[ htajhv jrfpsdf/n

djpltqcndbt yf lbyfvbre> hfpvths b 'rjyjvbxtcre/

'aatrnbdyjcnm xfcnyjuj ctrnjhf. Rk/xtdsvb 'ktvtynfvb

htajhv zdkz/ncz cjplfybt rjyrehtynyjq chtls gentv

jcdj,j;ltybz wty b kb,thfkbpfwbb njhujdkb> ghbdfnbpfwbb>

ddtltybz ;tcnrb[ ,/l;tnys[ juhfybxtybq> ecnhfytybz

gjvt[ lkz ds[jlf yf hsyjr yjds[ rjvgfybq> evtymitybz

,/hjrhfnbxtcrb[ ghtgjyjd lkz 'rjyjvbxtcrjq ltzntkmyjcnb>

cjplfybz cnf,bkmyjuj b nhfycgfhtynyjuj ht;bvf

yfkjujj,kj;tybz b ghfdf> f nfr;t ,kfujghbznys[ eckjdbq

lkz byjcnhfyys[ bydtcnbwbq.

Vfrhj'rjyjvbxtcrfz cnf,bkbpfwbz> jnhf;f/ofzcz d

cnhtvktybb ghfdbntkmcndf ghjdjlbnm ,kfujhfpevye/

,/l;tnyj-yfkjujde/ b rhtlbnyj-abyfycjde/ gjkbnbre>

df;yf> gjcrjkmre jyf cgjcj,cndetn cjplfyb/ ghtlcrfpetvs[

hsyjxys[ b cnjbvjcnys[ eckjdbq> ,tp xtuj ytdjpvj;yj

ghbyznbt rjvvthxtcrb[ htitybq b hfpdbnbt rekmnehs

ghtlghbybvfntkmcndf.

D yb;tcktle/ob[ hfpltkf[ cjlth;bncz rhfnrjt jgbcfybt

eckjdbq ltzntkmyjcnb c extnjv 'nb[ afrnjhjd. D yb[ nfr;t

ecnfyfdkbdftncz cdzpm vt;le ecgt[fvb d ghjwtcct gtht[jlf

d jnltkmys[ cnhfyf[ b frwtynfvb d ltzntkmyjcnb T<HH.

Cjltqcndbt ghjwtcce gtht[jlf

Dct cnhfys jgthfwbq T<HH dcnfkb yf genm gtht[jlf r

hsyjxyjq 'rjyjvbrt !gjkysq fyfkbp lftncz d

jge,kbrjdfyyjv <fyrjv d jrnz,ht $Ljrkflt j ghjwtcct

gtht[jlf$@. Jlyfrj cntgtym ghjldb;tybz dgthtl d hfpkbxys[

j,kfcnz[ htajhv b d hfpkbxys[ uheggf[ cnhfy lfktrj yt

jlbyfrjdf. <jkmibycndj cnhfy kb,thfkbpjdfkb dytiy//

njhujdk/> jcdj,jlbkb dyenhtyybt wtys b ghbdfnbpbhjdfkb

vtkrbt ghtlghbznbz. D wtkjv pyfxbntkmyj vtymibq ecgt[

,sk ljcnbuyen d htajhvt ,fyrjdcrjuj ltkf> d cnhernehyjq

gthtcnhjqrt ghtlghbznbq b d ghbdfnbpfwbb rhegys[

ghtlghbznbq. "nj ytelbdbntkmyj> gjcrjkmre hfwbjyfkmyjcnm

b 'aatrnbdyjcnm rjhtyys[ jhufybpfwbjyys[ bpvtytybq

nht,e/n dhtvtyb. Hsyrb ;t vjuen ,snm cjplfys b

gjldthuyens htajhvfv> f vtkrbt ghtlghbznbz

ghbdfnbpbhjdfys ujhfplj ,scnhtt.

Ntv yt vtytt cnhfys Wtynhfkmyjq Tdhjgs b ujcelfhcndf

<fknbb ghbdfnbpbhjdfkb pyfxbntkmye/ xfcnm cdjb[ rhegys[

ghtlghbznbq b d nj ;t dhtvz juhfybxbkb ljcneg

ghtlghbznbq r rhtlbnfv b ce,cblbzv. Jyb nfr;t

ghbcnegbkb r hfphtityb/ ckj;yjq ghj,ktvs htajhvs

abyfycjdjuj ctrnjhf> drk/xfz htrfgbnfkbpfwb/ ,fyrjd.

Ytrjnjhst cnhfys CYU jceotcndbkb dctj,(tvk/obt

ghjuhfvvs ghbdfnbpfwbb> [jnz> rfr ghfdbkj> d j,kfcnb

,fyrjdcrb[ htajhv b cnhernehyjq gthtcnhjqrb

ghtlghbznbq jyb ghjldbyekbcm yt cnjkm lfktrj> rfr

wtynhfkmyjtdhjgtqcrbt cnhfys.¡ Hfccvjnhtybt gjntywbfkmyjuj djpltqcndbz ghjtrnjd yf ghjwtcc gtht[jlf zdkztncz

xfcnm/ hf,jns jgthfwbjyyjuj rjvbntnf b ltgfhnfvtynf ukfdyjuj 'rjyjvbcnf !lj jlj,htybz ghjtrnf@> f nfr;t ltgfhnfvtynf jwtyrb !gj pfdthitybb ghjtrnf@.

Page 13: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 11

Eckjdbz ltzntkmyjcnb

Vfrhj'rjyjvbxtcrbt ntyltywbb gjcktlytujdhtvtyb

D ntxtybt 1994 ujlf d cnhfyf[ Djcnjxyjq Tdhjgs b

ujcelfhcndf[ <fknbb> pf jxtym htlrbv bcrk/xtybtv>

yf,k/lfkcz ,scnhsq hjcn ghjbpdjlcndf> d nj dhtvz rfr

byakzwbz clth;bdfkfcm yf ehjdyt yb;t 50fi d ujl.

"nb ,kfujghbznyst bpvtytybz cktletn hfccvfnhbdfnm yf

ajyt htprjuj cjrhfotybz ghjbpdjlcndf d gthdst ujls

hsyjxys[ ghtj,hfpjdfybq. D yfxfkt 90-[ ujljd dytiybt

gjnhzctybz> yfxfkj gtht[jlf r hsyre b ,jktt ;tcnrfz

,/l;tnyj-yfkjujdfz b rhtlbnyj-abyfycjdfz gjkbnbrf

cgjcj,cndjdfkb htprjve cjrhfotyb/ ghjbpdjlcndf dj dctv

htubjyt. Dytiybt gjnhzctybz ,skb d jcyjdyjv cdzpfys c

hfpdfkjv d ntxtybt 1990 - 1991 ujljd ,sdituj

cjwbfkbcnbxtcrjuj njhujdjuj ,kjrf – C"D. Jcj,jt pyfxtybt

bvtkj cjrhfotybt cghjcf d Hjccbb yf 'rcgjhn bp

djcnjxyjtdhjgtqcrb[ cnhfy. D nj ;t dhtvz rjvgfybb b

ghfdbntkmcndf cnhfy Djcnjxyjq Tdhjgs cnjkryekbcm c

htprbv – lj vbhjdjuj ehjdyz – hjcnjv wty yf gjcnfdrb

'ythujyjcbntktq bp Hjccbb.

Kbim d 1993 - 1994 ujlf[ gjzdbkbcm xtnrbt ghbpyfrb

gjdctvtcnyjuj djpj,yjdktybz j,otuj hjcnf ghjbpdjlcndf d

cnhfyf[ Djcnjxyjq Tdhjgs b ujcelfhcndf[ <fknbb ![jnz d

Gjkmit gjkj;bntkmysq hjcn jnvtxfkcz tot d 1992 ujle@.

Gjrfpfntkb xfcnyjuj ctrnjhf> rjnjhsq ,scnhj hfcibhztncz

b yf ljk/ rjnjhjuj d yfcnjzott dhtvz ghb[jlbncz ,jktt

gjkjdbys DDG d ,jkmibycndt bp 'nb[ cnhfy> ghtdhfnbkbcm

d ,jktt df;yst> jghtltkz/obt 'ktvtyns 'rjyjvbxtcrjuj

hjcnf> xtv gjrfpfntkb ujcelfhcndtyyjuj ctrnjhf.

R rjywe 1994 ujlf d ytrjnjhs[ cnhfyf[ CYU

ghjvsiktyyjt ghjbpdjlcndj cnf,bkbpbhjdfkjcm> [jnz

lfyyst pf gjkysq ujl erfpsdf/n yf cyb;tybt DDG d

htfkmyjv dshf;tybb d wtkjv lkz CYU ghb,kbpbntkmyj yf

17fi gjckt cyb;tybz d 1993 ujle ghbvthyj yf 13fi b 18fi

d 1992 ujle. D ntxtybt 1994 ujlf byakzwbz d wtkjv

evtymibkfcm> jlyfrj gjrfpfntkb hjcnf wty pf wtksq ujl !c

ltrf,hz 1993 ujlf gj ltrf,hm 1994 ujlf@ cj[hfybkbcm yf

ehjdyt cdsit 100fi dj dct[ cnhfyf[ CYU> rhjvt

Rshuspcnfyf.

D jnkbxbt jn Djcnjxyjq Tdhjgs b ujcelfhcnd <fknbb>

,jkmibycndj cnhfy CYU tot yt ljcnbukb njq njxrb> rjulf

ghjuhtcc d ltkt htajhv b vfrhj'rjyjvbxtcrjq

cnf,bkbpfwbb yf[jlbn cdjt jnhf;tybt d gjkj;bntkmyjv

hjcnt ghjbpdjlcndf. "nj j,(zcyztncz hzljv ghbxby. Dj-

gthds[> cnhfys CYU dcnfkb yf genm ibhjrjuj gtht[jlf r

hsyre b vfrhj'rjyjvbxtcrjq cnf,bkbpfwbb ytcrjkmrj

gjplytt> f d ytrjnjhs[ ckexfz[ – vtytt 'ythubxyj> xtv

cnhfys Djcnjxyjq Tdhjgs. Dnjhsv df;ysv

afrnjhjv zdkztncz xhtpdsxfqyj dscjrbq ehjdtym

cgtwbfkbpfwbb b byntuhfwbb ghjbpdjlcndf> rjnjhsv

[fhfrnthbpjdfkcz Cjdtncrbq Cj/p b rjnjhsq gjckt hfcgflf

CCCH gjcnfdbk ytrjnjhst yjdst ytpfdbcbvst ujcelfhcndf

gthtl kbwjv jcj,tyyj nhtdj;yjq ytj,[jlbvjcnb

cnhernehyjq gthtcnhjqrb ghtlghbznbq. Nhtnmbv afrnjhjv

zdbkbcm cj[hfyz/obtcz d ytrjnjhs[ bp yfb,jktt

yt,kfujgjkexys[ ,sdib[ cjdtncrb[ htcge,kbr gjcktlcndbz

bvtdituj vtcnj d 1991-1992 ujlf[ htprjuj cjrhfotybz

ghtljcnfdkztvs[ bv Hjccbtq ce,dtywbq> rhtlbnjd b

ltitds[ 'ythujyjcbntktq. Jlyfrj cnf,bkmyjcnm b>

djpvj;yj> hjcn ghjbpdjlcndf> jnvtxtyyst d gjcktlybt

rdfhnfks d ,jktt rhegys[ cnhfyf[ CYU> lf/n jcyjdfybz

lkz yflt;l d ,eleotv ujle.

Byjcnhfyyst bydtcnbwbb

Ghzvst byjcnhfyyst bydtcnbwbb cgjcj,cnde/n hfpdbnb/

yfhj;lf/otujcz xfcnyjuj ctrnjhf> ghtlcnfdkzz cj,jq

df;ysq bcnjxybr rfgbnfkf> rfyfk lkz gthtlfxb nt[yjkjubb

b jgsnf> cnbvekbhe/obq hfpdbnbt rekmnehs

ghtlghbybvfntkmcndf d htubjyt. J,obt gjnjrb ghzvs[ b

gjhnatkmys[ byjcnhfyys[ bydtcnbwbq d Djcnjxye/ Tdhjge

b d ,sdibq Cjdtncrbq Cj/p ljcnbukb ghb,kbpbntkmyj

6 vkhl. ljkk. CIF d 1993 ujle b fyfkjubxyjuj ehjdyz –

d 1994 ujle. C 1990 gj 1994 ujl yf ljk/ Dtyuhbb>

Ckjdfwrjq Htcge,kbrb b Xticrjq Htcge,kbrb>

hfccvfnhbdfdib[cz d rfxtcndt cnhfy> cjghz;tyys[ c

!chfdybntkmyj@ vtymibv hbcrjv c njxrb phtybz

rjydthnbhetvjcnb b yjhvfnbdyjq gjkbnbrb> ghbikjcm ldt

nhtnb dct[ byjcnhfyys[ bydtcnbwbq d cnhfys jgthfwbq

<fyrf. Df;ye/ hjkm csuhfk pltcm T<HH – yf ljk/

byjcnhfyyjuj frwbjythyjuj rfgbnfkf d ghjtrnf[>

gjkexbdib[ gjllth;re T<HH d ntxtybt 1993 - 1994 ujljd>

ghbikjcm jn 6 lj 17fi j,ob[ gjnjrjd byjcnhfyys[

bydtcnbwbq pf 'nb ujls d Dtyuhb/> Gjkmie> Ckjdfwre/

Htcge,kbre b Xticre/ Htcge,kbre. D 'nb[ cnhfyf[ d xbckt

gthds[ d htubjyt nfr;t yf,k/lfkjcm ceotcndtyyjt

djpj,yjdktybt dyenhtyytq bydtcnbwbjyyjq frnbdyjcnb.

Cghjc yf eckeub> ghtljcnfdkztvst T<HH> gjrfpsdftn>

jlyfrj> xnj pf gjcktlybq ujl dshjckf nfr;t

pfbynthtcjdfyyjcnm d bydtcnbwbz[ b d lheub[

utjuhfabxtcrb[ htubjyf[> drk/xfz nt hfqjys CYU> ult

jnrhsdf/ncz dsujlyst bydtcnbwbjyyst djpvj;yjcnb rfr

cktlcndbt> chtlb ghjxtuj> bpj,bkbz ghbhjlys[ htcehcjd b

yfkbxbz dscjrjj,hfpjdfyyjq hf,jxtq cbks. Yf

jntxtcndtyys[ b byjcnhfyys[ bydtcnjhjd> ltzntkmyjcnm

rjnjhs[ d ghjikjv clth;bdfkfcm ytjghtltktyyjcnm/ d

j,kfcnb rjydthnbhetvjcnb dfk/ns> ghfd cj,cndtyyjcnb b

lheubvb yjhvfnbdysvb afrnjhfvb> d ntxtybt 1994 ujlf

gjkj;bntkmyjt dkbzybt jrfpfkb ecgt[b> ljcnbuyenst d

j,kfcnb hsyjxys[ htajhv b vfrhj'rjyjvbxtcrjq

cnf,bkbpfwbb.

Page 14: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

12 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Dkbzybt 'rjyjvbxtcrb[ eckjdbq yf ltzntkmyjcnmT<HH

D xfcnyjv ctrnjht cnhfy> chfdybntkmyj lfktrj

ghjldbyedib[cz gj genb hsyjxys[ ghtj,hfpjdfybq b

vfrhj'rjyjvbxtcrjq cnf,bkbpfwbb> nfrb[ rfr Dtyuhbz>

Gjkmif> Ckjdfwrfz Htcge,kbrf> Ckjdtybz> Xticrfz

Htcge,kbrf b ujcelfhcndf <fknbb> yf,k/lftncz

pyfxbntkmysq cghjc yf abyfycbhjdfybt T<HH. Pf bcntribq

ujl [fhfrnth 'njuj cghjcf d ytrjnjhs[ bp 'nb[ cnhfy

bpvtyzkcz gj vtht njuj> rfr yfb,jktt cbkmyst xfcnyst

ghtlghbznbz gjcntgtyyj gjkexfkb ljcneg> ytpfdbcbvj jn

exfcnbz <fyrf> r vt;leyfhjlysv hsyrfv xfcnyjuj

rfgbnfkf. D rfxtcndt htfrwbb yf 'nj <fyr gthtyjcbk egjh

cdjtq ltzntkmyjcnb yf ,jktt ckj;yst j,kfcnb> drk/xfz

ljkujchjxyst j,zpfntkmcndf d j,kfcnb yjdfnjhcrb[>

bvt/ob[ rjvvthxtcre/ jhbtynfwb/ ghjtrnjd

byahfcnhernehs> yf abyfycbhjdfybt rjvgfybq>

ye;lf/ob[cz d cnhernehyjq gthtcnhjqrt> d njv xbckt d

hfvrf[ cgtwbfkmys[ ghjuhfvv cnhernehyjq gthtcnhjqrb

T<HH> exfcnbt d cnhernehyjq gthtcnhjqrt b ghbdfnbpfwbb

ujcelfhcndtyys[ ,fyrjd> dsltktybt chtlcnd yf hfpdbnbt

VCG b yf lheubt dbls ltzntkmyjcnb> cgjcj,cnde/obt

hfpdbnb/ dyenhtyyb[ hsyrjd rfgbnfkf.

Pf bcntribq ujl uheggf cnhfy> yf[jlzob[cz yf

ghjvt;enjxyjv 'nfgt> d njv xbckt Hjccbz> cnhfys ?uj-

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ghjldbyekfcm gj genb hsyjxys[ ghtj,hfpjdfybq. "nj

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j,kfcnb htajhv abyfycjdjuj ctrnjhf d 'nb[ cnhfyf[

gjpdjkbk <fyre gjlj,hfnm vtcnyst abyfycjdst exht;ltybz>

cgjcj,yst ltqcndjdfnm d rfxtcndt gjchtlybrjd lkz

abyfycbhjdfybz vtcnyjuj xfcnyjuj ctrnjhf. D 'nb[ cnhfyf[

T<HH nfr;t dct ,jkmitt dybvfybt eltkztn ghjtrnfv>

bvt/obv wtkm/ kbrdblbhjdfnm nhelyjcnb d j,kfcnb

abyfycbhjdfybz njhujdkb.

D cnhfyf[> yf[jlzob[cz yf yfxfkmyjv 'nfgt gtht[jlf> d

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cnhfyf[ ytdtkbrb. Ehjdtym byakzwbb dscjr> f

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fyfkbp jnxtnyjcnb ghtlghbznbq b njxyjt jghtltktybt

cntgtyb cj,k/ltybz ceotcnde/ob[ pfrjyjd. Ltzntkmyjcnb

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j,kfcnb dytiytq njhujdkb. Juhfybxtyyjt xbckj

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j,(zcyzkjcm ,jkmibv dybvfybtv> rjnjhjt <fyr eltkzk

ghjtrnfv c exfcnbtv ujcelfhcndf> jcj,tyyj gj hfpdbnb/

byahfcnhernehs> cgjcj,yjq jrfpfnm gjllth;re

yfhj;lf/otvecz xfcnyjve ctrnjhe. Ntv yt vtytt <fyr gj-

ght;ytve cnhtvbncz ghtljcnfdkznm abyfycbhjdfybt

xfcnyjve ctrnjhe> d xfcnyjcnb xthtp j,tcgtxtyyst

cedthtyysvb ufhfynbzvb rhtlbnyst kbybb. Nt[ybxtcrjt

cjltqcndbt gj ghjtrnfv b d ltkt cjplfybz ,kfujghbznys[

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Eckjdbz ltzntkmyjcnb

Page 15: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 13

Ddtltybt b fyfkbp

D 1994 ujle T<HH gj-ght;ytve jrfpsdfk cjltqcndbt

cnhfyfv jgthfwbq d b[ gtht[jlt r hsyjxyjq 'rjyjvbrt>

ghtljcnfdkzz ghtlghbybvfntkzv b ujcelfhcndtyysv

dtljvcndfv rhtlbns> frwbjythysq rfgbnfk b ufhfynbb. Ghb

jceotcndktybb nfrb[ rfgbnfkjdkj;tybq ghtcktljdfkbcm

hfpyst wtkb> yfxbyfz jn cnhernehyjq gthtcnhjqrb rhegys[

rjvgktrcjd b rjyxfz ghtljcnfdktybtv vtkrb[ rhtlbnjd

!xthtp vtcnyst ,fyrb@ rjvgfybzv c ytcrjkmrbvb

hf,jnybrfvb.

T<HH cnhtvbncz ltqcndjdfnm d rfxtcndt rfnfkbpfnjhf

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rjvvthxtcrbvb ,fyrfvb> lheubvb ltqcnde/obvb d ytv

jhufybpfwbzvb b rjvgfybzvb> xnj gjpdjkztn tve ghbdktrfnm

ljgjkybntkmyst abyfycjdst chtlcndf lkz eljdktndjhtybz

gjnht,yjcntq cnhfy jgthfwbq. D 1994 ujle <fyr edtkbxbk

xbckj cdjb[ gfhnythjd gj cjabyfycbhjdfyb/ b

dpfbvjltqcndjdfk c 232 rjvgfybzvb bp 36 cnhfy d

htfkbpfwbb 310 bydtcnbwbjyys[ ghjtrnjd bp xbckf

endth;ltyys[ b gjlgbcfyys[.

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<fyrf d htpekmnfnt edtkbxtybz xbckf endth;ltyys[ b

gjlgbcfyys[ ghjtrnjd b dsgkfn. D yfhfobdfybb gjhnatkz

<fyrf yfikb xtnrjt jnhf;tybt pflfxb jcyjdyjq

ltzntkmyjcnb T<HH !jyb bpkj;tys yf cnh. 7@. D lfyyjv

hfpltkt gjhnatkm ghjtrnjd hfccvfnhbdftncz d cdtnt 'nb[

ghbjhbntnjd.

Hfcibhtybt utjuhfabxtcrb[ uhfybw

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gtht[jlyjuj ghjwtccf> xnj jghtltkztn ajhvs b

djpvj;yjcnb ltzntkmyjcnb <fyrf b d

jnltkmys[ ckexfz[ gj,e;lftn tuj

bpscrbdfnm yjdfnjhcrbt vtnjls

ghtljcnfdktybz abyfycbhjdfybz b

evtymitybz hbcrf. Bc[jlz bp dpznjuj

yf ct,z j,zpfntkmcndf hfcibhbnm

utjuhfabxtcrbt uhfybws cdjtq

ltzntkmyjcnb> T<HH r rjywe

1994 ujlf endthlbk bydtcnbwbjyyst ghjtrns gj 24 cnhfyfv

gj chfdytyb/ c 19 cnhfyfvb yf rjytw 1993 ujlf. <skj

nfr;t endth;ltyj 11 htubjyfkmys[ ghjtrnjd.

D 1994 ujle d gznb cnhfyf[ dgthdst gjzdbkbcm

cfvjcnjzntkmyst> yt edzpfyyst c lheubvb ghjtrns T<HH%

rhtlbn Fpth,fql;fye yf pfdthitybt cnhjbntkmcndf U"C>

rhtlbn Uhepbb yf djccnfyjdktybt U"C b N"C> rhtlbn

Vjkljdt yf ghjbpdjlcndj dby b b[ ghjldb;tybt yf 'rcgjhn>

rhtlbnyfz kbybz Wtynhfkmyjve ,fyre Nehrvtybcnfyf lkz

rhtlbnjdfybz bv xthtp vtcnyst ,fyrb yjds[ vtcnys[

xfcnys[ ghtlghbznbq> rhtlbn {jhdfnbb yf ghbj,htntybt

j,jheljdfybz f'hjyfdbufwbjyyjuj j,tcgtxtybz lkz

djccnfyjdktybz yjhvfkmyj aeyrwbjybhe/otq uhf;lfycrjq

cbcntvs EDL. Gthdst dsgkfns e;t ghjbpdtltys gj

ghjtrnfv d <sditq ?ujckfdcrjq Htcge,kbrt Vfrtljybz>

Vjkljdt b Ep,trbcnfyt.

Endth;ltyyjt abyfycbhjdfybt T<HH – gj cnhfyfv

Yfhfcnf/obv bnjujv 1994 ujl yf 31 ltrf,hz 1994 ujlf

------------------------------------------------------------------------------------ ----------------------------------------------------------------------------------------

xbckj vky. "R? xbckj vky. "R?

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Hjccbqcrfz

Atlthfwbz 22 604>3 39 1074>0Gjkmif 15 350>4 41 900>5Dtyuhbz 5 166>9 31 742>5Xticrfz Htcge,kbrf 9 202>0 21 482>3Hevsybz 5 68>3 19 471>0Ckjdtybz 8 154>5 13 308>9Ckjdfwrfz Htcge,kbrf 3 89>3 10 273>0Erhfbyf 3 153>9 5 161>9<tkfhecm 2 68>2 5 144>6<jkufhbz 5 15>2 11 130>1Rfpf[cnfy 1 11>9 2 111>9Ep,trbcnfy 1 13>0 3 104>8"cnjybz 4 33>4 7 104>4{jhdfnbz 3 95>2 3 95>1Kbndf 3 44>8 4 82>8<?H Vfrtljybz 3 54>3 4 78>9Fhvtybz 1 18>6 2 65>4Kfndbz 3 19>7 5 59>5Fk,fybz 2 14>6 6 48>7Fpth,fql;fy 1 43>4 1 43>4Nehrvtybcnfy 2 36>7 2 36>7Vjkljdf 1 24>5 1 25>3Rshuspcnfy 2 16>2 2 16>2Uhepbz 1 14>8 1 14>8Htubjyfkmyst 4 94>5 11 195>3

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Page 16: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

14 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Flhtcyjt rhtlbnjdfybt rk/xtds[ jnhfcktq

Yf rjytw 1994 ujlf abyfycs dsikb yf gthdjt vtcnj d

gjhnatkt ghjtrnjd gj j,(tve b xbcke !cv. nf,kbwe yb;t@.

D ghjikjv ujle j,ofz cnjbvjcnm ghjtrnjd T<HH d j,kfcnb

abyfycjd lkz ,fyrjd> bydtcnbwbjyys[ ajyljd b ghjxb[

gjchtlybrjd djphjckf yf 132fi. Pyfxbntkmyjt vtcnj

pfybvfkb b ghjtrns> cgjcj,cnde/obt cjplfyb/ ytj,[jlbvjq

vfnthbfkmyjq byahfcnhernehs lkz hfpdbnbz xfcnyjuj

ctrnjhf> jcj,tyyj yf nhfycgjhnt> d 'ythutnbrt b cdzpb.

Endth;ltyyjt abyfycbhjdfybt T<HH – gj jnhfckzv

Yfhfcnf/obv bnjujv 1994 ujl yf 31 ltrf,hz 1994 ujlf

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xbckj vky. "R? xbckj vky. "R?

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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------¡ Wtynhfkmyjtdhjgtqcrbt futyncrbt kbybb> htubjyfkmyst ajyls dtyxehyjuj rfgbnfkf.

Ecbktybt jhbtynfwbb yf xfcnysq ctrnjh

D ghjikjv ujle T<HH ltkfk ,jkmibq egjh yf xfcnysq

ctrnjh. D 1994 ujle yf ljk/ xfcnyjuj

ctrnjhf ghbikjcm 73fi gjlgbcfyys[

ghjtrnjd> xnj ljdtkj cjdjregye/ cevve

j,zpfntkmcnd <fyrf gj xfcnyjve ctrnjhe

lj 62fi.

D ntxtybt 1994 ujlf chtlybq hfpvth

ghjtrnf evtymibkcz c 23 vky. "R? lj

21 vky. "R?. "nj cdbltntkmcndjdfkj j gthtyjct egjhf yf

jgthfwbb d xfcnyjv ctrnjht> jcj,tyyj d cnhfyf[ c ,jktt

ckj;ysvb eckjdbzvb ltzntkmyjcnb.

Ghjabkbhjdfybt bcgjkmpetvs[ chtlcnd

T<HH bcgjkmpetn hfpyjj,hfpyst abyfycjdst vt[fybpvs lkz

eljdktndjhtybz gjnht,yjcntq htubjyf b ghbdktxtybz

nhtnmb[ cnjhjy r dkj;tyb/

rfgbnfkf gentv evtymitybz

hbcrf. Jnrkbrfzcm yf

gjnht,yjcnb xfcnyjuj ctrnjhf

d cnhfyf[ jgthfwbq> T<HH dj

dct djphfcnf/otq vtht

bydtcnbhetn chtlcndf d frwbjythyst rfgbnfks dvtcnj

ghtljcnfdktybz rhtlbnjd. D ntxtybt 1994 ujlf tuj dkj;tybz

d frwbjythyst rfgbnfks djphjckb yf 104fi –

c 459 vky. "R? lj 937 vky. "R?> b yf rjytw ujlf

rf;lsq gznsq bp tuj ghjtrnjd ,sk cdzpfy c exfcnbtv d

frwbjythys[ rfgbnfkf[. D yfcnjzott dhtvz <fyr dct xfot

ghtljcnfdkztn ufhfynbb> rjnjhst> gjpdjkzz tve dszdkznm b

gthtflhtcjdsdfnm hbcrb> cgjcj,cnde/n gjjohtyb/

bydtcnjhjd. J,(tv ufhfynbq djphjc c 40 vky. "R? d rjywt

1993 ujlf lj 136 vky. "R? d rjywt 1994 ujlf> n.t.

edtkbxbkcz yf 240fi.

J,pjh ltzntkmyjcnb pf 1994 ujl

Egjh yf

hfpdbnbt

xfcnyjuj

ctrnjhf

Hjcn dkj;tybq

d frwbjythyst

rfgbnfks

Endth;ltyyjt abyfycbhjdfybt T<HH – gj jnhfckzv> 1994 ujl

Hjcn ltzntkmyjcnb T<HH d xfcnyjv ctrnjht

100fi

80fi

60fi

40fi

20fi

Xfcnysqctrnjh

Ujcelfhcndtyysqctrnjh

0fi

31.12.92 31.12.93 31.12.9430.06.93 30.06.94

J,hf,fnsdf/ofz ghjvsiktyyjcnm 9fi"ythutnbrf 10fi

Nhfycgjhn 20fi Abyfycs> ghtlghbyb-

vfntkmcndj 39fi

Ghjxbt jnhfckb 6fi

WTFK> kbybb cjabyfycb-hjdfybz b HADR 7fi

Cdzpm 8fi

Page 17: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 15

D ntxtybt ujlf edtkbxbkjcm b rhtlbnjdfybt !drk/xfz

rhtlbnyst kbybb@> yj d vtymitq cntgtyb% c 2862 vky. "R?

lj 4698 vky. "R?> n.t. yf 64fi. Bp cevvs rhtlbnjd yf

gjcktle/ott rhtlbnjdfybt ghtlyfpyfxfkjcm 18fi.

Endth;ltyyjt abyfycbhjdfybt T<HH – gj nbge vt[fybpvjdrhtlbnjdfybz

Yfhfcnf/obv bnjujv 1994 ujl yf 31 ltrf,hz 1994 ujlf

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xbckj vky. "R? xbckj vky. "R?

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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Bnjuj 161 2409 413 5772

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T<HH eltkztn ,jkmijt dybvfybt ghbdktxtyb/ gfhnythjd r

cjabyfycbhjdfyb/ cdjb[ jgthfwbq% d cbke cdjtuj vfylfnf

jy zdkztncz cjabyfycbhe/otq jhufybpfwbtq. Ecgtiyjt

ghbdktxtybt dytiyb[ bcnjxybrjd abyfycbhjdfybz gj

ghjtrnfv> cgjycjhjv rjnjhs[ dscnegftn <fyr> edtkbxbdftn

j,obq j,(tv htcehcjd> pfltqcndetvs[ bv yf dsgjkytybt

cdjtuj vfylfnf b jgthfwbjyys[ pflfx. Ghbdktrfz chtlcndf

bp dytiyb[ bcnjxybrjd> T<HH ntv cfvsv gjkexftn

djpvj;yjcnm gjllth;fnm ,jktt ibhjrbq rheu ghjtrnjd.

C njxrb phtybz bpkfuftvs[ yb;t ghbywbgjd ltzntkmyjcnb b

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rjywtgwbb ltzntkmyjcnb <fyrf%

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gjhnatkmysvb frnbdfvb.

T<HH ghbdtncndetn pfghjcs gjntywbfkmys[ bydtcnjhjd&

frnbdbpbhjdfyf hf,jnf gj hfphf,jnrt yjds[ ghjtrnjd. Cjplfy jnltk

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bv abyfycjdst nht,jdfybz T<HH b gjvjuftn d ajhvekbhjdfybb

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j,hfofnmcz d jnltk ghbdktxtybz ,bpytcf gj ntktajye

!44 171@ 338 6252 bkb gj afrce !44 171@ 338 6102.

Dytiytt abyfycbhjdfybt cjcnjbn bp rjvvthxtcrjuj b

jabwbfkmyjuj. D xbckj ukfdys[ gfhnythjd T<HH gj

cjabyfycbhjdfyb/ d[jlzn rjvvthxtcrbt ,fyrb !rfr ghzvst

exfcnybrb cbylbwbhjdfyys[ rhtlbnjd T<HH bkb ghb

ufhfynbz[ 'rcgjhnyj-rhtlbnys[ futyncnd – "RF – bkb

cnhf[jdobrjd bydtcnbwbq@> vt;leyfhjlyst abyfycjdst

jhufybpfwbb> ldecnjhjyybt abyfycjdst exht;ltybz bkb

ghfdbntkmcndtyyst ghjuhfvvs cjltqcndbz hfpdbnb/> f

nfr;t jceotcndkz/obt ghzvjt rhtlbnjdfybt "RF.

D 1994 ujle cjabyfycbhjdfkjcm 43 ghjtrnf. 30 bp yb[

ghbikjcm yf xfcnysq ctrnjh> drk/xfz 17 c

cbylbwbhjdfyysv rhtlbnjdfybtv& 13 ghjtrnjd

jceotcndkzkjcm d ujcelfhcndtyyjv ctrnjht. Yf 'nb ghjtrns

ghbdktrfkjcm abyfycbhjdfybt bp dytiyb[ bcnjxybrjd yf

j,oe/ cevve 944>3 vky. "R?> bp rjnjhs[

596>9 vky. "R? ghtlyfpyfxfkjcm yf ghjtrns d xfcnyjv

ctrnjht> f 347>4 vky. "R? – yf ghjtrns d

ujcelfhcndtyyjv ctrnjht. Exfcnybrb cjabyfycbhjdfybz

dytckb yf ghjtrns d xfcnyjv b ujcelfhcndtyyjv ctrnjhf[

cevvs> ghtdsif/obt dkj;tybz T<HH.

T<HH lj,bkcz ,jkmib[ ecgt[jd d hfphf,jnrt cdjtq

ghjuhfvvs rhtlbnjdfybz yf yfxfkf[ ljktdjuj exfcnbz d

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httcnht ljktds[ exfcnybrjd rhtlbnjd T<HH yfcxbnsdfkjcm

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16 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

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Page 21: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

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j;bdbnm 'ne nhflbwbjyyj df;ye/ jnhfckm xticrjq

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cdjtuj j,jheljdfybz b dytlhbn yjde/ nt[yjkjub/. Gjxnb

gjkjdbyf bplth;tr ,eltn gjrhsnf T<HH> f jcnfkmyjt ,eltn

ghjabyfycbhjdfyj gentv dkj;tybz frwbjythyjuj rfgbnfkf

rjvgfybtq Tesla-YS !zgjycrfz abhvf 'ktrnhjybrb@> Xticrj-

fvthbrfycrbv ajyljv ghtlghbybvfntkmcndf !CAEF@ b

Jhufybpfwbtq vt;leyfhjlyjuj hfpdbnbz Zgjybb !JVHZ@.

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AS-TOP b ep,trbcnfycrbv FJ $Ktughjvbydtcn$. Rhtlbn

T<HH cjcnfdkztn 13 vky. "R?. D Nehrvtybcnfyt

cjdvtcnyjt ghtlghbznbt Nittur Textile Co c exfcnbtvrhegyjq tdhjgtqcrjq uheggs gjcnhjbn rhfcbkmysq wt[ b

ldt nhbrjnf;yst af,hbrb gj gththf,jnrt [kjgrjdjkjryf d

ujnjde/ ghjlerwb/. Rhtlbn T<HH cjcnfdkztn 8>2 vky. "R?

ghb gfhfkktkmyjv pyfxbntkmyjv exfcnbb – d dblt ltyt;yjq

yfkbxyjcnb b drkflf d yfnehfkmyjv dshf;tybb –

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T<HH jhufybpjdfk abyfycbhjdfybt d hfpvtht

7>3 vky. "R?> xnj gjpdjkbn hjccbqcrjve njdfhbotcnde c

juhfybxtyyjq jndtncndtyyjcnm/ $Pfgcb,bydtcn$ pfdthibnm d

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j,htpyjq rkttyjq ljcrb b edtkbxbnm cdjq 'rcgjhnysq

gjntywbfk. D xbckj lheub[ exfcnybrjd abyfycbhjdfybz

d[jlzn <fyr dytiytq njhujdkb Hjccbb> DEG-DeutscheInvestitions-und-Entwicklungsgesellschaft mbH> Hjccbqcrj-

fvthbrfycrbq ajyl ghtlghbybvfntkmcndf b Hjccbqcrbq

rjvvthxtcrbq ,fyr d W/hb[t.

D rjywt 1993 ujlf T<HH regbk frwbb dtyuthcrjq

afhvfwtdnbxtcrjq rjvgfybb EGIS. Cnhernehf

bydtcnbhjdfybz bvttn wtkm/ cnbvekbhjdfnm lfkmytqitt

evtymitybt exfcnbz ujcelfhcndf d rjvgfybb. Gjckt

ecgtiyjuj ghjdtltybz ghbdfnbpfwbb c byjcnhfyysv

exfcnbtv EGIS yfxfkf rjnbhjdfnmcz yf ,elfgtincrjq

ajyljdjq ,bh;t. "nj gthdfz bydtcnbwbz T<HH d

rjnbhetve/ yf ,bh;t rjvgfyb/ d Dtyuhbb.

Abyfycjdsq ctrnjh

Gjcrjkmre T<HH ghtljcnfdkztn jcnhj ytj,[jlbvjt vtcnyjve

xfcnyjve ctrnjhe abyfycbhjdfybt d jcyjdyjv xthtp

abyfycjds[ gjchtlybrjd> htajhvf

abyfycjds[ exht;ltybq zdkztncz

jlyjq bp tuj ukfdytqib[ pflfx. D

abyfycjdjv ctrnjht 1994 ujl dyjdm

,sk jnvtxty ,jkmijq frnbdyjcnm/%

gjlgbcfyj 40 yjds[ cjukfitybq>

yf ljk/ rjnjhs[ ghbikjcm 42>3fi j,zpfntkmcnd T<HH pf

ujl. Yf rjytw ujlf <fyr gjlgbcfk d lfyyjv ctrnjht

70 ghjtrnjd yf j,oe/ cevve 1>3 vkhl. "R?> yf ljk/

rjnjhs[ ghbikjcm cdsit 29fi dctuj j,(tvf jgthfwbq.

Nfrjt ytjckf,tdf/ott dybvfybt cjjndtncndetn pflfxfv

ltzntkmyjcnb T<HH.

D abyfycjdjv ctrnjht <fyr ghtcktletn hzl df;ys[

wtktq%

– ghbdfnbpfwbz b cnhernehyfz gthtcnhjqrf abyfycjdjuj

ctrnjhf&

– yfghfdktybt rhtlbnjd b bydtcnbwbq d frwbjythyst

rfgbnfks yfhj;lf/otujcz xfcnyjuj ctrnjhf&

– gjllth;rf wtkjuj hzlf yjds[ exht;ltybq abyfycjdjuj

ctrnjhf&

– hfpdbnbt abyfycbhjdfybz njhujdkb b cdzpfyys[ c

njhujdktq eckeu.

D 'nb[ wtkz[ T<HH bcgjkmpetn wtksq yf,jh

bycnhevtynjd> nfrb[ rfr bydtcnbwbb d frwbjythyst

rfgbnfks> vt;,fyrjdcrbt rhtlbns> j,zpfntkmcndf gthtl

bydtcnbwbjyysvb ajylfvb b ufhfynbqysvb ghjuhfvvfvb> f

nfr;t rhtlbnjdfybt gjl ujcelfhcndtyyst ufhfynbb.

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Page 23: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 21

J,pjh ltzntkmyjcnb pf 1994 ujl

D 1994 ujle <fyr zdbkcz bybwbfnjhjv hzlf yjds[

jgthfwbq c frwbjythysvb rfgbnfkfvb d abyfycjdjv

ctrnjht. Jy ghbyzk exfcnbt d gthdjq ghbdfnbpfwbb ,fyrf d

Dtyuhbb> ghbj,htnz frwbb <fyrf dytiytq njhujdkb Dtyuhbb

!MKB@> xtndthnjuj gj dtkbxbyt rhtlbnyjuj exht;ltybz

Dtyuhbb. Bydtcnbwbb T<HH bvtkb ajhve gjregrb

rfpyfxtqcrb[ frwbq b gjlgbcrb yf dyjdm dsgeotyyst

frwbb> xnj d cevvt cjcnfdbkj 17fi frwbjythyjuj rfgbnfkf

MKB. Cnhfntubxtcrbv bydtcnjhjv zdkztncz jlby bp

dtleob[ uthvfycrb[ ,fyrjd – Bayerische Landesbank (BLB)>dkflt/obq 25fi ecnfdyjuj rfgbnfkf.

T<HH zdbkcz gthdjq vt;leyfhjlyjq abyfycjdjq

jhufybpfwbtq> dkj;bditq pyfxbntkmyst chtlcndf d

frwbjythysq rfgbnfk rfrjuj-kb,j hjccbqcrjuj ,fyrf. Jy

gjlgbcfk cjukfitybt c xtndthnsv gj dtkbxbyt hjccbqcrbv

rjvvthxtcrbv ,fyrjv – $Njrj,fyrjv$ – b dsgkfnbk tve

28>9 vky. "R?> ghbj,htnz 14fi j,sryjdtyys[ ujkjce/ob[

frwbq Njrj,fyrf. D yfcnjzott dhtvz Njrj,fyr jrfpsdftn

,fyrjdcrbt eckeub d he,kz[ b CRD rhegysv b chtlybv

ghtlghbznbzv> ukfdysv j,hfpjv ytantufpjdjq

ghjvsiktyyjcnb> lkz abyfycbhjdfybz pfregjr pfgfcys[

xfcntq b vfnthbfkjd. "nj jlyj bp rhegytqib[ hjccbqcrb[

rhtlbnys[ exht;ltybq> ghtljcnfdkz/ob[ rhtlbns d CRD.

D Ckjdtybb <fyr ghjdtk jlye jgthfwb/ cj dnjhsv gj

dtkbxbyt b dtleobv xfcnysv ,fyrjv cnhfys – SKB. Htxmikf j ghtljcnfdktybb SKB rhtlbnf d 26>5 vky. "R? lkz

gjcktle/otuj rhtlbnjdfybz vtcnys[ xfcnys[ ghtlghbznbq.

Dnjhfz jgthfwbz ghtlecvfnhbdftn bydtcnbhjdfybt

16>6 vky. "R? ,tp ghfdf rjynhjkz d frwbjythysq rfgbnfk

SKB d wtkz[ edtkbxtybz rfgbnfkf 'njuj ,fyrf. J,t 'nb

jgthfwbb gjvjuen SKB erhtgbnm cdjt gjkj;tybt b

hfcibhbnm cdj/ jcyjdye/ ltzntkmyjcnm gj rhtlbnjdfyb/>

hfphf,jnfnm yjdst eckeub d bynthtcf[ yfhj;lf/ob[cz

xfcnys[ rjvgfybq Ckjdtybb b cnfnm pyfxbntkmyjq cbkjq d

cnhernehyjq gthtcnhjqrt ,fyrjdcrjuj ctrnjhf cnhfys.

D ntcyjv cjnhelybxtcndt cj Dctvbhysv ,fyrjv T<HH

ghjljk;fk jceotcndkznm ldt dtcmvf pyfxbntkmyst

ghjuhfvvs d abyfycjdjv ctrnjht Hjccbb. T<HH b

Hjccbqcrfz Atlthfwbz gjlgbcfkb rhtlbnyjt cjukfitybt yf

81>5 vky. "R? lkz erhtgktybz b hfpdbnbz rk/xtdjq

uheggs> cjcnjzotq bp 30 - 40 hjccbqcrb[ rjvvthxtcrb[

,fyrjd> rjnjhst> rfr j;blftncz> csuhf/n df;ye/ hjkm d

hfpdbnbb rjvvthxtcrjuj ,fyrjdcrjuj ctrnjhf Hjccbb. Htxm

bltn j Ghjuhfvvt hfpdbnbz abyfycjds[ exht;ltybq.

Nt[ybxtcrjt cjltqcndbt ,eltn jrfpsdfnmcz ukfdysv j,hfpjv

gjchtlcndjv ljujdjhys[ jnyjitybq ldecnjhjyytuj

cjnhelybxtcndf c dtleobvb byjcnhfyysvb ,fyrfvb.

Gjvbvj 'njuj gj 'njq ghjuhfvvt <fyr gjlgbcfk

cjukfitybt c Hjccbqcrjq Atlthfwbtq j rhtlbnyjq kbybb

yf 81>5 vky. "R?> rjnjhfz ghtlcnfdkztn cj,jq

ghjljk;tybt exfcnbz T<HH d ghjtrnt ghfdbntkmcndf Hjccbb>

yfghfdktyyjv yf jrfpfybt gjcnghbdfnbpfwbjyyjq gjllth;rb

ghtlghbznbzv !GGG@. Rhtlbnyfz kbybz T<HH ,eltn jnrhsnf

uheggt hjccbqcrb[ rjvvthxtcrb[ ,fyrjd xbckjv lj 40>

rjnjhst> d cdj/ jxthtlm> cnfyen rhtlbnjdfnm hjccbqcrbt

ghtlghbznbz> yf[jlzobtcz gj vtymitq vtht yf 75fi d

xfcnyjq cj,cndtyyjcnb.

Ajyl lkz vtkrb[ ghtlghbznbq Hjccbb ghjljk;fk

hfpdbdfnmcz d 1994 ujle. Ghtlgjkfuftncz> xnj 'njn ajyl c

rfgbnfkjv d 300 vky. ljkk. CIF ,eltn pfybvfnmcz

hfpdbnbtv vbrhjghtlghbznbq b vtkrb[ ghtlghbznbq d

Hjccbb. Gjkjdbyf 'njq cevvs abyfycbhetncz bp j,sxys[

jcyjdys[ htcehcjd <fyrf> f jcnfkmyjt ghtljcnfdkztncz

cnhfyfvb Uheggs 7 b lheubvb ljyjhfvb. Uheggf 7>

Idtqwfhbz b TC e;t dsltkbkb 55>5 vky. ljkk. CIF yf

'rcgthbvtynfkmysq 'nfg ajylf d Njvcrt> Nekt b Yb;ytv

Yjdujhjlt& d rjywt 1994 ujlf ltzntkmyjcnm ajylf ,skf

hfcghjcnhfytyf b yf lheubt htubjys. Ajyl ghtljcnfdbk

rhtlbns d cevvt jn 30 ljkk. CIF lj 75 000 ljkk. CIF

hfpkbxysv ghtlghbznbzv – jn hjpybxys[ njhujdwtd

ghjljdjkmcndbtv lj ghjbpdjlbntktq vt,tkb b cnfyrjd.

<fknbqcrbq bydtcnbwbjyysq cgtwbfkmysq ajyl – xfcnm

<fknbqcrjq bydtcnbwbjyyjq ghjuhfvvs> exht;ltyyjq

Ctdthysvb cnhfyfvb> – cjplfy d T<HH lkz cjltqcndbz

hfpdbnb/ xfcnyjuj ctrnjhf gentv rfgbnfkjdkj;tybq d VCG

d ujcelfhcndf[ <fknbb. Xthtp abyfycjds[ gjchtlybrjd

cgtwbfkmysq ajyl d 1994 ujle ghjabyfycbhjdfk xtnsht

ghjtrnf yf j,oe/ cevve 10>8 vky. "R?.

D ntxtybt ujlf jnvtxfkjcm hfcibhtybt utjuhfabb

jgthfwbq d abyfycjdjv ctrnjht% d <tkfhecb jnrhsnf

rhtlbnyfz kbybz yf 24>5 vky. "R? lkz gjcktle/otuj

rhtlbnjdfybz xfcnys[ VCG xthtp vtcnyst rjvvthxtcrbt

,fyrb& d Nehrvtybcnfyt Wtynhfkmyjve ,fyre jnrhsnf

rhtlbnyfz kbybz yf 28>5 vky. "R? yf wtkb 'rcgjhnf lkz

gjcktle/otuj rhtlbnjdfybz vtcnys[ exfcnde/ob[ ,fyrjd

!'nj gthdsq rhtlbn yf bydtcnbwbjyyst ghjtrns>

ghtljcnfdkztvsq vt;leyfhjlysvb abyfycjdsvb

jhufybpfwbzvb Nehrvtybcnfye@& d Hevsybb ,fyre Banca deCredit Cooperatist jnrhsnf rhtlbnyfz kbybz yf

16>3 vky. "R? lkz abyfycbhjdfybz VCG> xnj cnfkj

gthdsv rhtlbnjv> ghtljcnfdktyysv xfcnyjve ,fyre& d

Fk,fybb d frwbjythysq rfgbnfk gthdjuj xfcnyjuj ,fyrf

cnhfys – Banco Italo-Albanese (BIA) – bydtcnbhjdfyj 2 vky. "R? lkz cjltqcndbz d cnfyjdktybb 'njuj

rjvvthxtcrjuj ,fyrf b d abyfycbhjdfybb lfkmytqituj

hfcibhtybz ctnb tuj jnltktybq gj dctq cnhfyt.

Abyfycbhjdfybt BIA> rjnjhsq ghtlcnfdkztn cj,jq

cjdvtcnyjt ghtlghbznbt> cjplfyyjt Yfwbjyfkmysv

rjvvthxtcrbv ,fyrjv Fk,fybb b bnfkmzycrbv ,fyrjv

Banca di Roma> zdbkjcm gthdjq jgthfwbtq vt;leyfhjlyjq

abyfycjdjq jhufybpfwbb d ,fyrjdcrjv ctrnjht Fk,fybb.

D Erhfbyt T<HH jnrhsk rhtlbnye/ kbyb/ yf

98>8 vky. "R? lkz gjcktle/otuj rhtlbnjdfybz yfb,jktt

gthcgtrnbdys[ xfcnys[ ,fyrjd d wtkz[ gjllth;rb VCG.

Page 24: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

22 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

J,pjh ltzntkmyjcnb pf 1994 ujl

Lfyyfz jgthfwbz !dnjhfz gj vfcinf,fv jgthfwbz T<HH d

1994 ujle@ cnfkf gthdsv chjxysv rhtlbnjv>

ghtljcnfdktyysv vtkrbv b chtlybv ghtlghbznbzv Erhfbys.

D Rshuspcnfyt rhtlbnyfz kbybz d 8>6 vky. "R?>

ghtljcnfdktyyfz Yfwbjyfkmyjve ,fyre> gjllth;bn hfpdbnbt

xfcnyjuj ctrnjhf b ,fyrjdcrjq cbcntvs 'njq cnhfys.

Chtlcndf ,elen gthtecnegfnmcz xthtp rjvvthxtcrbt ,fyrb

Rshuspcnfyf vtkrbv b chtlybv ghtlghbznbzv. Nfrbv

j,hfpjv> dgthdst xfcnyst rjvvthxtcrbt ,fyrb Rshuspcnfyf

yfxyen ghtljcnfdkznm ljkujchjxyst rhtlbns VCG.

T<HH frnbdyj pfybvfkcz ajhvbhjdfybtv cnhf[jds[

hsyrjd d cnhfyf[ jgthfwbq> ghbyzd exfcnbt d nht[

ghjtrnf[ gj bydtcnbhjdfyb/ d frwbjythyst rfgbnfks

vtcnys[ cnhf[jds[ rjvgfybq. D Gjkmit <fyr exfcndjdfk d

lde[ jgthfwbz[ c wtkm/ erhtgktybz hfpdbdf/otujcz

ctrnjhf xfcnyjuj cnhf[jdfybz. Azur-Ostoja b Azur-Zycie>rjvgfybz> yt pfybvf/ofzcz cnhf[jdfybtv ;bpyb> b

rjvgfybz> pfybvf/ofzcz cnhf[jdfybtv ;bpyb>

cjjndtncndtyyj> ltqcnde/n d ctkmcrb[ hfqjyf[ Gjkmib> b

j,t zdkz/ncz ljxthybvb ghtlghbznbzvb dtleotq

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dkj;tybtv chtlcnd d eybdthcfkmye/ cnhf[jde/ rjvgfyb/

GIC – rhegytqie/ bp xfcnys[ cnhf[jds[ rjvgfybq> yt

pfybvf/oe/cz cnhf[jdfybtv ;bpyb. D xbckj tt ysytiyb[

frwbjythjd d[jlzn dtleofz d cnhfyt rjyatlthfwbz

ghjacj/pjd> rjvvthxtcrbq ,fyr b vtcnyst njhujdst

jhufybpfwbb. Exfcnbt T<HH d lfyyjv ghjtrnt gjpdjkbn

rjvgfybb hfcibhbnm cdj/ ltzntkmyjcnm b gjvj;tn tq cnfnm

j,hfpwjv lkz dct[ jcnfkmys[ cnhf[jds[ rjvgfybq

<jkufhbb.

B yfrjytw> d j,kfcnb cjltqcndbz njhujdkt ,skj

gjlgbcfyj cjukfitybt c Komercijalna Banka <?H

Vfrtljybz j 8>2 vky. "R? lkz ufhfynbb gkfnt;tq hzle

pfgflys[ ,fyrjd-rjhhtcgjyltynjd Komercijalna Banka.D ltrf,ht <fyr jlj,hbk Ghjuhfvve cjltqcndbz hjccbqcrjq

njhujdkt d 81>5 vky. "R?> rjnjhe/ gkfybhetncz

pfltqcndjdfnm dj dnjhjv rdfhnfkt 1995 ujlf. "nf ghjuhfvvf

gjpdjkbn uheggt cgtwbfkmyj jnj,hfyys[ hjccbqcrb[ ,fyrjd

erhtgbnm b hfcibhbnm cdjb cdzpfyyst c njhujdktq eckeub

b lfcn ,jkmit djpvj;yjcntq hjccbqcrbv rjvgfybzv

gjkmpjdfnmcz nfrbvb eckeufvb& f 'nj> d cdj/ jxthtlm> ,eltn

cgjcj,cndjdfnm hfpdbnb/ dytiytq njhujdkb Hjccbb.

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rkbtynjd d Dtyuhbb> rjnjhst gjkexf/n lj[jl d jcyjdyjv d

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lj 5 vkhl. ajhbynjd> wtkm rjnjhjq – ghtljcnfdbnm chtlcndf

lkz gjcktle/otuj rhtlbnjdfybz ghjtrnjd d Dtyuhbb& pf

cxtn gthdjq ljkb ,eltn abyfycbhjdfnmcz fdnjljhjuf

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rfr dtyuthcrbt> nfr b byjcnhfyyst bydtcnjhs. Lkz T<HH

dsgecr zdbkcz dtcmvf df;ysv ifujv> gjcrjkmre <fyr

dgthdst ghbdktr chtlcndf d dfk/nt jlyjq bp cnhfy

jgthfwbq. <fyr yflttncz ghjdjlbnm dsgecrb j,kbufwbq b d

lfkmytqitv yt njkmrj d Dtyuhbb> yj b yf lheub[ hsyrf[

rfgbnfkf cnhfy jgthfwbq.

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ecnfyjdre ntktajyf cnjzn> cjukfcyj gjlcxtnfv> jrjkj

23 vbkkbjyjd xtkjdtr> f nfr;t ddble ybprjuj rfxtcndf

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cdzpb d htubjyt ghbj,htnftn dct ,jkmie/ frnefkmyjcnm rfr

lkz herjdjlbntktq> nfr b lkz bydtcnjhjd. <elexb dtcmvf

frnbdysv bydtcnjhjv> T<HH ghjljk;fk hfcibhznm cdjq

gjhnatkm ghjtrnjd d j,kfcnb cdzpb yf ghjnz;tybb dctuj

1994 ujlf. D ntxtybt ujlf j,ofz cevvf j,zpfntkmcnd gj

'njq jnhfckb cjcnfdbkf 202>9 vky. "R?. D yfcnjzott

dhtvz <fyr d j,kfcnb cdzpb abyfycbhetn d 16 cnhfyf[

ghjtrns j,otq cevvjq jrjkj 796>3 vky. "R?.

D nfrb[ cnhfyf[> rfr Dtyuhbz> Gjkmif> Ckjdfwrfz

Htcge,kbrf b Xticrfz Htcge,kbrf> yjhvfnbdyfz ,fpf

cnfyjdbncz dct ,jktt hfpdbnjq b yfb,jktt ghbdktrfntkmyst

djpvj;yjcnb lkz bydtcnbhjdfybz d jcyjdye/

byahfcnhernehe !vt;leyfhjlyfz b vt;leujhjlyfz cdzpm@

dcrjht ,elen bcxthgfys. Gjvbvj 'njuj chfdybntkmyj ybprbq

htqnbyu hbcrf 'nb[ cnhfy lfk bv djpvj;yjcnm gjkexfnm

abyfycbhjdfybt b bp lheub[ bcnjxybrjd. Gj'njve <fyr

cnfk ltqcndjdfnm yf $jgnjds[$ yfxfkf[> c ntv xnj,s

htynf,tkmyj ghjdjlbnm d 'nb[ cnhfyf[ vfkjvfcinf,yst

jgthfwbb gj eljdktndjhtyb/ gjnht,yjcntq vtcnys[ ctntq

cdzpb& rekmvbyfwbtq zdbkjcm jlj,htybt Wtynhfkmyj-

tdhjgtqcrjq futyncrjq kbybb cdzpb.

Lfktt yf djcnjrt> d Erhfbyt> ceotcnde/obt kbybb

vt;leyfhjlyjq cdzpb dct vtymit d cjcnjzybb eljdktndjhbnm

gjnht,yjcnb hfcneotuj xbckf xfcnys[ ghtlghbznbq. Jlyfrj

ERHNTR !ujcelfhcndtyyjt ghtlghbznbt cdzpb@ gjkexbkj

pyfxbntkmye/ gjllth;re d dblt rhtlbnf T<HH d

43>3 vky. "R?> rjnjhsq zdkztncz xfcnm/ vt;leyfhjlyjuj

ghjtrnf yf j,oe/ cevve 161>7 vky. "R?>

ghtlecvfnhbdf/otuj cjplfybt kbybq cjdhtvtyyjq

djkjrjyyj-jgnbxtcrjq wbahjdjq cdzpb c Tdhjgjq> cjctlybvb

xthyjvjhcrbvb cnhfyfvb b lheubvb cnhfyfvb vbhf.

Cjbydtcnjhfvb gj ghjtrne zdkztncz ,jkmibycndj dtleob[

jgthfnjhjd cdzpb vbhf. "nf rhegytqifz jgthfwbz gj

bydtcnbhjdfyb/ chtlcnd T<HH d Erhfbyt ,skf jajhvktyf d

bcrk/xbntkmyj rjhjnrbt chjrb.

Yfwbjyfkmysq jgthfnjh cdzpb Kbnds Telecomas cvj;tn c

gjvjom/ rhtlbnf T<HH d 28>5 vky. "R? b rhtlbnf

"rcgjhnyj-bvgjhnyjuj ,fyrf Zgjybb ghtljcnfdbnm kbybb

Page 25: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 23

J,pjh ltzntkmyjcnb pf 1994 ujl

ghzvjq cdzpb 14 000 yjds[ f,jytynjd b kbrdblbhjdfnm

gthtuhe;tyyjcnm ctnb. "njn ghjtrn nfr;t gjvj;tn Kbndt

gjllth;fnm cnhernehye/ gthtcnhjqre Telecomas yfrjvvthxtcrb[ yfxfkf[.

Gthdsq rhtlbn T<HH Rshuspcnfye> rjnjhsq

cjabyfycbhetn Vt;leyfhjlyfz fccjwbfwbz hfpdbnbz> lfcn

djpvj;yjcnm yfwbjyfkmyjve jgthfnjhe RshuspNtktrjve

jgthfnbdyj drk/xbnmcz d ,scnhj vtyz/oe/cz cbcntve

cdzpb> ltqcnde/oe/ yf rjvvthxtcrb[ yfxfkf[. D htpekmnfnt

ekexibncz cdzpm vt;le hfpkbxysvb htubjyfvb 'njq ujhyjq

htcge,kbrb> xnj gjvj;tn byntuhfwbb tt yfwbjyfkmyjq

'rjyjvbrb. RshuspNtktrjv zdkztncz ytlfdyj cjplfyysv

ujcelfhcndtyysv ghtlghbznbtv. Jlyf bp jcyjdys[ wtktq

ghjtrnf – cnbvekbhjdfnm tuj frwbjybhjdfybt> ntv cfvsv

cjltqcndez tuj djdktxtyb/ d cnfyjdktybt

ghtlghbybvfntkmcndf d cnhfyt.

D ntxtybt dctuj 1994 ujlf <fyr ghjljk;fk gjllth;bdfnm

ghjtrns> jhufybpetvst yf rjvvthxtcrb[ yfxfkf[. Jy

jlj,hbk rhtlbn b bydtcnbwbb d frwbjythysq rfgbnfk

pfhtubcnhbhjdfyyjuj d Hjccbqcrjq Atlthfwbb frwbjythyjuj

j,otcndf pfrhsnjuj nbgf $Vj,bkmyst ntktcbcntvs$ yf

cevve 33>7 vky. "R?. Exfcnbt rjvgfybq Siemens bDeutsche Telekom d cjabyfycbhjdfybb lfcn djpvj;yjcnm

frwbjythyjve j,otcnde gjcnhjbnm b 'rcgkefnbhjdfnm ctnm

vj,bkmyjq ntktajyyjq cdzpb d Vjcrdt c ghbvtytybtv

cjdhtvtyyjq cjnjdjq nt[yjkjubb.

<fyr jlj,hbk nfr;t rhtlbn lkz pfhtubcnhbhjdfyyjq d

Xticrjq Htcge,kbrt rjvgfybb c juhfybxtyyjq

jndtncndtyyjcnm/ Eurotel Prague> c ntv xnj,s jyf vjukf

hfcibhbnm cdj/ ltzntkmyjcnm d j,kfcnb 'ktrnhjyyjq gjxns

b cgenybrjdjq cdzpb c ghbvtytybtv gfhf,jkbxtcrb[ fyntyy

vfkjuj lbfvtnhf.

D j,kfcnb 'ktrnhjyys[ chtlcnd vfccjdjq byajhvfwbb

T<HH jlj,hbk ghbj,htntybt 14>8fi frwbq xticrjq

rjvgfybb Kabel Net Holding> rjnjhfz cjplftn b'rcgkefnbhetn d Ghfut vyjujrfyfkmye/ cbcntve rf,tkmyjuj

ntktdbltybz. <fyr nfr;t ghtljcnfdkztn ufhfynb/#rhtlbn>

xfcnm rjnjhjq ,skf cbylbwbhjdfyf vt;le ,fyrfvb

Creditanstalt-Bankverein, ING Bank b De NationaleInvesteringsbank (NIB). "nf cnhernehf abyfycbhjdfybz lftn

rjvgfybb djpvj;yjcnm ghbdktxm c gjvjom/ ING b

Creditanstalt chtlcndf d vtcnyjq dfk/nt> ntv cfvsv

ljgjkyzz abyfycbhjdfybt c extnjv cdjb[ gjcnegktybq.

D ntxtybt 1994 ujlf T<HH ghbcnegbk r dsgjkytyb/

df;ys[ jnhfcktds[ bccktljdfybq gj djghjce j dkbzybb

nt[ybxtcrjuj ghjuhtccf yf bydtcnbwbjyyst gthcgtrnbds b

;tkfntkmyst yjhvfnbdyst ht;bvs d bynthtcf[

jgnbvfkmyjuj bcgjkmpjdfybz cjdhtvtyyjq nt[ybrb. D lheub[

bccktljdfybz[ htxm ikf j hfphf,jnrt pfrjyjlfntkmcndf b

ltzntkmyjcnb htukfvtynbhe/ob[ jhufyjd d j,kfcnb cdzpb> f

nfr;t tt cnhernehyjq gthtcnhjqrt> kb,thfkbpfwbb b

ghbdfnbpfwbb.

Nhfycgjhn

D ntxtybt dctuj 1994 ujlf jnvtxfkcz ,jkmijq cghjc yf

nhfycgjhnyst jgthfwbb> gjllth;bdftvst T<HH. Jcyjdyst

pflfxb gj-ght;ytve pfrk/xfkbcm d gjbcrt ghbtvktvs[ – d

gkfyt ,fyrjdcrjuj abyfycbhjdfybz – byahfcnhernehys[

ghjtrnjd> cjxtnf/ob[ bydtcnbwbb c ytj,[jlbvsvb

jhufybpfwbjyysvb b nfhbaysvb htajhvfvb> f nfr;t d

lfkmytqitv ghjdtltybb jgthfwbq ,tp pfbvcndjdfybz

ujcelfhcndjv bkb ujcelfhcndtyys[ ufhfynbq. Gj'njve <fyr

hf,jnftn cj cgjycjhfvb yfl wtksv hzljv rjywtccbjyys[

ghjtrnjd $cnhjbntkmcndj - 'rcgkefnfwbz - gthtlfxf$ !C"G@

lkz nthvbyfkjd f'hjgjhnjd b gjhnjd> f nfr;t fdnjljhju b

bpexftn djpvj;yjcnm bcgjkmpjdfybz lheub[ vtnjljd

abyfycbhjdfybz c juhfybxtyysv ghfdjv htuhtccf.

Yf rjytw 1994 ujlf j,ofz cevvf jlj,htyys[

j,zpfntkmcnd gj nhfycgjhne cjcnfdbkf 1101>3 vky. "R?.

D yfcnjzott dhtvz <fyr ghbybvftn exfcnbt d

cjabyfycbhjdfybb bydtcnbwbq d j,kfcnb nhfycgjhnf yf

j,oe/ cevve jrjkj 4>7 vkhl. "R? d 16 bp 25 cnhfy

jgthfwbq <fyrf. D jcnfkmys[ 9 cnhfyf[ nhfycgjhnyst

ghjtrns yf[jlzncz yf 'nfgt bpextybz.

D 1994 ujle ,skj jlj,htyj 18 yjds[ ghjtrnjd> drk/xfz

7 ghjtrnjd d xfcnyjv ctrnjht !d j,kfcnb celj[jlcndf b

fdnjnhfycgjhnf@. D 1994 ujle T<HH jlj,hbk gj 'njq

jnhfckb j,zpfntkmcndf yf cevve 491>6 vky. "R? yf

cjabyfycbhjdfybt bydtcnbwbq j,otq cevvjq cdsit

3 vkhl. "R?. D ntxtybt ujlf jceotcndkzkjcm bkb

ltqcndjdfkj tot 14 ghjtrnjd.

Cdjbv gthdsv rhtlbnjv d j,kfcnb celj[jlcndf d Hjccbb

T<HH gjvju ghjltvjycnhbhjdfnm djpvj;yjcnm

abyfycbhjdfybz hjccbqcrjuj celj[jlcndf yf rjvvthxtcrb[

yfxfkf[> ,tp ujcelfhcndtyys[ ufhfynbq. Rhtlbn ,sk

Page 26: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

24 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

J,pjh ltzntkmyjcnb pf 1994 ujl

ghtljcnfdkty rjvgfybzv Prisco Maritime b Roselau ShippingCompany gjl ufhfynbb b[ cjjndtncnde/ob[ hjccbqcrb[

hjlbntkmcrb[ rjvgfybq – Ghbvjhcrjuj gfhj[jlcndf>

rhegytqitq hjccbqcrjq lfkmytdjcnjxyjq rjvgfybb

nfyrthyjuj akjnf> b Lfkmytdjcnjxyjuj gfhj[jlcndf>

rhegytqituj gthtdjpxbrf ce[b[ uhepjd yf Lfkmytv Djcnjrt

Hjccbb. Cevvf rhtlbnf rjvgfybb Prisco Maritime cjcnfdbkf36>7 vky. "R?> f rjvgfybb Roselau – 13>3 vky. "R?.

<fyr jceotcndbk xtnsht yjds[ ghjtrnf d j,kfcnb

byahfcnhernehs fdbfwbb% vjlthybpfwbz Thtdfycrjuj

fdbfuhepjdjuj nthvbyfkf !Fhvtybz@> htrjycnherwbz dpktnyj-

gjcfljxyjq gjkjcs b cbcntvs jcdtotybz d Nfkkbyycrjv

f'hjgjhne !"cnjybz@ b f'hjyfdbufwbjyyst ghjtrns d

{jhdfnbb b <?H Vfrtljybz> ghtlecvfnhbdf/obt gjcnfdre

yjdjuj hflbjkjrfwbjyyjuj b yfdbufwbjyyjuj j,jheljdfybz

lkz djccnfyjdktybz EDL. Gjvbvj 'nb[ jgthfwbq

jceotcndkz/ncz fdbfwbjyyst ghjtrns d Kfndbb b Erhfbyt.

Ibhjrjvfcinf,yjt nt[ybxtcrjt cjnhelybxtcndj d

j,kfcnb ;tktpyjljhj;yjuj nhfycgjhnf yfxfkj lfdfnm gkjls

d ntxtybt ujlf. <skb jlj,htys ;tktpyjljhj;yst ghjtrns d

Kbndt> Gjkmit b Xticrjq Htcge,kbrt. Chtlb yb[ – ghjtrns

vjlthybpfwbb nfrb[ cnhfntubxtcrb df;ys[ exfcnrjd Nhfyc(-

tdhjgtqcrjq ;tktpyjq ljhjub !NT:L@> rfr Dtyf - <thkby

xthtp Ghfue> <thkby - Dfhifdf b exfcnrb NT:L d Ckjdtybb.

<fyr jlj,hbk abyfycbhjdfybt dkj;tybq d ;tktpyst ljhjub

j,otq ghjtrnyjq cnjbvjcnm/ cdsit 1 vkhl. "R?.

D j,kfcnb fdnjljhj;yjuj nhfycgjhnf hjkm T<HH hfpkbxyf

d hfpkbxys[ cnhfyf[ d pfdbcbvjcnb jn vtcnys[

gjnht,yjcntq b ltzntkmyjcnb lheub[ vt;leyfhjlys[

abyfycjds[ jhufybpfwbq. D nt[ ckexfz[> rjulf ntreotve

htvjyne b vjlthybpfwbb ijcctqys[ ljhju eltkztncz

ljk;yjt dybvfybt> <fyr cjnhelybxftn c ujcelfhcndtyysvb

dtljvcndfvb b xfcnysv ctrnjhjv c wtkm/

rjvvthwbfkbpfwbb hfpdbdf/otqcz ctnb fdnjljhju.

Jceotcndkztncz ctvm fdnjljhj;ys[ ghjtrnjd% d <tkfhecb>

<jkufhbb> Dtyuhbb> Gjkmit> Hevsybb> Ckjdfwrjq

Htcge,kbrt> Ckjdtybb. Gznm bp yb[ ,skb jlj,htys d

1994 ujle& nfrbv j,hfpjv> j,ofz cevvf dsltktyys[ T<HH

yf ijcctqyst ljhjub chtlcnd ljcnbukf 837>1 vky. "R?.

Cjdvtcnyj c ujcelfhcndfvb <fknbb b Gjkmitq <fyr

ghjljk;ftn yf htubjyfkmyjq jcyjdt cdjb ecbkbz d

jnyjitybb ghjtrnf $<fknbqcrbq genm$.

Vyjujt cltkfyj gj jceotcndktyb/ tlbycndtyyjuj

ghjtrnf <fyrf d j,kfcnb ujhjlcrjuj nhfycgjhnf> f bvtyyj

ghjtrnf vjlthybpfwbb j,otcndtyyjuj nhfycgjhnf

<elfgtinf. Pfregktyyst pf cxtn chtlcnd T<HH fdnj,ecs

yfxfkb ds[jlbnm yf kbyb/ d ctynz,ht> b r rjywe ujlf

'rcgkefnbhjdfkjcm e;t 90 yjds[ cjxktytyys[ fdnj,ecjd.

"nb nhfycgjhnyst chtlcndf cjjndtncnde/n tdhjgtqcrbv

'rjkjubxtcrbv yjhvfv b j,jheljdfys cbcntvfvb

byajhvbhjdfybz gfccf;bhjd> f nfr;t hfpkbxysvb

'ktvtynfvb gjdsitybz ,tpjgfcyjcnb.

"ythutnbrf b 'ythutnbxtcrbt ghtlghbznbz

D 1994 ujle ltzntkmyjcnm T<HH d 'ythutnbrt ,skf

cjchtljnjxtyf yf ytcrjkmrb[ cnhfyf[> ghbxtv cbkmysq frwtyn

,sk cltkfy yf gjllth;re htajhvs wty> gjdsitybt

abyfycjdjq lbcwbgkbys !jcj,tyyj yf evtymitybt ytgkfnt;tq

b ecnfyjdre ,snjds[ cxtnxbrjd b ddtltybt cbcntvs

dscnfdktybz cxtnjd@> rjvvthwbfkbpfwb/ eghfdktybz xthtp

frwbjybhjdfybt> f nfr;t yf dytlhtybt ,jktt

'ythuj'aatrnbdys[ nt[yjkjubq ghjbpdjlcndf b gthtlfxb

'ktrnhj'ythubb. <jkmijt vtcnj d gjllth;bdftvjq <fyrjv

ltzntkmyjcnb pfybvfkf nfr;t hfphf,jnrf djpj,yjdkztvs[

bcnjxybrjd 'ythubb. Rhjvt njuj> egjh ltkfkcz b ,eltn

ltkfnmcz yf ghjtrns djccnfyjdktybz b pfdthitybz j,(trnjd> f

yt yf ddtltybt d cnhjq yjds[ 'ythutnbxtcrb[ vjoyjcntq.

Ytcvjnhz yf ;tkfybt ghfdbntkmcnd lbcnfywbhjdfnmcz jn

abyfycbhjdfybz b ghtljcnfdktybz ufhfynbq yf ghjtrns

htrjycnherwbb 'ktrnhjcnfywbq> 'ythutnbxtcrbt ghjtrns

xfcnyjuj ctrnjhf gj-ght;ytve hfphf,fnsdfkbcm vtlktyyj

ddble jncencndbz yjhvfnbdyjq> /hblbxtcrjq b abyfycjdjq

,fps> f nfr;t abcrfkmyjq jnxtnyjcnb> cgjcj,ys[ ghbdktxm

xfcnys[ bydtcnjhjd b lfnm bv djpvj;yjcnm ghbyznm exfcnbt d

hf,jnt 'njq jnhfckb. Ntv yt vtytt vyjubt pfgflyst

'ythutnbxtcrbt rjvgfybb b ghtlghbybvfntkb> f nfr;t dct

,jkmitt xbckj vtcnys[ bydtcnjhjd bp(zdkz/n ujnjdyjcnm

dkj;bnm ceotcndtyyst rfgbnfks d hzlt cnhfy.

"ythuj'aatrnbdyjcnm

<jkmibycndj cnhfy htubjyf gj-ght;ytve bcgjkmpe/n d 3 - 5 hfp

,jkmit 'ythubb> xtv pfgflyst ghjvsiktyyj hfpdbnst cnhfys.

Yfkbwj hfcneott jcjpyfybt gjkj;bntkmys[ cnjhjy ghjuhfvv

'ythujc,tht;tybz> jcj,tyyj c extnjv htuekbhjdfybz cghjcf> jlyfrj

djpltqcndbt nfrb[ ghjuhfvv lj cb[ gjh ,skj cdzpfyj c ecbkbzvb gj

cnhernehyjq gthtcnhjqrt nz;tkjq ghjvsiktyyjcnb. T<HH cjpyftn

ytj,[jlbvjcnm 'ythujc,tht;tybz gentv htuekbhjdfybz cghjcf b

htiftn 'nb pflfxb gentv wtkjuj hzlf ghjtrnjd. R ghbvthe> rhtlbn yf

djccnfyjdktybt lde[ 'ktrnhjcnfywbq d Uhepbb ghtlecvfnhbdftn>

chtlb ghjxtuj> pfregre 'ktrnhjcxtnxbrjd. Dj dct[ cnhfyf[ <fknbb

,skb yfxfns abyfycbhetvst pf cxtn T<HH b ajylf PHARE

Tdhjgtqcrjuj cj/pf rfvgfybb gj ghjgfufylt bltq

'ythujc,tht;tybz> d hfvrf[ rjnjhs[ [jpzqcndtyysv b ,snjdsv

gjnht,bntkzv ltvjycnhbhe/ncz yjdst cgjcj,s 'rjyjvbb 'ythubb. D

'ythutnbxtcrbq ghjtrn d <?H Vfrtljybz drk/xty df;ysq

rjvgjytyn cjplfybz b abyfycbhjdfybz ajylf 'ythuj'aatrnbdyjcnb

lkz cjjndtncnde/otuj htuekbhjdfybz cghjcf. !Cv. nfr;t hfpltk

$Jrhe;f/ofz chtlf% djpltqcndbt ltzntkmyjcnb T<HH$> cnh. 29.@

Lkz lfkmytqituj hfcibhtybz ecbkbq gj eljdktndjhtyb/ cghjcf yf

hfphf,jnre b abyfycbhjdfybt bybwbfnbd> yfghfdktyys[ yf

gjdsitybt 'ythuj'aatrnbdyjcnb gentv htuekbhjdfybz cghjcf> d

jnkbxbt jn gjllth;rb fkmnthyfnbd> cdzpfyys[ cj cnbvekbhjdfybtv

ghtlkj;tybz> d rjywt 1994 ujlf d <fyrt cjplfy jnltk 'ythuj-

'aatrnbdyjcnb lkz frnbdbpfwbb ltzntkmyjcnb d 'njq catht.

D 1995 ujle d 'njq j,kfcnb gkfybhetncz wtksq hzl bydtcnbwbjyys[

ghjuhfvv ghb gjllth;rt <fyrf.

Page 27: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 25

J,pjh ltzntkmyjcnb pf 1994 ujl

D ntxtybt 1994 ujlf d ujcelfhcndtyyjv ctrnjht <fyr

ghtljcnfdbk Fk,fycrjq 'ythutnbxtcrjq rjhgjhfwbb rhtlbn

d 12>6 vky. "R? yf htrjycnherwb/ rfcrflf ublhj-

'ktrnhjcnfywbq yf htrt Lhby ghb cjabyfycbhjdfybb c

exfcnbtv ghfdbntkmcnd Fdcnhbb b Idtqwfhbb> f nfr;t

ADC Zgjybb. Ghjtrn jhbtynbhjdfy yf djccnfyjdktybt b

vjlthybpfwb/ vjoyjcntq cnhfys gj ghjbpdjlcnde

djpj,yjdkztvjq 'ythubb. Rfr b dj vyjub[ cdzpfyys[ c

'ythutnbrjq jgthfwbz[ T<HH> 'njn rhtlbn ljgjkyzkcz

ghjuhfvvjq nt[ybxtcrjuj cjnhelybxtcndf gj hfcibhtyb/

djpvj;yjcntq pftvobrf d j,kfcnb rjvvthxtcrjuj

eghfdktybz b gkfybhjdfybz bydtcnbwbq> gjllth;rb

jhufybpfwbjyys[ htajhv b ghjtrnyjuj eghfdktybz.

<fyr nfr;t dsltkbk rhtlbn d 43>4 vky. "R? yf

cjltqcndbt pfdthityb/ cnhjbntkmcndf Tybrtylcrjq U"C yf

htrt Rehf d Fpth,fql;fyt. "nj ceotcndtyyj edtkbxbn

ublhj'ythutnbxtcrbt vjoyjcnb cnhfys> cjrhfnbd ntv cfvsv

ds,hjcs d fnvjcathe c ecnfhtdib[> hf,jnf/ob[ yf ytanb

'ktrnhjcnfywbq b c'rjyjvbd ytanm b ufp> rjnjhst pfntv

vj;yj ,eltn yfghfdbnm yf 'rcgjhn. D hfvrf[ 'nb[ ghjtrnjd

'ythutnbxtcrbt ghtlghbznbz gjlkt;fn rjvvthwbfkbpfwbb> f

wtys yf 'ythub/ ,elen edtkbxtys lkz ,jktt gjkyjuj

djpvtotybz pfnhfn.

Rhjvt njuj> T<HH ghtljcnfdbk rhtlbn d 14>8 vky. "R?

yf djccnfyjdktybt Hbjycrjq U"C b Ufhlf,fycrjq N"C d

Uhepbb. D htpekmnfnt pyfxbntkmyjuj gjdsitybz RGL

ghjbpdjlcndf 'ktrnhj'ythubb b djccnfyjdktybz

ublhj'ythutnbxtcrb[ vjoyjcntq 'njn ghjtrn gjpdjkbn

cjrhfnbnm cthmtpysq ltabwbn 'ythubb> hfpheibntkmyj

crfpsdf/obqcz yf 'rcgjhnys[ jnhfckz[ ghjvsiktyyjcnb

Uhepbb> b cjrhfnbnm hfc[jls yf bvgjhn njgkbdf. Ghjtrn

ghtlecvfnhbdftn rhegyst nfhbayst rjhhtrnbds b

rjycekmnfwbjyyst eckeub gj ddtltyb/ ghjuhfvv

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Page 28: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

26 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

J,pjh ltzntkmyjcnb pf 1994 ujl

T<HH ghjzdkztn ,jkmie/ frnbdyjcnm d ytantufpjdjq

jnhfckb cnhfy CYU> b jcj,tyyj Hjccbb. R rjywe 1994 ujlf

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Page 29: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 27

J,pjh ltzntkmyjcnb pf 1994 ujl

htfrwbz yf hfcgfl cbcntvs hfcghtltktybz

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yt'aatrnbdyjcnm ltzntkmyjcnb ujcelfhcndtyys[ vjyjgjkbq.

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ghtljcnfdktyyfz d cjnhelybxtcndt c ,fyrjv SPB. <jkmijt vtcnj d 1994 ujle pfybvfkf ghjuhfvvf

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Radisson.

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abyfycjds[ exht;ltybq$. C 'njq wtkm/ <fyr ltkftn egjh

yf lde[ jcyjdys[ yfghfdktybz[ ltzntkmyjcnb% cjplfybt yf

vtcnf[ fdnjyjvyj aeyrwbjybhe/ob[ ext,ys[ pfdtltybq b

jrfpfybt rjycekmnfwbjyyjq gjllth;rb jnltkmysv ghjtrnfv

T<HH. Gthdjt yfghfdktybt – cjplfybt j,hfpwjds[ wtynhjd –

gjpdjkztn <fyre ghb juhfybxtyyjcnb htcehcjd lj,bnmcz

pyfxbntkmyjuj b vjoyjuj djpltqcndbz d eckjdbz[ juhjvys[

gjnht,yjcntq d nt[ybxtcrjv cjltqcndbb.

D ntxtybt 1994 ujlf <fyr gj-ght;ytve jrfpsdfk

gjllth;re ytcrjkmrbv ext,ysv pfdtltybzv gj gjlujnjdrt

,fyrjdcrb[ cke;fob[. D xfcnyjcnb> r nfrjdsv jnyjczncz

Vt;leyfhjlyfz irjkf abyfycjdjuj b ,fyrjdcrjuj ltkf d

Vjcrdt> Hevsycrbq bycnbnen ,fyrjdcrb[ cke;fob[ d

<e[fhtcnt b Vt;leyfhjlysq wtynh j,extybz ,fyrjdcrb[

cke;fob[ d <elfgtint. D rjywt 1994 ujlf d Nfirtynt

jnrhskcz htubjyfkmysq wtynh gjlujnjdrb ,fyrjdcrb[

cke;fob[> rjnjhsq ujnjdbn ,fyrjdcrb[ hf,jnybrjd lkz

Rshuspcnfyf> Nfl;brbcnfyf b Ep,trbcnfyf. D 'nb[ wtynhf[

nsczxb ,fyrjdcrb[ cke;fob[ ghj[jlzn gjlujnjdre b

ghbj,htnf/n jcyjdyst pyfybz b yfdsrb> ytj,[jlbvst bv

lkz ,fyrjdcrjuj j,cke;bdfybz ghtlghbznbq b abpbxtcrb[

kbw yf cjdhtvtyyjv ehjdyt. "nb exht;ltybz nfr;t ghjdjlzn

j,extybt ytgjchtlcndtyyj yf ghjbpdjlcndt b rjycekmnbhe/n

vtcnyst ,fyrb.

Rhjvt njuj> d Cfyrn-Gtnth,ehut ltqcndetn Wtynh

vfhrtnbyuf b vtytl;vtynf> rjnjhsq ghjljk;ftn ujnjdbnm

dscjrjrdfkbabwbhjdfyyst rflhs b rjycekmnbhjdfnm

ghtlghbznbz b cjnhelybrjd jhufyjd ujcelfhcndtyyjuj

eghfdktybz d htubjyt Cfyrn-Gtnth,ehuf.

Vjhjpjdcrjve ghjtrne bcgjkybkjcm e;t nhb ujlf& 'nf

hjccbqcrfz bybwbfnbdf yfwtktyf yf cjplfybt rhbnbxtcrjq

vfccs ghtlghbybvfntktq b herjdjlbntktq

ghtlghbybvfntkmcrb[ cnherneh d bynthtcf[ gjdsitybz

pfyznjcnb b cnfyjdktybz ghtlghbybvfntkmcndf. Ghjtrn

ghtlcnfdkztn cj,jq yfb,jktt htpekmnfnbdyjt b ibhjrj

bpdtcnyjt vthjghbznbt gjlj,yjuj hjlf b jceotcndkztncz

xthtp ,jktt xtv 30 vjhjpjdcrb[ ext,yj-ltkjds[ wtynhjd

!ELW@> ltqcnde/ob[ d 55 j,kfcnz[ Hjccbb. D rjywt

1992 ujlf r vjhjpjdcrjve gfhnythcnde gjlrk/xbkcz T<HH>

jrfpsdf/obq jgthfwbjyye/ b abyfycjde/ gjllth;re c

frwtynjv yf hfphf,jnre cjlth;fybz b cnhernehs

vjhjpjdcrb[ vthjghbznbq c wtkm/ ytgjchtlcndtyyjq

gjllth;rb ghtlghbybvfntkmcndf b ltkjdjq frnbdyjcnb.

Xthtp ELW jrfpsdftncz gjllth;rf ghtlghbybvfntkzv>

exfcnde/obv d rhtlbnyj-bydtcnbwbjyys[ ghjuhfvvf[

<fyrf> f d jnltkmys[ htubjyf[ jceotcndktybt ghjuhfvv

<fyrf dtltncz bp cfvb[ ELW. Rjvgjyjdrf vjhjpjdcrjuj

ghjtrnf gjpdjkztn vyjujcnjhjyybv b ldecnjhjyybv

exht;ltybzv gjlrk/xbnmcz r htfkbpfwbb 'njq bybwbfnbds>

yt enhfxbdfz ghb 'njv cdjtq bylbdblefkmyjcnb.

D J,(tlbytyyjv dtycrjv bycnbnent <fyr ghjljk;ftn

cdj/ wtktyfghfdktyye/> yj jceotcndkztve/ d

juhfybxtyys[ vfcinf,f[ hf,jne gj ghjdtltyb/

jhbtynbhjdfyys[ yf xfcnysq ctrnjh ctvbyfhjd> cj[hfyzz

ghb 'njv cdjb dtleobt gjpbwbb d rfxtcndt jlyjuj bp

cjexhtlbntktq bycnbnenf. D ntxtybt 1994 ujlf lkz

herjdjlbntktq ghtlghbznbq b abyfycjds[ exht;ltybq>

zdkz/ob[cz gfhnythfvb T<HH> ghjdtltyj gznm

lde[ytltkmys[ ctvbyfhjd byntycbdyjuj j,extybz.

J,pjh ltzntkmyjcnb pf 1994 ujl

28 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Page 31: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 29

Dj dctq cdjtq ltzntkmyjcnb T<HH j,zpfy cjltqcndjdfnm

'rjkjubxtcrb pljhjdjve b ecnjqxbdjve hfpdbnb/.

D 1994 ujle jy dsgjkyzk 'nj j,zpfntkmcndj> hfphf,fnsdfz

bydtcnbwbjyyst ghjtrns d j,kfcnb ghbhjljj[hfyyjq

byahfcnhernehs> ghjdjlz ghtldfhbntkmyst 'rjkjubxtcrbt

j,cktljdfybz dct[ cdjb[ bydtcnbwbjyys[ ghjtrnjd b

ghjtrnjd gj kbybb nt[ybxtcrjuj cjnhelybxtcndf> f nfr;t

ghjljk;fz dscnegfnm bybwbfnjhjv wtkjuj hzlf

ghtlsydtcnbwbjyys[> ext,ys[ b ghjxb[ ghbhjljj[hfyys[

vthjghbznbq.

D 1994 ujle <fyrjv endth;ltys ldf byahfcnhernehys[

ghjtrnf c ghbhjljj[hfyysv erkjyjv. Gthdsv bp yb[ cnfk

rhtlbn nfkkbyycrjve ghtlghbznb/ ujhjlcrjuj

djljcyf,;tybz b rfyfkbpfwbb !NGUDR@ lkz ghjtrnf gj

jxbcnrt cnjxys[ djl b djljcyf,;tyb/ d cnjkbwt "cnjybb.

Ukfdyfz wtkm ghjtrnf – cyb;tybt ehjdyz pfuhzpytybz

<fknbqcrjuj vjhz. Ghjtrn abyfycbhetncz T<HH yf

rjvvthxtcrb[ eckjdbz[ c ghbdktxtybtv pyfxbntkmys[

,tpdjpvtplys[ chtlcnd> ghtljcnfdkztvs[ Abykzylbtq b

Tdhjgtqcrbv cjj,otcndjv. NGUDR d yfcnjzott dhtvz

ghtj,hfpetncz d cfvjeghfdkztvjt b cfvjabyfycbhetvjt

rjvveyfkmyjt ghtlghbznbt djljcyf,;tybz> yt gjkexf/ott

ljnfwbq jn ujcelfhcndf bkb ujhjlcrb[ dkfcntq. "nj gthdsq

ghjtrn nfrjuj hjlf> jlj,htyysq vt;leyfhjlysvb

abyfycjdsvb jhufybpfwbzvb> b> rhjvt njuj> gthdsq ghjtrn

d hfvrf[ K/wthycrjq bybwbfnbds b "rjkjubxtcrjq

ghjuhfvvs <fknbqcrjuj vjhz. Dnjhsv ghjtrnjv d j,kfcnb

ghbhjljj[hfyyjq byahfcnhernehs cnfk rhtlbn yf

abyfycbhjdfybt htrjycnherwbb b vjlthybpfwbb ujhjlcrb[

cbcntv djljcyf,;tybz d gznb ujhjlf[ Hevsybb – Rhfqjdt>

Nshue-Vehtit> Nbvbijfht> <hfijdt b Zccf[. Lfyysq

ghjtrn ,eltn cgjcj,cndjdfnm cjplfyb/ ltwtynhfkbpjdfyyjq

b j,tcgtxbdf/otq 'rjyjvbxtcrbq 'aatrn b abyfycjde/

;bpytcgjcj,yjcnm cbcntvs vtcnyjuj abyfycbhjdfybz

byahfcnhernehys[ bydtcnbwbq.

Gjvbvj 'njuj d yfcnjzott dhtvz d Fpth,fql;fyt>

Kfndbb> Kbndt> Hjccbb> Hevsybb> Ckjdfwrjq Htcge,kbrt>

Ckjdtybb b "cnjybb ghj[jlzn 'rcgthnbpe ghjtrns

ghbhjljj[hfyyjq byahfcnhernehs> cdzpfyyst ukfdysv

j,hfpjv c djljcyf,;tybtv b jxbcnrjq cnjxys[ djl. D

ntxtybt ujlf T<HH ghjabyfycbhjdfk 12 ghjtrnjd gj kbybb

nt[ybxtcrjuj cjnhelybxtcndf lkz cjltqcndbz d gjlujnjdrt

bydtcnbwbq d ghbhjljj[hfyye/ byahfcnhernehe.

Gjckt ghbyznbz 46 herjdjlbntkzvb ghbhjljj[hfyys[

dtljvcnd b Tdhjgtqcrbv cj/pjv $Ghjuhfvvs 'rjkjubxtcrb[

vth lkz Wtynhfkmyjq b Djcnjxyjq Tdhjgs$ yf cjcnjzditqcz

d 1993 ujle d K/wthyt rjyathtywbb $Jrhe;f/ofz chtlf

lkz Tdhjgs$ ,sk cjplfy rjvbntn gj gjlujnjdrt ghjtrnjd

!RGG@ lkz ghbdktxtybz ljyjhjd r ljktdjve

cjabyfycbhjdfyb/ ghbhjljj[hfyys[ ghjtrnjd dvtcnt c

vt;leyfhjlysvb abyfycjdsvb exht;ltybzvb>

ghtljcnfdkz/obvb chtlcndf yf rjvvthxtcrb[ eckjdbz[.

Ctrhtnfhbfn RGG yf[jlbncz d T<HH. <fyr ghbyzk

ghbukfitybt Lfybb djpukfdbnm hf,jxe/ uhegge gj

ghbhjljj[hfyyjve abyfycbhjdfyb/> htrjvtylfwbb rjnjhjq

,elen ljkj;tys yf cjdtofybb herjdjlbntktq

ghbhjljj[hfyys[ dtljvcnd cnhfy Tdhjgs d Cjabb d jrnz,ht

1995 ujlf. <fyr ghjljk;fk exfcndjdfnm d ghbhjljj[hfyys[

ghjuhfvvf[ d ,fcctqyf[ <fknbqcrjuj vjhz> Leyfz b

Xthyjuj vjhz.

Jlyjq bp jcyjdys[ ajhv exfcnbz <fyrf d j[hfyt

jrhe;f/otq chtls zdkz/ncz bydtcnbwbb d j,(trns c

gjdsityyjq 'ythuj- b htcehcj'aatrnbdyjcnm/ b ,jktt

ybprbv ehjdytv pfuhzpytybz gj chfdytyb/ c j,(trnfvb>

rjnjhst jyb pfvtyz/n. Yf dct[ 'nfgf[ gjlujnjdrb b

endth;ltybz ghjtrnjd <fyr eltkztn dybvfybt

'rjkjubxtcrbv ghj,ktvfv. Gthtl ghtldfhbntkmysv

'rjkjubxtcrbv j,cktljdfybtv cnfdzncz hfpyst pflfxb d

pfdbcbvjcnb jn [fhfrnthf ghjtrnf> gjntywbfkmys[

'rjkjubxtcrb[ bplth;tr bkb hbcrjd> cdzpfyys[ c

'rcgkefnfwbtq j,(trnjd d ghjikjv> yfcnjzotv bkb

,eleotv> djghjcjd j[hfys nhelf b nt[ybrb ,tpjgfcyjcnb b

lheub[ gjlj,ys[ djghjcjd. J,cktljdfybz ghjdjlzncz yf

yfxfkmyjv 'nfgt> xnj,s pf,kfujdhtvtyyj dszdbnm

'rjkjubxtcrbt ghj,ktvs> hfphf,jnfnm cvzuxf/obt vths b

cjcnfdbnm cvtne hfc[jljd lj endth;ltybz ghjtrnf.

"rjkjubxtcrbt j,cktljdfybz xfcnj dscdtxbdf/n ghj,ktvs>

nht,e/obt cjcnfdktybz b cjukfcjdfybz gkfyjd

jhufybpfwbjyys[ vthjghbznbq. D rhtlbnyst cjukfitybz

drk/xf/ncz cjjndtncnde/obt 'rjkjubxtcrbt eckjdbz b

j,zpfntkmcndf> cdzpfyyst cj cvzuxf/obvb vthfvb> vthfvb

gj ekexityb/ b 'rjkjubxtcrbv vjybnjhbyujv.

Jrhe;f/ofz chtlf% djpltqcndbt ltzntkmyjcnb T<HH

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30 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Ghjbpdjlcndj> nhfycgjhnbhjdrf b bcgjkmpjdfybt

'ythujyjcbntktq ghtlcnfdkz/n cj,jq pyfxbntkmye/ euhjpe

lkz jrhe;f/otq chtls htubjyf> gjhj;lfz vtcnyst>

htubjyfkmyst b ukj,fkmyst ghj,ktvs pfuhzpytybz

fnvjcaths b dspsdfz gjcktlcndbz yf vtcnf[ d htpekmnfnt

kbrdblfwbb jn[jljd b c,hjcf cnjxys[ djl. Wtynhfkmyjt

vtcnj d 'ythutnbxtcrjq gjkbnbrt <fyrf pfybvf/n

bydtcnbwbb d cjplfybt cjdhtvtyys[ 'aatrnbdys[

ghtlghbznbq gj ghjbpdjlcnde b gthtlfxt 'ktrnhj'ythubb>

xnj pfxfcne/ cjghjdj;lftncz pfrhsnbtv cnfhs[ cbkmyj

pfuhzpyz/ob[ jrhe;f/oe/ chtle j,(trnjd. D Gjkmit

chtlcndf T<HH gjpdjkzn pfdthibnm vjynf; rjnkf c

gctdljj;b;tyysv ckjtv yf ntgkj'ktrnhjwtynhfkb> xnj

ghbdtltn r hjcne ghjbpdjlcndf ltitdjq 'ktrnhj'ythubb b

ekexibn 'rjkjub/ ghtlghbznbz. "nf cjdhtvtyyfz

nt[yjkjubz gjpdjkztn pyfxbntkmyj evtymibnm ds,hjc

pfuhzpyz/ob[ dtotcnd> yj gjrf tot yt ghbvtyztncz d

'ythutnbrt Gjkmib> rjnjhfz [fhfrnthbpetncz dscjrjq

cntgtym/ gjnht,ktybz eukz. <fyr nfr;t exbnsdftn df;yjt

pyfxtybt ghj,ktvs htuekbhjdfybz cghjcf yf

'ythujyjcbntkb b j,sxyj drk/xftn d cdjb 'ythutnbxtcrbt

ghjtrns rjvgjytyns 'ythujc,tht;tybz b

'ythuj'aatrnbdyjcnb. Yfghbvth> d Fpth,fql;fyt b Uhepbb

ghjtrnfvb d j,kfcnb ublhj'ktrnhj'ythutnbrb> rjnjhst

,elen evtymifnm djpltqcndbt 'nb[ cnhfy yf ukj,fkmyjt

gjntgktybt> nfr;t ghtlecvfnhbdftncz jrfpfybt

rjycekmnfwbjyys[ eckeu d ltkt 'ythujc,tht;tybz b

gjdsitybz 'rcgkefnfwbjyyjq 'aatrnbdyjcnb. Fyfkjubxysv

j,hfpjv ghjtrn gj rfcrfle 'ktrnhjcnfywbq yf htrt Lhby

gjpdjkbn Fk,fybb vjlthybpbhjdfnm cdjb

ublhj'ktrnhjcnfywbb> edtkbxbnm 'rcgjhn 'ktrnhj'ythubb b

j,tcgtxbnm d ljcnfnjxys[ j,(tvf[ ,tcgtht,jqyjt

cyf,;tybt t/ gjnht,bntktq dyenhb cnhfys ghb

cjdthitycndjdfybb nt[ybrb ,tpjgfcyjcnb.

Ytrjnjhst bp yfb,jktt ckj;ys[ ghjtrnjd> nht,e/ob[

ghjdtltybz 'rjkjubxtcrjq 'rcgthnbps> jceotcndkz/ncz d

ghjvsiktyyjcnb> d xfcnyjcnb d j,hf,fnsdf/otq> f nfr;t d

j,kfcnb lj,sxb ghbhjlys[ htcehcjd. Gj nfrbv ghjtrnfv

ghjdjlbncz 'rjkjubxtcrfz htdbpbz b#bkb jwtyrf d wtkz[

jghtltktybz ysytiytuj 'rjkjubxtcrjuj cjcnjzybz j,(trnjd

b ghjuyjpbhjdfybz djpltqcndbz djpvj;yjuj abyfycbhjdfybz

<fyrjv. J,sxyj ghb 'njv ghb[jlbncz exbnsdfnm nfrbt

djghjcs> rfr cj,k/ltybt yjhvfnbdys[ gjkj;tybq>

rfcf/ob[cz 'rjkjubb> j[hfys nhelf b nt[ybrb

,tpjgfcyjcnb> ehjdtym pfuhzpytybz d ghtlitcnde/obq

gthbjl b 'rjkjubxtcrbt bplth;rb> f nfr;t jncencndbt

ghfdjj[hfybntkmyjuj j,tcgtxtybz. D ntxtybt 1994 ujlf

cnfkb dsgjkyzncz ghbhjljj[hfyyst eckjdbz> gjcnfdktyyst

d cdzpb c ghtljcnfdktybtv <fyrjv rhtlbnf ckjdfwrjve

fk/vbybtdjve rjv,byfne Slovalco b ghbj,htntybtv bv

frwbq rjv,byfnf. D htpekmnfnt 'njuj ,skf jcnfyjdktyf jlyf

bp lde[ ltqcnde/ob[ gkfdbkmys[ gtxtq> cbkmyj

pfuhzpyz/ob[ chtle> f lheufz ,eltn jcnfyjdktyf chfpe ;t

gjckt ddjlf d 'rcgkefnfwb/ yjdjq gkfdbkmyjq gtxb.

D yfcnjzott dhtvz ghjdjlbncz j,cktljdfybt htynf,tkmyjcnb

lde[ ltqcnde/ob[ ecnfyjdjr gj gththf,jnrt ukbyjptvf>

jlyjq 'ythutnbxtcrjq ecnfyjdrb b ghjxb[ j,(trnjd. Lkz

eljdktndjhtybz eckjdbq <fyrf d [jlt 'nb[ bccktljdfybq

gjnht,etncz ljrfpfnm> xnj ghb lfkmytqitq 'rcgkefnfwbb

ltqcnde/ob[ j,(trnjd b[ vj;yj ,eltn vjlthybpbhjdfnm c

extnjv vt;leyfhjlys[ ghbhjljj[hfyys[ yjhv> j,tcgtxbdfz

ghb 'njv b[ htynf,tkmyjcnm. Rhjvt njuj> yf rjv,byfnt

j,cktljdfys gjcktlcndbz pfuhzpytybz d ghtlitcnde/obq

gthbjl d wtkz[ ghbyznbz vth gj b[ ecnhfytyb/.

Ckjdtycrfz rjvgfybz Papirnica Kolicevo zdkztncz jlybvbp rhegytqib[ ghjbpdjlbntktq rfhnjyf d Wtynhfkmyjq b

Djcnjxyjq Tdhjgt. Bydtcnbwbb T<HH gjpdjkzn

vjlthybpbhjdfnm ltqcnde/ott j,jheljdfybt b ghjbpdjlbnm

yf ytv rjyrehtynjcgjcj,ye/ ghjlerwb/ dscjrjuj rfxtcndf>

f nfr;t gjlyznm jxbcnre jnhf,jnfyyjq djls b cnjrjd yf

ghtlghbznbb lj ehjdyz yjhv Tdhjgtqcrjuj cj/pf> ghtdhfnbd

rjvgfyb/ d jlyj bp yfb,jktt 'aatrnbdyj ltqcnde/ob[ b

'rjkjubxtcrb xbcns[ ghtlghbznbq d Tdhjgt. Gj yjdjve

gkfye rfgbnfkmys[ pfnhfn> rjnjhst xfcnbxyj

abyfycbhe/ncz T<HH> ghtlghbznbt Fiat Auto Polandgjlujnjdbkj ghjuhfvve vthjghbznbq> gj rjnjhjq

ghtlecvfnhbdftncz d ,kb;fqibt gznm-itcnm ktn dkj;bnm d

ghbhjljj[hfyyst vthjghbznbz ,jktt 25 vky. "R?.

D xfcnyjcnb> ,eltn ekexityj gjkj;tybt c nt[ybxtcrbv

j,cke;bdfybtv> ghjatccbjyfkmyjq pf,jktdftvjcnm/ b

nt[ybrjq ,tpjgfcyjcnb. Ghtlghbznbt gj ghjbpdjlcnde

rbckjvjkjxyjq ghjlerwbb Danone-Serdika d <jkufhbb

ghjikj 'rjkjubxtcre/ htdbpb/ b fyfkbp. Dytctys

htrjvtylfwbb gj evtymityb/ ds,hjcf pfuhzpybntktq d

Jrhe;f/ofz chtlf% djpltqcndbt ltzntkmyjcnb T<HH

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fnvjcathe b cyb;tybz ehjdyz ievf> f nfr;t gjlujnjdkty

gkfy jhufybpfwbjyyj-eghfdktyxtcrb[ vthjghbznbq. Yfxfnf

hf,jnf gj cdtltyb/ r vbybveve j,(tvf jn[jljd jn

ghjbpdjlcndf egfrjdjxys[ vfnthbfkjd.

D j,kfcnb nhfycgjhnf ghjdjlbkbcm 'rjkjubxtcrbt jwtyrb

cjcnjzybz f'hjgjhnjd b cbcntv f'hjyfdbufwbjyyjuj

j,tcgtxtybz d <?H Vfrtljybz> {jhdfnbb b "cnjybb>

htrjycnhebhjdfyys[ fdnjvj,bkmys[ ljhju d <tkfhecb>

Kfndbb> Kbndt> Ckjdtybb b {jhdfnbb> f nfr;t cjcnjzybz

jlyjq bp ;tktpys[ ljhju d Xticrjq Htcge,kbrt. D ,sditv

Cjdtncrjv Cj/pt fyfkbpbhjdfkcz hzl ghjtrnjd> cdzpfyys[ c

celj[jlcndjv. D ghjtrn htrjycnherwbb [jhdfncrjq

fdnjvfubcnhfkb drk/xtys jcj,j vfcinf,yst

ghbhjljj[hfyyst hfpltks> cdzpfyyst c cjcnjzybtv rfxtcndf

djls b ghbhjlyjq chtls. D yfcnjzott dhtvz yf exfcnrt

fdnjvfubcnhfkb ghjnz;tyyjcnm/ 21 rbkjvtnh

ecnfyfdkbdf/ncz djljegjhyst lhtyf;yst nhe,s pfrhsnjuj

nbgf dvtcnt c rjkktrnjhfvb> vfckjctgfhfnjhfvb b

jncnjqybrfvb lkz pfobns rfhcnjdjuj bpdtcnyzrf jn

pfuhzpyz/ob[ dtotcnd cj cnjhjys ijcct. Dtltncz

cnhjbntkmcndj 'cnfrflyjuj gtht[jlf lkz lbrb[ ;bdjnys[ c

wtkm/ j[hfys ,ehs[ vtldtltq b evtymitybz jgfcyjcnb

cnjkryjdtybz c ybvb nhfycgjhnys[ chtlcnd.

D 1994 ujle ghb,kbpbntkmyj 35fi ltzntkmyjcnb T<HH gj

abyfycbhjdfyb/ jceotcndkzkjcm xthtp abyfycjds[

gjchtlybrjd. <fyr ghblftn ,jkmijt pyfxtybt gjvjob cdjbv

gjchtlybrfv d cj,k/ltybb bvb ghbhjljj[hfyys[

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chtlf yf 'nfgt gtht[jlf$.

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Page 34: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

32 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Cxtn zlthyjq ,tpjgfcyjcnb !CZ<@%vyjujcnjhjyybq vt[fybpv

Yf dcnhtxt yf dscitv ehjdyt d V/y[tyt !6 - 8 b/kz

1992 ujlf@ ukfds ujcelfhcnd b ghfdbntkmcnd cnhfy Uheggs 7

ghtlkj;bkb cnhfyfv htubjyf vyjujcnjhjyy// ghjuhfvve

ltqcndbq gj gjdsityb/ ,tpjgfcyjcnb b[ fnjvys[

'ktrnhjcnfywbq. D ytq ghtlecvfnhbdfkjcm ytvtlktyyjt

ghbyznbt vth gj gjdsityb/ 'rcgkefnfwbjyyjq

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yf cnfywbz[ e;t d ,kb;fqitv ,eleotv yf jcyjdfybb

jwtyjr ,tpjgfcyjcnb b gj ecbktyb/ ht;bvf

htukfvtynbhjdfybz. D ytq nfr;t ghtlecvfnhbdfkjcm

cjplfybt jcyjds lkz gjdsitybz ,tpjgfcyjcnb yf ,jktt

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pfvtys vtytt yflt;ys[ cnfywbq fkmnthyfnbdysvb

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'ythubb> f nfr;t gentv hfccvjnhtybz djpvj;yjcntq

vjlthybpfwbb cnfywbq ,jktt gjplytq rjycnherwbb.

Cnhfys Uheggs 7 dscrfpfkbcm pf cjplfybt

ljgjkybntkmyjuj vyjujcnjhjyytuj vt[fybpvf lkz

ytvtlktyyjuj ghbyznbz vth gj gjdsityb/

'rcgkefnfwbjyyjq b nt[ybxtcrjq ,tpjgfcyjcnb> rjnjhst yt

djikb d ldecnjhjyybt ghjuhfvvs> b ghbpdfkb

vt;leyfhjlyjt cjj,otcndj ghbyznm exfcnbt d tuj

abyfycbhjdfybb. Cnhfys Uheggs 7 nfr;t jnvtnbkb> xnj

nfrjq vt[fybpv ljk;ty exbnsdfnm abyfycbhjdfybt yf

ldecnjhjyytq jcyjdt> yf[jlbnmcz gjl eghfdktybtv

ltqcnde/otuj yf yfxfkf[ rjyctycecf herjdjlzotuj jhufyf>

cjcnjzotuj bp ghtlcnfdbntktq ljyjhjd> f nfr;t

rjjhlbybhjdfnm cdj/ ltzntkmyjcnm c Uheggjq 24 b <fyrjv b

jgbhfnmcz yf b[ cjltqcndbt.

D atdhfkt 1993 ujlf cnhfys Uheggs 7 jabwbfkmyj

ghtlkj;bkb <fyre exhtlbnm Cxtn zlthyjq ,tpjgfcyjcnb> yf

rjnjhsq jn cnhfy-ljyjhjd ,elen gjcnegfnm chtlcndf>

ghtlyfpyfxtyyst lkz ,tpdjpvtplyjuj abyfycbhjdfybz

ghjtrnjd gj gjdsityb/ ,tpjgfcyjcnb F"C d htubjyt.

Cjdtn lbhtrnjhjd <fyrf endthlbk lfyyjt ghtlkj;tybt b

Ecnfd CZ< d vfhnt 1993 ujlf. D cjjndtncndbb c Ecnfdjv

<fyr ,eltn ujnjdbnm ghjtrns b ghtlcnfdkznm b[ yf

endth;ltybt Cj,hfyb/ ljyjhjd. D ,jktt ibhjrjv gkfyt

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rfxtcndt ctrhtnfhbfnf Uheggs 24.

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hfpvtht 154 vky. "R? e;t j,(zdbkb 14 cnhfy b Rjvbccbz

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CIF> Abykzylbz> Ahfywbz> Idtqwfhbz> Idtwbz b

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CZ<.

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hfpyst ytljcnfnrb c njxrb phtybz ,tpjgfcyjcnb. Dybvfybt d

gthde/ jxthtlm ytj,[jlbvj eltkbnm dytlhtyb/ $rekmnehs

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ghjtrnyj-rjycnhernjhcrb[ [fhfrnthbcnbr. Hfpyst nbgs htfrnjhjd

cjdtncrjq rjycnherwbb bvt/n hfpyst cbcntvs j,tcgtxtybz

,tpjgfcyjcnb.

Htfrnjhs DD"H. Zlthyst htfrnjhs c djljq gjl lfdktybtv. Cfvst

cnfhst bp yb[ – DD"H 230#440 VDn !10 ltqcnde/ob[ htfrnjhjd@ –

ytkmpz jcnfdkznm d 'rcgkefnfwbb yf lkbntkmysq chjr& ,jktt

cjdhtvtyyst htfrnjhs nbgf DD"H 213#440 VDn !14 ltqcnde/ob[

htfrnjhjd@ b DD"H 1000 VDn !18 ltqcnde/ob[ htfrnjhjd@ vj;yj

vjlthybpbhjdfnm lkz lkbntkmyjq 'rcgkefnfwbb.

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,tpjgfcyjcnb rjnjhs[ pfgflyst cgtwbfkbcns gjybvf/n ujhfplj

vtymit> xtv rjycnherwb/ b cbcntvs ,tpjgfcyjcnb htfrnjhjd

DD"H. Ceotcnde/n hfpkbxyst nbgs 'nb[ htfrnjhjd> b yf jlyjv bp

yb[ ghjbpjikf fdfhbz yf Xthyj,skmcrjq F"C d 1986 ujle.

<jkmibycndj cgtwbfkbcnjd gj zlthyjq 'ythutnbrt cxbnf/n

ytdjpvj;ysv ljdtcnb 'nb htfrnjhs lj cnfylfhnjd> ytj,[jlbvs[

lkz lkbntkmyjq 'rcgkefnfwbb.

Ltzntkmyjcnm Cxtnf zlthyjq ,tpjgfcyjcnb

Gthdjjxthtlyjt dybvfybt eltkztncz htfrnjhfv c dscjrjq

cntgtym/ hbcrf> rjnjhe/ vj;yj pyfxbntkmyj cybpbnm gentv

ghjdtltybz d ,kb;fqitv ,eleotv ytljhjujcnjzob[

vthjghbznbq gj gjdsityb/ ,tpjgfcyjcnb> xnj ytj,[jlbvj

lkz ,tcgtht,jqyjuj cyf,;tybz 'ktrnhj'ythubtq cnhfy

htubjyf. "nj jpyfxftn> xnj ukfdysq egjh ltkftncz yf

ltqcnde/obt htfrnjhs H<VR b DD"H 230 b yf pfregrb

j,jheljdfybz> f yt yf ghjdtltybt bccktljdfybq> chtlcndf yf

rjnjhst e;t dsltkz/ncz hzljv ljyjhjd. Ghtlghbybvf/ncz

ecbkbz gj cjukfcjdfyb/ c pfbynthtcjdfyysvb cnhfyfvb

uhfabrjd pfrhsnbz vtytt yflt;ys[ htfrnjhjd.

Dsgjkyztvst ghjtrns

Gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf Cj,hfybtv ljyjhjd

endth;ltyj ldf ghjtrnf> f pfbynthtcjdfyysvb

ghfdbntkmcndfvb> ghtlghbznbzvb 'ythutnbrb b T<HH !jn

bvtyb CZ<@ gjlgbcfys cktle/obt cjukfitybz j dsltktybb

,tpdjpvtplys[ chtlcnd.

– D b/yt 1993 ujlf endth;lty b gjlgbcfy dsgjkyztvsq d

yfcnjzott dhtvz ghjtrn yf cevve 24 vky. "R? lkz

hf,jn yf ,kjrf[ 1 - 4 !DD"H 230@ Rjpkjleqcrjq F"C d

<jkufhbb. Htxm bltn> d xfcnyjcnb> j vthf[

ghjnbdjgj;fhyjq ,tpjgfcyjcnb> j,cktljdfybb d ghjwtcct

'rcgkefnfwbb df;ytqib[ fuhtufnjd> gjlujnjdrt gjcj,bq

lkz jgthfnjhjd lbcgtnxthcrjq> fdfhbqyjq cbcntvt

Cxtn zlthyjq ,tpjgfcyjcnb

Page 35: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 33

gjlfxb gbnfntkmyjq djls b n.l. Pfdthitybt ghjtrnf

j;blftncz r yfxfke 1996 ujlf. Ghfdbntkmcndj <jkufhbb

dpzkj j,zpfntkmcndj pfrhsnm ,kjrb 1 b 2> f pfntv ,kjrb

3 b 4 gjckt jceotcndktybz hzlf rfgbnfkjdkj;tybq d

'ythutnbre !ghtlecvfnhbdftvst d yfcnjzott dhtvz

chjrb – 1998 - 2000 ujls@. "nb rfgbnfkjdkj;tybz

ghtlyfpyfxtys lkz vjlthybpfwbb ,kjrjd 5 b 6

Rjpkjleqcrjq F"C !DD"H 1000 VDn@ b ntgkj'ktrnhj-

cnfywbq.

– D ltrf,ht 1993 ujlf Cj,hfybtv ljyjhjd nfr;t

endth;lty> f d atdhfkt 1994 ujlf gjlgbcfy ghjtrn yf

cevve 33 vky. "R? lkz Buyfkbycrjq F"C !ldf

htfrnjhf H<VR@ d Kbndt. Lfyysq ghjtrn

ghtlecvfnhbdftn ytjnkj;yst b yfb,jktt dsgjkybvst

vthjghbznbz gj tt vjlthybpfwbb> f jnltkmyst cthmtpyst

ghj,ktvs ,tpjgfcyjcnb> djpvj;yj> cnfyen jcyjdfybtv

lkz dnjhjuj 'nfgf ghjtrnf gjckt lfkmytqituj bpextybz

djghjcjd ,tpjgfcyjcnb b rjycnherwbb. R lfyyjve

ghjtrne jnyjczncz> chtlb ghjxtuj> nfrbt djghjcs> rfr

yjdfz cbuyfkmyfz cbcntvf fdfhbqyjq jcnfyjdrb htfrnjhf>

ghjnbdjgj;fhyjt j,jheljdfybt> nhtyf;th b fggfhfnehf

'rjkjubxtcrjuj rjynhjkz. Pfdthitybt ghjtrnf

gkfybhetncz r cthtlbyt 1996 ujlf. Yf ljk/

Buyfkbycrjq F"C ghb[jlbncz jrjkj 90fi ghjbpdjlbvjq

d cnhfyt 'ktrnhj'ythubb. Ghfdbntkmcndj Kbnds

cjukfcbkjcm yt jcnfdkznm d 'rcgkefnfwbb j,f ,kjrf F"C

gjckt pfvtys rfyfkjd yf 'nb[ htfrnjhf[ !n.t. gjckt

15 - 20 ktn 'rcgkefnfwbb@. Gjvbvj 'njuj jyj

cjukfcbkjcm ghjdtcnb euke,ktyysq fyfkbp ,tpjgfcyjcnb

F"C gjl yf,k/ltybtv uheggs vt;leyfhjlys[ 'rcgthnjd.

R cthtlbyt 1998 ujlf ,kjr 1 ,eltn jcnfyjdkty> tckb yf

jcyjdfybb 'njuj fyfkbpf kbnjdcrbq jhufy yflpjhf pf

,tpjgfcyjcnm/ (VATESI) yt dslfcn kbwtypb/ yf tuj

lfkmytqie/ 'rcgkefnfwb/. Fyfkbp abyfycbhetncz CZ< d

cevvt 7>3 vky. "R?.

<eleobt ghjtrns

Gfhfkktkmyj gjlujnjdktyj ldf ghjtrnf d Hjccbqcrjq

Atlthfwbb% jlby lkz Ktybyuhflcrjq F"C !4 htfrnjhf

H<VR@ cvtnyjq cnjbvjcnm/ gjhzlrf 30 vky. "R? b

cjdvtcnysq ghjtrn lkz Yjdjdjhjyt;crjq b Rjkmcrjq F"C

!4 htfrnjhf DD"H 230@ yf cvtnye/ cevve 45 vky. "R? pf

cxtn ,tpdjpvtplys[ chtlcnd. D rjywt 1994 ujlf pfdthifkbcm

gthtujdjhs vt;le> c jlyjq cnjhjys> <fyrjv b> c lheujq>

ghfdbntkmcndjv Hjccbb> hjccbqcrbvb ghtlghbznbzvb

'ythutnbrb b fnjvysvb 'ktrnhjcnfywbzvb jnyjcbntkmyj

pfrk/xtybz cjukfitybq j ghtljcnfdktybb ,tpdjpvtplys[

chtlcnd.

R rjywe ujlf d hfvrf[ gkfyf ltqcndbq> ghtlkj;tyyjuj

erhfbycrbv dkfcnzv yf cjdtofybb Uheggs 7 yf dscitv

ehjdyt d Ytfgjkt !8 - 9 b/kz 1994 ujlf@> d Erhfbyt

yfxfkfcm ltzntkmyjcnm CZ<. Ukfdyfz wtkm gkfyf ltqcndbq –

pfrhsnbt d ,kb;fqitv ,eleotv Xthyj,skmcrjq F"C d

rjyntrcnt rjvgktrcyjq cnhfntubb d j,kfcnb 'ythutnbrb.

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,kjrjd 1> 2 b 3> f nfr;t ytvtlktyyjt ghbyznbt vth

,tpjgfcyjcnb yf ,kjrt 3 lj tuj pfrhsnbz.

Cxtn zlthyjq ,tpjgfcyjcnb

Page 36: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

34 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Ghjuhfvvf ajyljd nt[ybxtcrjuj cjnhelybxtcndf T<HH

!GANC@ ,skf exht;ltyf d gjllth;re jcyjdyjq

ltzntkmyjcnb <fyrf. Ukfdyfz pflfxf GANC gj'njve –

j,ktuxbnm cnhfyfv jgthfwbq ljcneg r jcyjdysv htcehcfv

<fyrf. Lkz ljcnb;tybz 'njuj gj kbybb GANC jrfpsdftncz

gjllth;rf d gjlujnjdrt ghjtrnjd !ukfdysv j,hfpjv

gjchtlcndjv 'rjyjvbxtcrb[> abyfycjds[> 'rjkjubxtcrb[ b

/hblbxtcrb[ ghtldfhbntkmys[ j,cktljdfybq@> d dsgjkytybb

ghjtrnjd b jhufybpfwbjyyjv cnhjbntkmcndt. Gj kbybb

GANC nfr;t ghjdjlzncz jnhfcktdst bccktljdfybz b lf/ncz

htrjvtylfwbb gj djghjcfv gjkbnbrb b ghfdjds[ htajhv.

Xthtp GANC <fyr jrfpsdftn gjllth;re ghjtrnfv d j,kfcnb

xfcnyjuj ctrnjhf> ghbdfnbpfwbb> cnhernehyjq gthtcnhjqrb

b jceotcndktybz rhegys[ bydtcnbwbq d ujcelfhcndtyyjv

ctrnjht.

Jcyjdyst bnjub ltzntkmyjcnb gj kbybb GANC vj;yj

j,j,obnm cktle/obv j,hfpjv%

– d 1994 ujle yf 311 jgthfwbq gj kbybb nt[ybxtcrjuj

cjnhelybxtcndf <fyr dsltkbk 87>6 vky. "R? gj

chfdytyb/ c 84>9 vky. "R? d 1993 ujle&

– d 1994 ujle bcgjkmpjdfyj 46>4 vky. "R? gj chfdytyb/

c 32>1 vky. "R? d 1993 ujle&

– pf gthbjl 1991-1994 ujljd j,zpfntkmcndf gj

872 jgthfwbzv gj kbybb nt[ybxtcrjuj cjnhelybxtcndf

cjcnfdbkb 220>2 vky. "R?. J,ofz cevvf

bcgjkmpjdfyys[ chtlcnd cjcnfdbkf 94>9 vky. "R?.

Jlyjq bp df;ytqib[ jcj,tyyjcntq GANC zdkztncz nj> d

rfrjq vtht jyf cgjcj,cndetn bydtcnbwbjyyj-rhtlbnyjq

ltzntkmyjcnb T<HH> j,tcgtxbdfz gjlujnjdre ghjtrnjd b b[

jceotcndktybt. D 1994 ujle <fyr gjlgbcfk 39 rhtlbnjd b

bydtcnbwbq yf j,oe/ cevve 1 vkhl. "R?> rjnjhst ,skb

gjllth;fys gj kbybb GANC. J,ofz cnjbvjcnm ghjtrnjd d

cdzpb c 'nbvb rhtlbnysvb jgthfwbzvb cjcnfdbkf

2>1 vkhl. "R?.

Pf gthbjl 1991-1994 ujljd yf 74 gjlgbcfyys[ ghjtrnf

gj kbybb GANC dsltkty 61 vky. "R?> f endth;ltyyfz

Cjdtnjv lbhtrnjhjd <fyrf cevvf abyfycbhjdfybz yf 'nb

ghjtrns cjcnfdbkf 2>5 vkhl. "R?.

D yb;tghbdtltyyjv fyfkbpt gjrfpfys ndthlst

j,zpfntkmcndf gj abyfycbhjdfyb/ gj kbybb GANC.

J,zpfntkmcndf gj kbybb nt[ybxtcrjuj cjnhelybxtcndf – gjjnhfckzv

Dctuj pf 1994 ujl 1991 - 1994 ujls

---------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------

vky. vky. xbckj "R?¡ fi xbckj "R?¡ fi

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Abyfycs 59 33>9 38>7 144 52>4 23>8"ythutnbrf 41 8>3 9>5 146 37>6 17>1Ghbdfnbpfwbz 25 8>3 9>5 89 34>0 15>5Nhfycgjhn 33 7>8 8>9 90 22>6 10>3Jrhe;f/ofz chtlf 21 4>2 4>7 80 16>1 7>3Fuhj,bpytc 25 4>7 5>4 74 15>0 6>8VCG 31 9>3 10>6 55 13>4 6>1Cdzpm 21 3>0 3>5 60 11>9 5>4Cnhernehyfz

gthtcnhjqrf 30 3>5 4>0 65 9>8 4>4?hblbxtcrbt eckeub 5 2>1 2>4 31 3>6 1>6Ghjvsiktyyjcnm 10 1>6 1>8 17 2>1 1>0Nehbpv 2 0>5 0>5 6 0>8 0>4Ghjxtt 8 0>4 0>5 15 0>6 0>3

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Bnjuj 311 87>6 100>0 872 220>2 100>0

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------¡ D 'nb wbahs d[jlzn itcnm jceotcndkztvs[ ghjtrnjd cevvjq 3>1 vky. "R?> jgkfnf

rjnjhs[ ghjbpdjlbncz ytgjchtlcndtyyj Rjvbccbtq Tdhjgtqcrb[ cjj,otcnd.

Nt[ybxtcrjt cjnhelybxtcndj

Rjycekmnfwbjyysteckeub 19fi

Gjlujnjdrf ghjtrnjd 61fi

Dsgjkytybt ghjtrnjd 13fi

Gjlujnjdrf rflhjd 6fi

Jnhfcktdst bccktljdfybz 1fi

J,zpfntkmcndf gj kbybb nt[ybxtcrjuj cjnhelybxtcndf – gjnbge ltzntkmyjcnb D 1994 ujle gj cnjbvjcnb

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 35

J,zpfntkmcndf gj kbybb nt[ybxtcrjuj cjnhelybxtcndf – gjcnhfyfv-gjkexfntkzv

Dctuj pf 1994 ujl 1991-1994 ujls

---------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------

vky. vky. xbckj "R?¡ fi xbckj "R?¡ fi

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Hjccbqcrfz

Atlthfwbz 57 34>2 39>1 190 80>7 36>6Hevsybz 4 1>3 1>5 38 9>4 4>3<tkfhecm 13 4>5 5>1 35 8>9 4>0Ckjdtybz 13 3>4 3>8 39 8>0 3>6Erhfbyf 19 2>2 2>5 37 7>8 3>6Gjkmif 4 0>4 0>5 34 7>0 3>2Dtyuhbz 9 0>7 0>9 40 5>7 2>6Fk,fybz 5 1>0 1>1 42 5>5 2>5<jkufhbz 5 0>8 0>9 15 5>5 2>5Kfndbz 16 2>6 2>9 30 5>4 2>5"cnjybz 16 3>1 3>5 28 5>4 2>5Kbndf 14 1>9 2>2 29 5>4 2>4Rfpf[cnfy 8 2>2 2>5 20 4>9 2>2Xticrfz Htcge,kbrf 6 1>8 2>0 22 4>3 1>9Ckjdfwrfz

Htcge,kbrf 12 1>3 1>4 28 4>2 1>9Ep,trbcnfy 4 0>9 1>0 16 4>0 1>8Rshuspcnfy 20 3>0 3>4 22 3>3 1>5<?H Vfrtljybz 10 1>6 1>9 15 2>2 1>0Vjkljdf 8 1>4 1>6 10 1>7 0>8Nehrvtybcnfy 7 1>0 1>2 10 1>4 0>6Fhvtybz 4 0>4 0>5 9 1>1 0>5Fpth,fql;fy 4 0>8 0>9 5 1>0 0>5Uhepbz 3 0>6 0>7 3 0>6 0>3{jhdfnbz 1 0>2 0>2 4 0>3 0>1Nfl;brbcnfy 1 0>2 0>2 1 0>2 0>1HtubjyfkmystHtubjyfkmyst 39 14>4 16>5 96 27>5 12>5CYU 1 0>0 0>0 16 3>7 1>7Ujcelfhcndf <fknbb 6 1>1 1>3 30 3>0 1>4Wtynhfkmyjfpbfncrbt

htcge,kbrb 2 0>6 0>7 8 2>1 0>9

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Bnjuj 311 87>6 100>0 872 220>2 100>0

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------¡ D 'nb wbahs d[jlzn itcnm jceotcndkztvs[ ghjtrnjd cevvjq 3>1 vky. "R?> jgkfnf

rjnjhs[ ghjbpdjlbncz ytgjchtlcndtyyj Rjvbccbtq Tdhjgtqcrb[ cjj,otcnd.

Ajyls nt[ybxtcrjuj cjnhelybxtcndf

Bcnjxybrfvb chtlcnd T<HH yf nt[ybxtcrjt cjnhelybxtcndj

zdkz/ncz htuekzhyst dpyjcs d ajyls nt[ybxtcrjuj

cjnhelybxtcndf> cjukfitybz j nt[ybxtcrjv cjnhelybxtcndt

gj rjyrhtnysv ghjtrnfv b dpyjcs d cgtwbfkmyst ajyls.

Dct dpyjcs dyjczncz ljyjhfvb lj,hjdjkmyj.

D 1994 ujle <fyr gjlgbcfk c ldecnjhjyybvb ljyjhfvb

ctvm yjds[ cjukfitybq j ajylf[ nt[ybxtcrjuj

cjnhelybxtcndf& j,ott xbckj nfrb[ cjukfitybq ljcnbukj 35.

Rhjvt njuj> d 1994 ujle ,skj ghjbpdtltyj djcgjkytybt

15 ltqcnde/ob[ ajyljd nt[ybxtcrjuj cjnhelybxtcndf b

gjlgbcfyj 12 cjukfitybq j nt[ybxtcrjv cjnhelybxtcndt gj

rjyrhtnysv ghjtrnfv. Gjlgbcfyj tot jlyj cjukfitybt j

cgtwbfkmyjv ajylt nt[ybxtcrjuj cjnhelybxtcndf gj Ajyle

lkz vtkrb[ ghtlghbznbq Hjccbb. C extnjv e;t

ltqcnde/otuj <fknbqcrjuj cgtwbfkmyjuj ajylf

nt[ybxtcrjuj cjltqcndbz j,ofz cevvf ,tpdjpvtplys[

chtlcnd yf nt[ybxtcrjt cjnhelybxtcndj djphjckf d

1994 ujle yf 89>7 vky. "R? b ljcnbukf 263>4 vky. "R?>

xnj yf 36fi ,jkmit gj chfdytyb/ c 1993 ujljv.

Yf T;tujlyjv pfctlfybb Cjdtnf eghfdkz/ob[ T<HH d

Cfyrn-Gtnth,ehut ljyjhs cjukfcbkbcm yf ghtljcnfdktybt

xfcnb b[ chtlcnd ,tp rfrb[-kb,j eckjdbq yf jgkfne

vtcnys[ rjycekmnfynjd bp cnhfy jgthfwbq <fyrf.

Ytrjnjhst bp ajyljd cjnhelybxtcndf <fyrf e;t yt cdzpfys

ybrfrbvb eckjdbzvb !Zgjybz@ bkb d pyfxbntkmyjq vtht yt

cdzpfys eckjdbzvb !Rbnfq-Nfq,tq@. Ytrjnjhst ljyjhs

ltvjycnhbhe/n dct ,jkmie/ ub,rjcnm> jnrfpsdfzcm jn

j,eckjdkbdfybz ghtljcnfdkztvs[ bvb chtlcnd> b <fyr ,eltn

ghjljk;fnm rjycekmnfwbb c ljyjhfvb gj 'njve djghjce.

Yjdsv 'ktvtynjv abyfycbhjdfybz gj kbybb

nt[ybxtcrjuj cjnhelybxtcndf cnfkj gjzdktybt cjukfitybq j

nt[ybxtcrjv cjnhelybxtcndt d gjllth;re htubjyfkmys[

ajyljd dtyxehyjuj rfgbnfkf> jcj,tyyj d ,sditv Cjdtncrjv

Cj/pt. D 1995 ujle j;blftncz exht;ltybt fyfkjubxys[

ajyljd lkz jrfpfybz gjcnghbdfnbpfwbjyyjq gjllth;rb.

Nt[ybxtcrjt cjnhelybxtcndj

Page 38: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

36 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Cjukfitybz j ajylf[ nt[ybxtcrjuj cjnhelybxtcndfYf 31 ltrf,hz 1994 ujlf

Cevvf> drk/xfz "rdb-

Lfnf gthdj- djcgjk- dfktynyfxfkmyjuj ytybt d "R?

Ljyjh cjukfitybz Dfk/nf !vky.@ !vky.@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1991 ujlYjhdtubz¡ !'rjkjubz b 'ythutnbrf@ 16 fghtkz yjhd. rhjys 27>60 3>33Zgjybz¡ 5 b/kz btys 5855>71 47>88CIF¡ 30 b/kz ljkk. CIF 1>15 0>94Ahfywbz !VBL@¡ 1 fduecnf ah. ahfyrb 16>10 2>46Idtwbz¡ 13 fduecnf id. rhjys 40>00 4>37Rbnfq-Nfq,tq¡ 16 ctynz,hz ljkk. CIF 15>00 12>23Tdhjgtqcrbq cj/p¡1 15 jrnz,hz "R? 90>07 90>07Yblthkfyls¡ 20 yjz,hz ujk. uekml. 16>68 7>84Cjtlbytyyjt Rjhjktdcndj¡2 25 yjz,hz a. cn. 2>75 3>50K/rctv,ehu¡ 26 yjz,hz "R? 0>70 0>70Fdcnhbz 31 ltrf,hz ljkk. CIF 5>00 4>08

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1992 ujlAbykzylbz¡ 13 zydfhz aby. vfhrb 12>50 2>15Rfyflf¡ 24 zydfhz rfy. ljkk. 7>70 4>47Ahfywbz !rfpyfxtqcndj@ 26 vfhnf ah. ahfyrb 20>00 3>05Idtqwfhbz¡ 31 vfhnf id. ahfyrb 5>50 3>42Bphfbkm¡ 14 fghtkz itrtkb 0>73 0>20Bnfkbz 14 fghtkz bn. kbhs 5000>00 2>51Wtynhfkmyjtdhjgtqcrfz bybwbfnbdf !Bnfkbz@ 14 fghtkz bn. kbhs 16000>00 8>03Nehwbz 17 b/yz neh. kbhs 10000>00 0>21Lfybz¡ 1 b/kz "R? 3>10 3>10Yjdfz Ptkfylbz¡ 10 b/kz yjdjptk. ljkk. 0>33 0>17Bcgfybz¡ 21 b/kz bcg. gtctns 156>34 0>97Gjhneufkbz 20 jrnz,hz gjhn. 'crelj 30>00 0>15Bckfylbz¡ 3 ltrf,hz "R? 0>20 0>20Uthvfybz 11 ltrf,hz uthv. vfhrb 10>00 5>29

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1993 ujlHtcge,kbrf Rjhtz 25 fghtkz ljkk. CIF 0>30 0>24Yjhdtubz !j,obq@ 27 fghtkz "R? 1>00 1>00Bhkfylbz¡ 17 ctynz,hz "R? 0>21 0>21

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1994 ujlCjtlbytyyjt Rjhjktdcndj-D3 14 vfhnf a.cn. 0>50 0>64Cjtlbytyyjt Rjhjktdcndj-C4 25 vfhnf a.cn. 0>60 0>76Evergreen CIF¡ 3 b/yz ljkk. CIF 1>16 0>95Htubjyfkmysq ajyl dtyxehyjuj rfgbnfkf lkz Ctdthj-Pfgflf Hjccbb 5 b/kz ljkk. CIF 0.30 0.24<tkmubz 27 ctynz,hz ,tk. ah. 30>00 0>77Htubjyfkmysq ajyl dtyxehyjuj rfgbnfkf lkz Yb;ytuj Gjdjk;mz 29 ctynz,hz ljkk. CIF 20>00 16>31Ghfdbntkmcndj Akfylhbb 9 yjz,hz "R? 0>40 0>40

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Bnjuj ajyljd nt[ybxtcrjuj cjnhelybxtcndf 232>84

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cevvf> drk/xfz "rdb-

Lfnf gthdj- djcgjk- dfktynyfxfkmyjuj ytybt d "R?cjukfitybz Dfk/nf !vky.@ !vky.@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Cgtwbfkmyst ajylsLkz cnhfy <fknbb 14 fghtkz

1992 ujlf "R? 5>00 5>00Lkz Hjccbb 18 jrnz,hz

1993 ujlf "R? 8>68 8>68

Chtlcndf yf rjyrhtnyst ghjtrns 16>77 16>77

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

¡ Ajyls nt[ybxtcrjuj cjnhelybxtcndf> djcgjkytyyst gjckt gthdjyfxfkmyjuj cjukfitybz.

1 Cevvf gj lfyyjve cjukfityb/ crjhhtrnbhjdfyf T<HH c extnjv t;tujlyjuj gthtcvjnhf tt TC lj gjlndth;ltybz jrjyxfntkmyjuj hfcghtltktybz. D cjukfitybt drk/xtys 3>1 vky. "R?> dsltktyyst yf dsgjkytybt ghjtrnjd.

2 Lfyysq ajyl Cjtlbytyyjuj Rjhjktdcndf ltqcndetn d Hjccbqcrjq Atlthfwbb.3 Lfyysq ajyl Cjtlbytyyjuj Rjhjktdcndf ltqcndetn d cnhfyf[ ,sdituj Cjdtncrjuj

Cj/pf> rhjvt Hjccbqcrjq Atlthfwbb.4 Lfyysq ajyl Cjtlbytyyjuj Rjhjktdcndf ltqcndetn d Fk,fybb> <jkufhbb> <sditq

?ujckfdcrjq Htcge,kbrt Vfrtljybz> Dtyuhbb> Gjkmit> Hevsybb> Ckjdfwrjq Htcge,kbrt> Ckjdtybb b Xticrjq Htcge,kbrt.

Nt[ybxtcrjt cjnhelybxtcndj

Page 39: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 37

Ddtltybt

D 1994 ujle gjhnatkm rhtlbnjd b bydtcnbwbq d frwbjythyst

rfgbnfks <fyrf edtkbxbkcz yf 1>88 vkhl. "R?> bkb yf 74fi.

Htpekmnfns abyfycjdjq ltzntkmyjcnb pf ujl ,skb kexit> xtv

j;blfkjcm> c extnjv cjcnjzybz abyfycjds[ hsyrjd& ghb,skb

cjcnfdbkb 24>9 vky. "R? lj dsltktybz htpthdjd yf

gjrhsnbt gjnthm b 1 vky. "R? gjckt dsltktybz nfrb[

htpthdjd. Jyb ,skb gjkextys pf cxtn cj[hfytybz dscjrjuj

ehjdyz gjcnegktybq jn bydtcnbhjdfybz kbrdblys[ frnbdjd b

hjcnf lj[jljd jn ltzntkmyjcnb ,fyrjdcrjuj ltgfhnfvtynf.

D 1994 ujle dfkjdjq lj[jl jn ltzntkmyjcnb ,fyrjdcrjuj

ltgfhnfvtynf> relf d[jlzn lj[jls d dblt ghjwtynjd gj

rhtlbnfv b rjvbccbjyyst> ,jktt xtv eldjbkcz. D eckjdbz[

jxtym nhelyjuj lkz abyfycjds[ hsyrjd ujlf

jceotcndkztvjt <fyrjv eghfdktybt bydtcnbwbzvb

kbrdblys[ frnbdjd lfkj ,kfujghbznyst htpekmnfns.

<kfujlfhz bybwbfnbdfv> yfghfdktyysv yf 'rjyjvb/

hfc[jljd> b ghjljk;f/oe/cz ,/l;tnye/ lbcwbgkbye

j,obt flvbybcnhfnbdyst hfc[jls b fvjhnbpfwbz ,skb

yb;t gjrfpfntktq 1993 ujlf b endth;ltyyjuj ,/l;tnf

1994 ujlf> xnj cgjcj,cndjdfkj ljcnb;tyb/ kexib[> xtv

j;blfkjcm> htpekmnfnjd.

D ntxtybt ujlf ,skb dsltktys htpthds d

23>9 vky. "R? lkz gjrhsnbz j,ob[ hbcrjd b rjyrhtnys[

j;blftvs[ gjnthm> ghbxtv hfc[jls> ghtlecvjnhtyyst yf

'njn ujl> cjrhfnbkbcm d htpekmnfnt jnvtys ytrjnjhs[

rjyrhtnys[ dsltktyys[ d 1993 ujle htpthdjd> rjnjhst d

yfcnjzott dhtvz ,jktt yt cxbnf/ncz ytj,[jlbvsvb.

Ltzntkmyjcnm ,fyrjdcrjuj ltgfhnfvtynf

D 1994 ujle bcgjkmpjdfybt chtlcnd gj ghjtrnfv yf 44fi

ghtdscbkj gjrfpfntkb 1993 ujlf. R rjywe 1994 ujlf

dsgkfns d frwbjythysq rfgbnfk cjcnfdbkb

365>6 vky. "R?> bcgjkmpjdfybt chtlcnd gj rhtlbnfv –

753>1 vky. "R?> f dkj;tybz d ljkujdst j,zpfntkmcndf d

cnhfyf[ jgthfwbq – 7>9 vky. "R?. Lkz chfdytybz nt ;t

gjrfpfntkb r rjywe 1993 ujlf cjcnfdbkb 192>5 vky. "R?>

357>1 vky. "R? b 7>8 vky. "R? cjjndtncndtyyj.

Chfdybntkmyst lfyyst pf 1993 ujl gjrfpfys gj j,vtyysv

rehcfv yf 31 ltrf,hz 1993 ujlf.

D ntxtybt 1994 ujlf chtlcndf> gjkextyyst jn gjufitybz

rhtlbnjd b htfkbpfwbb frwbq> cjcnfdbkb d wtkjv

88 vky. "R?> xnj ujdjhbn j, ecgtiyjv pfdthitybb

gkfyjds[ bydtcnbwbq b ghjdtltybb <fyrjv gjkbnbrb

j,jhjnf cdjb[ chtlcnd.

Ljkz j,zpfntkmcnd gj bydtcnbwbzv d frwbjythyst

rfgbnfks d j,otv gjhnatkt <fyrf edtkbxbkfcm c 11>7fi yf

rjytw 1993 ujlf lj 15>2fi yf rjytw 1994 ujlf. Nhb

j,zpfntkmcndf yf j,oe/ cevve d 58>7 vky. "R? ,skb

lfys d hfvrf[ ghjuhfvvs bydtcnbhjdfybz d frwbjythyst

rfgbnfks yf hfyytv 'nfgt b rfcfkbcm bydtcnbwbq d

cktle/obt htubjyfkmyst ajyls dtyxehyjuj rfgbnfkf%

Cvjktycrbq !9>8 vky. "R?@> Ehfkmcrbq !24>5 vky. "R?@ b

Cfyrn-Gtnth,ehucrbq !24>5 vky. "R?@. D hfvrf[ 'njq

ghjuhfvvs ,skb jlj,htys> yj tot yt gjlgbcfys ldt

cgtwbfkmyst ghjuhfvvs cnhernehyjq gthtcnhjqrb d

Gjkmit b Ckjdtybb.

D wtkz[ cdtltybz lj vbybvevf hbcrjd lkz tuj

rhtlbnyjuj gjhnatkz <fyr> yfcrjkmrj 'nj djpvj;yj> ,eltn

lj,bdfnmcz cjjndtncndbz vt;le cdjbvb frnbdfvb b

gfccbdfvb c njxrb phtybz dfk/n> chjxyjcnb b ghjwtynys[

cnfdjr. Dct rhtlbns b bydtcnbwbb d frwbjythyst rfgbnfks

gjlkt;fn nofntkmyjve hfccvjnhtyb/ b rhtlbnyjq jwtyrt b

yf[jlzncz gjl gjcnjzyysv rjynhjktv. Rhjvt njuj>

rjyrhtnyst ghbywbgs juhfybxbdf/n hbcrb lkz rhtlbnyjuj

gjhnatkz <fyrf b tuj bydtcnbwbq d frwbjythyst rfgbnfks

gentv ecnfyjdktybz ghtltkf hbcrf yf jlye cnhfye> jnhfckm>

jlyjuj pftvobrf b jlby ghjtrn.

Bydtcnbhjdfybt kbrdblys[ frnbdjd

Eghfdktybt kbrdblysvb frnbdfvb T<HH jceotcndkztncz

jcnjhj;yj> c cj,k/ltybtv cnhjub[ ghbywbgjd b ghb

nofntkmyjv rjynhjkt gjpbwbq c gjghfdrfvb yf hbcr.

D cdjtq j,sxyjq bydtcnbwbjyyjq ltzntkmyjcnb <fyr

bcgjkmpetn ibhjrbq lbfgfpjy eckeu> drk/xfz pf,fkfycjdst

bycnhevtyns> nfrbt rfr cjukfitybz cdjg gj dfk/nfv b

ghjwtynysv cnfdrfv> am/xthcyst ljujdjhtyyjcnb b

jgwbjys> f nfr;t ajhdfhlyst dfk/nyst ljujdjhs.

Bcgjkmpjdfybt 'nb[ bycnhevtynjd gjpdjkztn cdjtdhtvtyyj

dyjcbnm d gjhnatkb rjhhtrnbds !ghjuyjpbhjdfnm

vtyz/obtcz hsyjxyst eckjdbz b htfubhjdfnm yf yb[@

yfhzle c eghfdktybtv b [tl;bhjdfybtv ghjwtynys[ b

Htpekmnfns abyfycjdjq ltzntkmyjcnb

6>0

0>0

2>0

1>0

3>0

4>0

5>0

31.12.92 31.12.93 31.12.9430.06.93 30.06.94

Jlj,htyj Cjdtnjvlbhtrnjhjd

vkhl. "R?

Gjlgbcfyystj,zpfntkmcndf

Ghjbpdtltyystdsgkfns

Lbyfvbrf gjhnatkz

Page 40: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

38 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

dfk/nys[ hbcrjd. R 'nbv bycnhevtynfv <fyr ghbvtyztn nt

;t rhtlbnyst rhbnthbb> xnj b rj dctv lheubv bydtcnbwbzv

kbrdblys[ frnbdjd. Dct htfkbpjdfyyst b ythtfkbpjdfyyst

ghb,skb b gjnthb> dsntrf/obt bp gthtjwtyrb gj

hsyjxyjq cnjbvjcnb gjhnatkz wtyys[ ,evfu> jnyjczncz yf

cxtn ghb,sktq b e,snrjd gj vtht b[ djpybryjdtybz.

D ntxtybt ujlf kbrdblyst frnbds d cevvt

4>46 vkhl. "R? edtkbxbkbcm yf 467>4 vky. "R?> bkb yf

11>7fi> ukfdysv j,hfpjv d htpekmnfnt gjkextybz rfgbnfkf.

Lfyyst kbrdblyst frnbds cjcnjzn yf 17>1fi bp rfccjdjq

yfkbxyjcnb b ghbhfdytyys[ r yfkbxyjcnb abyfycjds[

bycnhevtynjd> yf 32>7fi – bp ljkujds[ j,zpfntkmcnd>

exbnsdftvs[ gj lbcrjynbhetvjq cnjbvjcnb> yf 45>3fi – bp

ljkujds[ j,zpfntkmcnd c gthtjwtyrjq gj hsyjxyjq

cnjbvjcnb b yf 4>9fi – bp lheub[ frnbdjd.

C extnjv ghjuyjpbhetvs[ yt,kfujghbznys[ eckjdbq yf

abyfycjds[ hsyrf[ chjxyjcnm gjhnatkz kbrdblys[ frnbdjd

,skf evtymityf c gjxnb jlyjuj ujlf d yfxfkt 1994 ujlf lj

ytvyjubv ,jktt nht[ vtczwtd dj dnjhjq gjkjdbyt ujlf !cv.

nf,kbwe dsit@. Pf ytpyfxbntkmysv edtkbxtybtv>

yf,k/lfdibvcz d gjcktlytv rdfhnfkt> gjcktljdfkj

cyb;tybt chjxyjcnb r rjywe ujlf rfr htfrwbz yf

lfkmytqitt htprjt bpvtytybt hsyjxys[ eckjdbq.

Yf rjytw ujlf 385>6 vky. "R?> bkb 8>7fi jn j,ob[

kbrdblys[ frnbdjd> eghfdkzkbcm ytpfdbcbvsvb

hfcgjhzlbntkzvb frnbdjd. "nb chtlcndf drk/xf/n

ltyjvbybhjdfyyst d ljkkfhf[ CIF j,tcgtxtyyst pfkjujv

wtyyst ,evfub dscituj rhtlbnyjuj htqnbyuf> hfdyjwtyyst

209>9 vky. "R?> f nfr;t ltyjvbybhjdfyyst d "R?

wtyyst ,evfub yf cevve 175>7 vky. "R?. "nb chtlcndf

hfpvtotys e ltdznb ytpfdbcbvs[ hfcgjhzlbntktq d wtkz[

lbdthcbabrfwbb bydtcnbwbjyys[ cnhfntubq b j,tcgtxtybz

dytiyb[ 'nfkjyjd lkz chfdytybz. Ytpfdbcbvst hfcgjhzlbntkb

frnbdfvb j,zpfys ghblth;bdfnmcz nt[ ;t j,ob[ ghbywbgjd>

rfcf/ob[cz hbcrjd b bydtcnbwbq> rjnjhst ghbvtyz/ncz

<fyrjv d jnyjitybb chtlcnd> eghfdkztvs[ bv cfvbv.

Ajylbhjdfybt

Rfgbnfk

J,obq rfgbnfk> gjkextyysq d dblt ltyt;yjq yfkbxyjcnb b

ghjcns[ dtrctktq> cjcnfdbk yf 31 ltrf,hz 2273 vky. "R?

gjckt gjkextybz d ntxtybt ujlf 545 vky. "R? c extnjv

xtndthnjuj bp gznb t;tujlys[ dpyjcjd.

Cevvf ghjchjxtyys[ dpyjcjd d rfgbnfk b ghjchjxtyyjq

yf rjytw ujlf byrfccfwbb j,sxys[ dtrctktq cjcnfdbkf

79>6 vky. "R?> n.t. vtytt 4fi jgkfxbdftvjuj gjlgbcyjuj

rfgbnfkf. Dcrjht gjckt rjywf ujlf ldf ujcelfhcndf-xktyf

gjkyjcnm/ dsgkfnbkb cdjb dpyjcs.

Pfbvcndjdfybz

D ntxtybt 1994 ujlf <fyr ghjbpdtk chtlytchjxyst b

ljkujchjxyst pfbvcndjdfybz d djcmvb hfpkbxys[ dfk/nf[ yf

cevve> 'rdbdfktynye/ 910 vky. "R?> drk/xfz gznm dfk/n> d

rjnjhs[ <fyr hfytt pfbvcndjdfybq yt ghjbpdjlbk> cj

chtlytq chjxyjcnm/ d 4>8 ujlf b gj chtlytq cnfdrt gjckt

cdjgf> hfdyjq cnfdrt KB<JH vbyec 38 ,fpbcys[ geyrnjd.

<jktt 75fi endth;ltyyjq yf 1994 ujl ghjuhfvvs

pfbvcndjdfybq yf cevve d 800 vky. "R? ,skj ghjbpdtltyj

d gthdst xtnsht vtczwf ujlf c extnjv ghjuyjpbhetvjuj

ghjljk;f/otujcz e[elitybz eckjdbq lkz yjds[ 'vbccbq yf

vt;leyfhjlys[ hsyrf[ rfgbnfkf. Nfrjt ecrjhtyyjt

jceotcndktybt ghjuhfvvs j,(zcyztn eljdktndjhbntkmye/

cnjbvjcnm ghtljcnfdkztvs[ <fyrjv chtlcnd d 1994 ujle.

Chtlb pfcke;bdf/ob[ dybvfybz dsgecrjd j,kbufwbq d

ntxtybt ujlf vj;yj yfpdfnm dsgecr ukj,fkmys[ gznbktnyb[

j,kbufwbq yf 500 vky. "R? b yfxfkj dsgecrf gznbktnyb[

j,kbufwbq d dtyuthcrb[ ajhbynf[. "njn jnrhsnsq

$ghj,ysq$ dsgecr j,kbufwbq c gkfdf/obv rehcjv yf

5 vkhl. ajhbynjd !40 vky. "R?@> bp rjnjhs[

1 vkhl. ajhbynjd ,sk jcdjty d ntxtybt ujlf> zdbkcz gthdsv

dsgecrjv j,kbufwbq <fyrf d $vtcnyjq dfk/nt$ jlyjq bp

cnhfy jgthfwbq. Gjkextyyst jn ytuj chtlcndf

ghtlgjkfuftncz bcgjkmpjdfnm lkz gjcktle/otuj

rhtlbnjdfybz ghjtrnjd d njq ;t dfk/nt.

Yfhzle c ghjuhfvvjq pfbvcndjdfybq T<HH jceotcndkztn

ghjuhfvve dsregf cdjb[ cj,cndtyys[ pfbvcndjdfybq c

djpvj;yjcnm/ evtymitybz j,otq cnjbvjcnb chtlcnd lkz

<fyrf. D ntxtybt ujlf pfbvcndjdfybz yf cevve> 'rdbdfktynye/

208>7 vky. "R?> ,skb dsregktys lj yfcnegktybz chjrf

b[ gjufitybz> xnj j,tcgtxbkj xbcnsq lj[jl d 2>6 vky. "R?.

Yf rjytw ujlf j,ofz cevvf chtlytchjxyjq b ljkujchjxyjq

ytgjufityyjq pfljk;tyyjcnb <fyrf cjcnfdbkf 2>89 vkhl. "R?

d 15 hfpkbxys[ dfk/nf[ ghb chtlyb[ jcnfdib[cz chjrf[

gjufitybz d 4>8 ujlf b chtlytq cnfdrt gjckt cdjgf> hfdyjq

cnfdrt KB<JH vbyec 37 ,fpbcys[ geyrnjd.

Htpekmnfns abyfycjdjq ltzntkmyjcnb

1 9

8

7

6

5

0>6

0>4

0>2

0

0>8

IV rd. 1993 ujlf

II rd. 1994 ujlf

IV rd. 1994 ujlf

I rd. 1994 ujlf

III rd. 1994 ujlf

Ujls Ghjwtynyst cnfdrb !fi@

Ljkujchjxystcnfdrb d "R?

Rhfnrjchjxystcnfdrb d "R?

Chjxyjcnm

Ghjwtynyst cnfdrb b chjrb kbrdblys[ frnbdjd

Page 41: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 39

Htpekmnfns

D 1994 ujle ghb,skm jn jcyjdyjq ltzntkmyjcnb lj dsltktybz

htpthdjd yf gjrhsnbt gjnthm cjcnfdbkf 24>9 vky. "R?.

Gjckt dsltktybz htpthdjd yf gjrhsnbt gjnthm 'nf ghb,skm

cjcnfdbkf 1 vky. "R?. Nfrfz ghb,skm cnfkf htpekmnfnjv

cjxtnfybz ,jktt dscjrjuj lj[jlf jn ltzntkmyjcnb ,fyrjdcrjuj

ltgfhnfvtynf> ,kfujghbznys[ htpekmnfnjd eghfdktybz

bydtcnbwbzvb kbrdblys[ frnbdjd> ytcvjnhz yf ytecnjqxbdjcnm

abyfycjds[ hsyrjd d ntxtybt ujlf> b 'rjyjvbb> ljcnbuyenjq d

flvbybcnhfnbdys[ hfc[jlf[ d htpekmnfnt bybwbfnbd gj b[

cjrhfotyb/ b cj[hfyz/otqcz ,/l;tnyjq lbcwbgkbyt.

Lj[jl

Rfr f,cjk/nyfz cevvf lj[jlf jn ltzntkmyjcnb ,fyrjdcrjuj

ltgfhnfvtynf> nfr b tt ghjljk;f/ottcz edtkbxtybt

cdbltntkmcnde/n j hfcneotv pyfxtybb jcyjdyjq

ltzntkmyjcnb <fyrf lkz htpekmnfnjd tuj abyfycjdjq

ltzntkmyjcnb.

Ltzntkmyjcnm ,fyrjdcrjuj ltgfhnfvtynf

D ntxtybt ujlf dfkjdjq lj[jl jn ltzntkmyjcnb ,fyrjdcrjuj

ltgfhnfvtynf ,jktt xtv eldjbkcz. Tuj jcyjdysv 'ktvtynjv

cnfkb ghjwtyns gj rhtlbnfv> jlyfrj djphjcibt lj[jls d

dblt lbdbltyljd> ghb,skm jn ghjlf;b bydtcnbwbq d frwbb

b ,jktt dscjrbt lj[jls d dblt c,jhjd b rjvbccbq nfr;t

cgjcj,cndjdfkb 'njve hjcne.

Lj[jl jn ltzntkmyjcnb ,fyrjdcrjuj ltgfhnfvtynf

1994 ujl 1993 ujlnsc. "R? nsc. "R?

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Ghjwtyns gj rhtlbnfv 42043 14490Lj[jl d dblt c,jhjd b rjvbccbq 26137 19631Lj[jl d dblt lbdbltyljd yf frwbb 1486 562Ghb,skm jn ghjlf;b bydtcnbwbq d frwbb 339 –

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Lj[jl jn ltzntkmyjcnb ,fyrjdcrjuj ltgfhnfvtynf 70005 34683

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Chtlybq hfpvth rhtlbnjd b bydtcnbwbq d frwbjythyst rfgbnfks !vky. "R?@ 738 268

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Lj[jlyjcnm gj j,otq chtlytq lt,bnjhcrjq pfljk;tyyjcnb

jn ltzntkmyjcnb ,fyrjdcrjuj ltgfhnfvtynf !bcrk/xfz lj[jl

d dblt c,jhjd b rjvbccbq> rjnjhsq cdzpfy ght;lt dctuj c

gjlgbcfybtv ghjtrnjd@ edtkbxbkfcm d ntxtybt ujlf lj

5>9fi !gj chfdytyb/ c 5>6fi d 1993 ujle@> ytcvjnhz yf hjcn

bydtcnbwbq d frwbjythyst rfgbnfks> xnj dtkj r cyb;tyb/

j,sxyjuj lj[jlf.

C drk/xtybtv lj[jlf d dblt c,jhjd b rjvbccbq j,ofz

lj[jlyjcnm pf 1994 ujl cjcnfdbkf 9>5fi.

Kbrdblyst frnbds

<e[ufknthcrfz jnxtnyjcnm j htpekmnfnf[ eghfdktybz

gjhnatktv kbrdblys[ frnbdjd ghjdjlbn hfpkbxbt vt;le

lj[jlfvb d dblt ghjwtynjd> htfkbpjdfyysvb b

ythtfkbpjdfyysvb ghb,skzvb b e,snrfvb gj ljkujdsv

j,zpfntkmcndfv. C extnjv dctuj lj[jlf gjhnatkm kbrdblys[

frnbdjd lfk j,obq dfkjdjq lj[jl d 276>9 vky. "R?. "nf

wbahf lfyf c extnjv rfr htfkbpjdfyyjuj> nfr b

ythtfkbpjdfyyjuj rjhhtrnbdf yf gjyb;tybt cnjbvjcnb

cevvjq 12>9 vky. "R?> djpybrituj gj ljkujdsv

j,zpfntkmcndfv.

Lj[jl jn kbrdblys[ frnbdjd

1994 ujl 1993 ujlnsc. "R? nsc. "R?

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Lj[jls> gjkextyyst jn ljkujds[ j,zpfntkmcnd b rhfnrjchjxys[ ljkujds[ j,zpfntkmcnd ltyt;yjuj hsyrf 289797 248644Htfkbpjdfyyst#ythtfkbpjdfyyst ghb,skb#!e,snrb@ gj ljkujdsv j,zpfntkmcndfv !12947@ 65640

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Lj[jl jn kbrdblys[ frnbdjd 276850 314284

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Chtlybt ytehtuekbhjdfyyst kbrdblyst frnbds !vky. "R?@ 4559 3706

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Bydtcnbhjdfybt gjhnatktq kbrdblys[ frnbdjd

j,tcgtxbkj <fyre ceotcndtyyst lj[jls> ytcvjnhz yf jxtym

nhelysq ujl yf abyfycjds[ hsyrf[> jnvtxtyysq rfr j,otq

Htpekmnfns abyfycjdjq ltzntkmyjcnb

100

80

60

20

31.12.92 31.12.93 31.12.94

0

40

Kbrdblystfrnbds

Ltzntkmyjcnm,fyrjdcrjujltgfhnfvtynf

fi

Chfdybntkmysq drkfl d dfkjdjq lj[jl

Page 42: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

40 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

ntyltywbtq r gjyb;tyb/> nfr b gthbjlfvb pyfxbntkmyjq

ytecnjqxbdjcnb.

Jnyjcbntkmyjt cyb;tybt j,otuj lj[jlf jn kbrdblys[

frnbdjd pf ujl jnhf;ftn> gj chfdytyb/ c gjrfpfntkzvb

1993 ujlf> bvtdibt vtcnj d 1994 ujle ,jktt ybprbt

f,cjk/nyst rhfnrjchjxyst ghjwtynyst cnfdrb. J,ofz

lj[jlyjcnm pf ujl d chtlytv gj ytehtuekbhjdfyysv kbrdblysv

frnbdfv hfdyzkfcm 6>1fi. "nf j,ofz lj[jlyjcnm yf

77 ,fpbcys[ geyrnjd ghtdsiftn cnjbvjcnm chtlcnd d

gthtcxtnt yf rhfnrjchjxyst ghjwtynyst cnfdrb b pyfxbntkmyj

dsit 'nfkjyys[ gjrfpfntktq lkz j,kbufwbq. Nfr> yfghbvth>

'nfkjyyst j,kbufwbb> bc[jlz bp cdjlyjuj> [tl;bhjdfyyjuj d

"R? byltrcf ujcelfhcndtyys[ j,kbufwbq cj chjxyjcnm/ jn

jlyjuj ujlf lj gznb ktn> lfkb d 1994 ujle lj[jl kbim d 0>8fi.

Hfc[jls

J,obt flvbybcnhfnbdyst hfc[jls T<HH> drk/xfz

fvjhnbpfwb/> cybpbkbcm gj chfdytyb/ c fyfkjubxysvb

gjrfpfntkzvb pf 1993 ujl ,jktt xtv yf 1fi b ,skb

pyfxbntkmyj yb;t gjrfpfntktq> ghtlecvjnhtyys[ ,/l;tnjv yf

1994 ujl. "nj ,skj htpekmnfnjv ghjdtltybz d ;bpym rhegys[

vth 'rjyjvbb> drk/xfz cyb;tybt hfc[jljd yf fhtyle

gjvtotybq gjckt clfxb d gjlyftv xfcnb plfybz inf,-

rdfhnbhs> f nfr;t pyfxbntkmyjuj edtkbxtybz ljkb hfc[jljd>

djpvtoftvjq nhtnmbvb cnjhjyfvb. <fyr ecgtiyj dsgjkyztn

gjcnfdktyyst gthtl ybv pflfybz gj erhtgktyb/ ,/l;tnyjq

lbcwbgkbys> rjynhjk/ yfl hfc[jlfvb b 'aatrnbdyjcnb.

Htpthds yf gjrhsnbt gjnthm

Cktlez cdjtq gjkbnbrt> <fyr cjplftn d cdjb[ gjhnatkz[

rhtlbnjd xfcnyjve ctrnjhe b bydtcnbwbq d frwbjythyst

rfgbnfks j,obt htpthds yf gjrhsnbt djpvj;ys[

ytghtldbltyys[ gjnthm. Nfrbt j,obt htpthds yf gjrhsnbt

gjnthm cjplf/ncz d vjvtyn dsgkfn yf ehjdyt 5fi jn

rhtlbnjd d xfcnysq ctrnjh> 8fi jn bydtcnbwbq d

frwbjythyst rfgbnfks b 20fi gj frwbzv gjdsityyjuj

hbcrf> bkb nfr yfpsdftvsv $gthdjyfxfkmysv$ bydtcnbwbzv

d frwbjythyst rfgbnfks. Gjvbvj 'nb[ j,ob[ htpthdjd

<fyr cjplftn rjyrhtnyst htpthds b htpthds yf ckexfq

djpvj;ys[ gjnthm d cdzpb c ljujdjhysvb j,zpfntkmcndfvb.

Rfr erfpfyj dsit d hfpltkt Ujljdjuj jnxtnf> jpfukfdktyyjv

$Abyfycjdfz gjkbnbrf$ !cnh. 8@> j,ofz gjkbnbrf <fyrf d

j,kfcnb cjplfybz htpthdjd yf gjrhsnbt gjnthm gjlkt;bn

gthtcvjnhe d 1995 ujle.

J,obt hfc[jls yf htpthds pf ujl> cjcnfdbdibt

23>9 vky. "R?> yf 15>8 vky. "R? vtymit> xtv d

1993 ujle. D jcyjdyjv nfrjt cyb;tybt zdbkjcm htpekmnfnjv

kbrdblfwbb ytrjnjhs[ rjyrhtnys[ htpthdjd> rjnjhst ,skb

cjplfys hfytt> d 1993 ujle> b gjnht,yjcnm d rjnjhs[

jngfkf. J,ofz cevvf 'nb[ kbrdblbhjdfyys[ htpthdjd

cjcnfdbkf 7>6 vky. "R?. Rhjvt njuj> j,obq htpthd yf

gjrhsnbt djpvj;ys[ gjnthm gj ljujdjhysv j,zpfntkmcndfv

evtymibkcz yf 2>5 vky. "R? gj chfdytyb/

c 1993 ujljv – gthdsv ujljv> rjulf cjplfdfkcz nfrjq

htpthd> gjcrjkmre jy jcyjdsdftncz kbim yf ghbhjcnt

cevvs ytbcgjkytyys[ yf rjytw ujlf j,zpfntkmcnd. Jlyfrj

j,obq ehjdtym htpthdjd gj ytgjufityysv rhtlbnfv b

bydtcnbwbzv d frwbjythyst rfgbnfks gjlyzkcz d cdzpb c

j,obvb htpthdfvb yf djphjcibt dsgkfns> f nfr;t

ytj,[jlbvjcnm/ cjplfybz lde[ ljgjkybntkmys[ yt,jkmib[

rjyrhtnys[ htpthdjd yf cevve 1>8 vky. "R?.

Evtymitybt rjyrhtnys[ htpthdjd zdkztncz jnhflysv

vjvtynjv b gjkj;bntkmyj [fhfrnthbpetn rfxtcndj

yf[jlzotujcz gjl ghbcnfkmysv yf,k/ltybtv gjhnatkz

jgthfwbq <fyrf. Jlyfrj gjrf hfyj ltkfnm rfrbt-kb,j

pfrk/xtybz> gjcrjkmre gjhnatkm ceotcndetn ytljkuj>

gjufitybt vyjub[ rhtlbnjd tot yt yfxfkjcm> f jgsn>

yfrjgktyysq <fyrjv d j,kfcnb gjnthm jn rhtlbnjd>

vbybvfkty.

Gthcgtrnbds yf 1995 ujl

J;blftncz> xnj d 1995 ujle gjhnatkm rhtlbnjd b bydtcnbwbq

d frwbjythyst rfgbnfks ,eltn ghjljk;fnm pyfxbntkmyj

edtkbxbdfnmcz. Ghtlgjkfuftncz gj'njve> xnj lj[jls jn

ltzntkmyjcnb ,fyrjdcrjuj ltgfhnfvtynf ,elen b lfktt

djphfcnfnm rfr d f,cjk/nyjv> nfr b jnyjcbntkmyjv

dshf;tybb. Jlyfrj gjcnegktybz jn gjhnatkz kbrdblys[

frnbdjd jcnfyencz d ghtlcnjzobt ujls ukfdysv bcnjxybrjv

lj[jlf.

D cjjndtncndbb c gjcnfdktyysvb pflfxfvb pljhjdjt

abyfycjdjt eghfdktybt> cnhjufz 'aatrnbdyjcnm b

,/l;tnyfz lbcwbgkbyf b d lfkmytqitv ljk;ys

juhfybxbdfnm hjcn flvbybcnhfnbdys[ hfc[jljd. Ehjdtym

j,ob[ htpthdjd yf gjrhsnbt gjnthm ,eltn jnhf;fnm

ecrjhtybt bcgjkmpjdfybz chtlcnd <fyrf gj jgthfwbjyyjq

ltzntkmyjcnb. Ghb jwtyrt gthcgtrnbd yf 1995 ujl

ytj,[jlbvj ghbybvfnm dj dybvfybt vjvtyns

ytjghtltktyyjcnb d jgthfwbjyyjq ltzntkmyjcnb T<HH. D

yfcnjzott dhtvz <fyr yt ghjuyjpbhetn ghb,skm pf ujl.

Htpekmnfns abyfycjdjq ltzntkmyjcnb

Page 43: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Abyfycjdsq jnxtn

Ltzntkmyjcnm T<HH

42 Cxtn ghb,sktq b e,snrjd42 Jnxtn j hfcghtltktybb

ghb,sktq#!e,snrjd@43 <fkfyc44 Jnxtn j ldb;tybb rfccjdjq

yfkbxyjcnb45 Ghbvtxfybz r abyfycjdjve

jnxtne58 Felbnjhcrbq jnxtn

Ltzntkmyjcnm <fknbqcrb[cgtwbfkmys[ ajyljd

<fknbqcrbq bydtcnbwbjyysqcgtwbfkmysq ajyl

59 Cxtn ghb,sktq b e,snrjd59 Jnxtn j hfcghtltktybb

ghb,sktq59 <fkfyc60 Jnxtn j ldb;tybb rfccjdjq

yfkbxyjcnb60 Ghbvtxfybz r abyfycjdjve

jnxtne62 Felbnjhcrbq jnxtn

<fknbqcrbq cgtwbfkmysq ajylnt[ybxtcrjuj cjltqcndbz

63 Jnxtn j ldb;tybb jcnfnrf ajylf

63 <fkfyc63 Ghbvtxfybz r abyfycjdjve

jnxtne64 Felbnjhcrbq jnxtn

Ltzntkmyjcnm Cgtwbfkmys[ajyljd lkz vtkrb[ ghtlghbznbqHjccbb

Cgtwbfkmysq bydtcnbwbjyysqajyl lkz vtkrb[ ghtlghbznbqHjccbb

65 Cxtn ghb,sktq b e,snrjd65 Jnxtn j hfcghtltktybb

ghb,sktq65 <fkfyc66 Jnxtn j ldb;tybb rfccjdjq

yfkbxyjcnb66 Ghbvtxfybz r abyfycjdjve

jnxtne68 Felbnjhcrbq jnxtn

Cgtwbfkmysq ajyl nt[ybxtcrjujcjnhelybxtcndf lkz vtkrb[ghtlghbznbq Hjccbb

69 Jnxtn j ldb;tybb jcnfnrf ajylf

69 <fkfyc69 Ghbvtxfybz r abyfycjdjve

jnxtne70 Felbnjhcrbq jnxtn

Page 44: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Ltzntkmyjcnm T<HH

42 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Cxtn ghb,sktq b e,snrjdPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Ujl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

Ghbv. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Lj[jls d dblt ghjwtynjd b fyfkjubxyst lj[jls

Jn rhtlbnjd 42043 14490Jn ljkujds[ j,zpfntkmcnd c abrcbhjdfyysv lj[jljv 243908 199244Ghjxbt ghjwtyns 45889 49400

Hfc[jls yf dsgkfne ghjwtynjd b fyfkjubxyst dsgkfns !175353@ !158647@

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Xbcnst lj[jls d dblt ghjwtynjd 156487 104487Lj[jls d dblt lbdbltyljd jn frwbq 1486 562Xbcnst lj[jls d dblt c,jhjd b rjvbccbq 26137 19631Abyfycjdst jgthfwbb 3

Xbcnfz ghb,skm jn ghjlf;b bydtcnbwbq d frwbb 339 –Ljkujdst j,zpfntkmcndf !12947@ 65640Byjcnhfyyfz dfk/nf !806@ 932

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Lj[jls jn jcyjdyjq ltzntkmyjcnb 170696 191252J,obt flvbybcnhfnbdyst hfc[jls 4 !134779@ !137277@Fvjhnbpfwbz !10982@ !10156@

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghb,skb jn jcyjdyjq ltzntkmyjcnb lj dsltktybz htpthdjd yf gjrhsnbt gjnthm 24935 43819Htpthd yf gjrhsnbt gjnthm gj rhtlbnfv b ccelfv !13259@ !15156@Htpthd yf gjrhsnbt gjnthm gj bydtcnbwbzv d frwbb !7604@ !19027@Htpthd yf gjrhsnbt gjnthm gj rjynhfrnysv j,zpfntkmcndfv !3059@ !5516@

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghb,skb pf ujl 1013 4120

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Jnxtn j hfcghtltktybb ghb,sktq#!e,snrjd@Pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Ujl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Cfkmlj> gthtytctyyjt yf 1 zydfhz !17144@ !7114@Ghb,skb#!e,snrb@ pf ghjiksq ujl 4120 !6093@Gthtxbcktyj d cgtwbfkmysq htpthd bp ghjikjuj ujlf 15 !13085@ !3937@

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D cjjndtncndbb c Cjukfitybtv ghtlecvfnhbdftncz> xnj cevvf d14>56 vky. "R?> jnyjczofzcz r cjjndtncnde/obv c,jhfv brjvbccbzv> gjkextyysv pf ujl lj 31 ltrf,hz 1994 ujlf> ,eltn

hfcghtltktyf d 1995 ujle bp ghb,skb pf ujl lj 31 ltrf,hz 1994 ujlfb jnytctyf yf cgtwbfkmysq htpthd.

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<fkfyc Yf 31 ltrf,hz 1994 ujlf 31 ltrf,hz 31 ltrf,hz

1994 ujlf 1993 ujlfGhbv. nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf b ljkujdst j,zpfntkmcndf

Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ b ghtljcnfdktyyst bv ccels 328652 475389Ghjxbt dbls hfpvtotybz rfgbnfkf b ghtljcnfdktyyst ccels yf ltyt;yjv hsyrt 431072 13715Ljkujdst j,zpfntkmcndf 5 3476120 3562020

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------4235844 4051124

Rhtlbns b bydtcnbwbb d frwbb 6Rhtlbns 753063 357100Bydtcnbwbb d frwbb 365605 192460Pf dsxtnjv htpthdf yf gjrhsnbt gjnthm !64066@ !43998@

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------1054602 505562

Ghjxbt frnbds 8 1217362 895033Bveotcndj b j,jheljdfybt 9 71698 74089Ghjcnst dtrctkz> dslfyyst xktyfvb 13 256793 273781Gjlgbcyjq rfgbnfk

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 7528144 7036439

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GfccbdsPftvyst chtlcndf

Cevvs> pfbvcndjdfyyst e rhtlbnys[ exht;ltybq 142579 508771Ljkujdst bycnhevtyns> gjlndth;ltyyst cthnbabrfnfvb 10 3467808 2620979

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------3610387 3129750

Ghjxbt gfccbds 11 943944 937413Gjlgbcyjq rfgbnfk 12 9883750 9883750Rfgbnfk> gjlkt;fobq jgkfnt gj nht,jdfyb/ !6918625@ !6918625@-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------Jgkfxtyysq rfgbnfk 2965125 2965125Htpthds

Rjydthcbjyysq htpthd 14 7382 7242Cgtwbfkmysq htpthd 15 17084 3999J,obq htpthd 16 9318 5934

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Pf,fkfycjdst cnfnmbDpznst j,zpfntkmcndf 19 3183594 2268540

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Abyfycjdsq jnxtn

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Ltzntkmyjcnm T<HH

44 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Jnxtn j ldb;tybb rfccjdjq yfkbxyjcnbPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Ujl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

nsc. "R? nsc. "R? nsc. "R? nsc. "R?

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htpthds yf gjrhsnbt gjnthm 23922 39699fvjhnbpfwb/ 10982 10156dyenhtyytt yfkjujj,kj;tybt 3384 3011ythtfkbpjdfyyst !lj[jls@#e,snrb gj gjhnatk/ wtyys[ ,evfu> gthtjwtytyyjve yf jcyjdt ntreob[ wty !16730@ 10236htfkbpjdfyyst lj[jls yf gjhnatkm bydtcnbwbq !1407@ !9947@xbcnst fvjhnbpbhjdfyyst f;bj b lbcrjyns 3567 !12205@

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ghjwtyns r gjkextyb/ b ghtljgkfxtyyst hfc[jls !30635@ !167732@xbcnjt edtkbxtybt gjhnatkz wtyys[ ,evfu> gthtjwtytyyjuj yf jcyjdt ntreob[ wty !225424@ !1373047@

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn ltzntkmyjcnb gj abyfycbhjdfyb/Gjlgbcrf yf rfgbnfk¡ 557919 486098Dsgecr ljkujds[ bycnhevtynjd> gjlndth;ltyys[ cthnbabrfnfvb 1054382 1316725Dsreg ljkujds[ bycnhevtynjd> gjlndth;ltyys[ cthnbabrfnfvb !211340@ !49807@-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm> gjkextyyfz jn ltzntkmyjcnb gj abyfycbhjdfyb/ 1400961 1753016

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------Xbcnjt edtkbxtybt rfccjdjq yfkbxyjcnb b ghbhfdytyys[ r yfkbxyjcnb abyfycjds[ bycnhevtynjd 636812 184408Rfccjdfz yfkbxyjcnm b ghbhfdytyyst r yfkbxyjcnb abyfycjdst bycnhevtyns yf yfxfkj ujlf !19667@ !204075@

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1994 ujl 1993 ujl¡ Gjlgbcrf yf rfgbnfk cjcnjbn bp% nsc. "R? nsc. "R?

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Gjlgbcrf yf rfgbnfk 557919 486098

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¡¡ Rfccjdfz yfkbxyjcnm b ghbhfdytyyst r yfkbxyjcnb abyfycjdst 1994 ujl 1993 ujlbycnhevtyns cjcnfdkz/n cktle/obt cevvs gj ,fkfyce% nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ b ghtljcnfdktyyst bv ccels 328652 475389Ghjxbt dbls hfpvtotybz rfgbnfkf b ccels yf ltyt;yjv hsyrt 431072 13715Pfljk;tyyjcnm rhtlbnysv exht;ltybzv !142579@ !508771@

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

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Ghbvtxfybz r abyfycjdjve jnxtne1 Exht;ltybt <fyrf

“ Cjukfitybt j, exht;ltybb <fyrfTdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz !$<fyr$@> inf,-rdfhnbhfrjnjhjuj yf[jlbncz d Kjyljyt> zdkztncz vt;leyfhjlyjqjhufybpfwbtq> cjplfyyjq yf jcyjdfybb Cjukfitybz j, exht;ltybb<fyrf jn 29 vfz 1990 ujlf !$Cjukfitybt$@. Yf 31 ltrf,hz 1994 ujlffrwbjythfvb <fyrf zdkzkbcm 57 cnhfy> f nfr;t Tdhjgtqcrjtcjj,otcndj b Tdhjgtqcrbq bydtcnbwbjyysq ,fyr.

““ Cjukfitybt j inf,-rdfhnbhtCnfnec> ghbdbktubb b bvveybntns <fyrf b cdzpfyys[ c ybv kbw dCjtlbytyyjv Rjhjktdcndt jghtltktys d Cjukfitybb j inf,-rdfhnbht vt;le Ghfdbntkmcndjv Cjtlbytyyjuj RjhjktdcndfDtkbrj,hbnfybb b Ctdthyjq Bhkfylbb b <fyrjv !$Cjukfitybt jinf,-rdfhnbht$@. Cjukfitybt j inf,-rdfhnbht ,skj gjlgbcfyj dKjyljyt gjckt yfxfkf ltzntkmyjcnb <fyrf 15 fghtkz 1991 ujlf.

2 Df;ytqibt fcgtrns gjkbnbrb d j,kfcnb ,e[ufknthcrjuj extnf

“ <e[ufknthcrbt ghfdbkfAbyfycjdsq jnxtn gjlujnjdkty bc[jlz bp ghfdbk extnf gjafrnbxtcrbv pfnhfnfv pf bcntribq gthbjl> d rjnjhst drk/xtyfgthtjwtyrf ytrjnjhs[ abyfycjds[ bycnhevtynjd b ljkujds[j,zpfntkmcnd> d cjjndtncndbb c gjkbnbrjq <fyrf d j,kfcnb,e[ufknthcrjuj extnf> jcyjdfyyjq yf Vt;leyfhjlys[ ,e[ufknthcrb[cnfylfhnf[> f nfr;t j,ob[ ghbywbgf[ lbhtrnbds Cjdtnf Tdhjgtqcrb[cjj,otcnd $J ujljds[ jnxtnf[ b rjycjkblbhjdfyys[ cxtnf[ ,fyrjd blheub[ abyfycjds[ exht;ltybq$.

““ GhtlcnfdktybtD cjjndtncndbb cj cnfnmtq 4 Cjukfitybz lkz wtktq gjlgbcrb xktyjdyf rfgbnfk b lkz ghtlcnfdktybz cdjb[ abyfycjds[ jnxtnjd <fyrgjkmpetncz tdhjgtqcrjq dfk/nyjq tlbybwtq !"R?@.

Ghb gjlujnjdrt abyfycjdjuj jnxtnf> gj vtht djpvj;yjcnb>bcgjkmpjdfkbcm ghbdjlbvst yb;t j,vtyyst rehcs "R? yf 31 ltrf,hz 1994 ujlf.

Fdcnhfkbqcrbt ljkkfhs 1>5793 Rfyflcrbt ljkkfhs 1>7224Fdcnhbqcrbt ibkkbyub 13>3654 K/rctv,ehucrbt ahfyrb 39>0454<tkmubqcrbt ahfyrb 39>0453 Vtrcbrfycrbt gtcj 5>9782Dtyuthcrbt ajhbyns 138>8162 Yjdjptkfylcrbt ljkkfhs 1>9132Uthvfycrbt vfhrb 1>8894 Yjhdt;crbt rhjys 8>2958Ujkkfylcrbt uekmltys 2>1264 Gjhneufkmcrbt 'crelj 195>3508Ujyrjyucrbt ljkkfhs 9>4823 Abycrbt vfhrb 5>8143Uhtxtcrbt lhf[vs 294>5832 Ahfywepcrbt ahfyrb 6>5560Lfncrbt rhjys 7>4742 Aeyns cnthkbyujd 0>7853Ljkkfhs CIF 1>2264 Idtlcrbt rhjys 9>1583Bhkfylcrbt aeyns 0>7918 Idtqwfhcrbt ahfyrb 1>6084Bcgfycrbt gtctns 161>7829 ?;yjfahbrfycrbt hfyls 4>3467Bnfkmzycrbt kbhs 1992>2500 Zgjycrbt btys 122>3088

“““ Byjcnhfyyst dfk/nsFrnbds b gfccbds d bys[> yt;tkb "R?> dfk/nf[> pf bcrk/xtybtvytltyt;ys[ gjpbwbq> nfrb[ rfr ghjbpdtltyyst bydtcnbwbb d frwbb>gthtdjlzncz d "R? gj j,vtyysv rehcfv> ltqcndjdfdibv yf 31 ltrf,hz 1994 ujlf. Ghjbpdtltyyst bydtcnbwbb d frwbb dshf;tysd "R? gj j,vtyysv rehcfv> ltqcndjdfdibv yf vjvtyn gkfnt;f.

D ckexft ghtldfhbntkmys[ ljujdjhtyyjcntq j rehcf[ bys[> yt;tkb"R?> dfk/n> ghb,skb bkb e,snrb gj 'nbv ljujdjhtyyjcnzv jnyjcznczyf gjpbwb/> d jnyjitybb rjnjhjq ltqcndetn ljujdjhtyyjcnm> fhfpybwf d gthtdjlt vt;le hsyjxysvb j,vtyysvb rehcfvb>ltqcndjdfdibvb yf rjytw ujlf> b rehcfvb> ecnfyjdktyysvb gjghtldfhbntkmyjq ljujdjhtyyjcnb> gjrfpfyf d ghjxb[ frnbdf[ bkbghjxb[ gfccbdf[. Cltkrb d bys[> yt;tkb "R?> dfk/nf[ gthtdjlznczd "R? gj j,vtyyjve rehce> ltqcnde/otve yf rjytw vtczwf.

Lj[jls bkb gjnthb jn rehcjds[ hfpybw> djpybrf/obt ghb gthtcxtntfrnbdjd b gfccbdjd> f nfr;t jn jgthfwbq d ntxtybt ujlf jnyjczncz yfcxtn ghb,sktq b e,snrjd. Gjkbnbrf <fyrf pfrk/xftncz d njv> xnj,syt lth;fnm d pyfxbntkmys[ cevvf[ ybrfrb[ dfk/n> rhjvt "R?.

“π Gjlgbcrf yf rfgbnfkD cjjndtncndbb c Cjukfitybtv jgkfnf xktyfvb gjlgbcrb yf rfgbnfkghjbpdjlbncz kb,j d "R?> kb,j d ljkkfhf[ CIF> kb,j d zgjycrb[btyf[ yfkbxyjcnm/ bkb ghjcnsvb dtrctkzvb. Jgkfnf gjlgbcrb yfrfgbnfk d ljkkfhf[ CIF bkb zgjycrb[ btyf[ ghjbpdjlbncz gjabrcbhjdfyysv j,vtyysv rehcfv> ecnfyjdktyysv d geyrnt 3 cnfnmb 6 Cjukfitybz. Abrcbhjdfyyst j,vtyyst rehcs r "R?ecnfyjdktys yf ehjdyt 1>16701 ljkkfhf CIF b 169>95 zgjycrjq btys.

Lj zydfhz 1993 ujlf gjlgbcrf yf rfgbnfk d ljkkfhf[ CIF bzgjycrb[ btyf[ gthtdjlbkfcm d "R? gj vtht gjkextybz d dbltyfkbxyjcnb bkb> tckb jyf bvtkf lj 'njuj ajhve ghjcnjuj dtrctkz> gjvtht byrfccfwbb. Hfpybws vt;le afrnbxtcrb gjkextyysvbcevvfvb "R? b cevvfvb "R?> bcxbcktyysvb gj abrcbhjdfyysvj,vtyysv rehcfv> jnyjcbkbcm yf rjydthcbjyysq htpthd.

D zydfht 1993 ujlf <fyr pfrk/xbk hzl ajhdfhlys[ dfk/nys[ljujdjhjd lkz abrcbhjdfybz d "R? ,eleob[ dpyjcjd d cxtngjlgbcrb yf rfgbnfk> dshf;tyys[ d ljkkfhf[ CIF b zgjycrb[ btyf[.Hfpybws> djpybrf/obt gj cevvfv d "R?> gjkextyysv gj 'nbvljujdjhfv> b cevvfv "R?> bcxbcktyysv gj abrcbhjdfyysvj,vtyysv rehcfv> jnyjcbkbcm yf rjydthcbjyysq htpthd. Yjdstdfk/nyst ljujdjhs nht,e/ncz d nt[ ckexfz[> rjulf pfgkfybhjdfyystlfns gjkextybz bkb byrfccfwbb yt ,skb cj,k/ltys> xnj vj;tngjnht,jdfnm rjhhtrwbq rjydthcbjyyjuj htpthdf.

Ytgjufityyst yf lfne ,fkfycjdjuj jnxtnf ghjcnst dtrctkz>ltyjvbybhjdfyyst d ljkkfhf[ CIF b zgjycrb[ btyf[> gthtdjlzncz d"R? gj j,vtyysv rehcfv> ltqcndjdfdibv yf 31 ltrf,hz 1994 ujlf dcjjndtncndbb c gjkbnbrjq <fyrf> bpkj;tyyjq d geyrnt “““ dsit.Hfpybws vt;le 'nbvb cevvfvb "R? b cevvfvb "R?>bcxbcktyysvb gj abrcbhjdfyysv j,vtyysv rehcfv> jnyjczncz yfghjxbt frnbds bkb ghjxbt gfccbds.

π Ljkujdst j,zpfntkmcndfJ,kbufwbb> dtrctkz b ghjxbt j,hfof/obtcz wtyyst ,evfub cabrcbhjdfyysv chjrjv gjufitybz> elth;bdftvst rfr j,(trnrfgbnfkjdkj;tybz> j,(zdkz/ncz gj cnjbvjcnb> crjhhtrnbhjdfyyjqghzvjkbytqyj yf fvjhnbpfwb/ f;bj bkb lbcrjynf> djpybrf/ob[ cvjvtynf b[ ghbj,htntybz> ghbxtv fvjhnbpfwbz exbnsdftncz dntxtybt dctuj gthbjlf lj chjrf gkfnt;f. Dct ghjxbt wtyyst ,evfubj,(zdkz/ncz gj hsyjxyjq cnjbvjcnb. Htfkbpjdfyyst bythtfkbpjdfyyst lj[jls b e,snrb jnyjczncz yf cxtn ghb,sktq be,snrjd pf njn gthbjl> rjulf jyb bvtkb vtcnj.

Abyfycjdsq jnxtn Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 45

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Ltzntkmyjcnm T<HH

46 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

π“ Bydtcnbwbb d frwbbBydtcnbwbb d frwbb gthtyjczncz gj ct,tcnjbvjcnb pf dsxtnjvhtpthdf yf k/,jt gjcnjzyyjt evtymitybt wtyyjcnb.

π““ Htpthd yf gjrhsnbt gjnthmD jnyjitybb ytrjnjhs[ rhtlbnjd b ccel cjplf/ncz rjyrhtnysthtpthds> ghtlcnfdkz/obt cj,jq ,kfujhfpevye/ jwtyre njq xfcnbjcnfnrf pfljk;tyyjcnb> rjnjhfz vj;tn ,snm yt gjufityf. Lkzbydtcnbwbq d frwbb rjyrhtnyst htpthds cjplf/ncz d rfxtcndtjwtyrb k/,juj gjcnjzyyjuj evtymitybz wtyyjcnb. J,obt htpthdscjplf/ncz d jnyjitybb gjnthm> rjnjhst> [jnz b yt jghtltktysrjyrhtnyj> yj j,sxyj bvt/n vtcnj d k/,jv gjhnatkt rhtlbnjd>ccel> bydtcnbwbq d frwbb b rjynhfrnys[ j,zpfntkmcnd. Dsltktyysthtpthds> pf dsxtnjv k/,s[ cevv> bcgjkmpjdfyys[ d ntxtybt ujlf>jnyjczncz yf cxtn ghb,sktq b e,snrjd.

π“““ Bveotcndj b j,jheljdfybtBveotcndj b j,jheljdfybt j,(zdkz/ncz gj ct,tcnjbvjcnb pfdsxtnjv yfrjgktyyjq fvjhnbpfwbb. Fvjhnbpfwbz bveotcndf bj,jheljdfybz hfccxbnsdftncz ghzvjkbytqyj> bc[jlz bp jwtyjxyjujchjrf cke;,s 'nb[ frnbdjd> rfr ghfdbkj> gj yb;tghbdtltyyjq c[tvt%

Ekexitybt fhtyljdfyyjuj vtytt xtv yf 50 ktn bveotcndf% d ntxtybt ytbcntrituj chjrf

J,jheljdfybt% jn 3 lj 5 ktn

“[ Ghjwtyns> c,jhs b rjvbccbbGhjwtyns b rjvbccbb pf j,zpfntkmcndj pfgbcsdf/ncz d lj[jl gjvtht djpybryjdtybz. <fyr yt exbnsdftn lj[jlf gj rhtlbnfv> tckb b[gjufitybt dspsdftn cjvytybz bkb tckb gkfnt;b d cxtn ghjwtynjdbkb jcyjdyjq cevvs ghjchjxtys ,jktt xtv yf 180 lytq lkz rhtlbnfd ujcelfhcndtyyjv ctrnjht bkb yf 60 lytq lkz rhtlbnf d xfcnyjvctrnjht. D gjcktle/obt gthbjls ghjwtyns gj nfrbvytghjbpdjlbntkmysv rhtlbnfv exbnsdf/ncz d rfxtcndt lj[jlfnjkmrj gj afrnbxtcrjve gjkextyb/ gkfnt;f. C,jhs pfghtljcnfdktybt rhtlbnjd pfgbcsdf/ncz d lj[jl d ujl bcgjkmpjdfybzrhtlbnf.

Ghjxbt c,jhs b rjvbccbb pfgbcsdf/ncz d lj[jl pf gthbjl> d ntxtybtrjnjhjuj ltqcndetn j,zpfntkmcndj bkb jrfpsdf/ncz eckeub."vbccbjyyst c,jhs b cevvs f;bj bkb lbcrjynf ghb gjufitybbfvjhnbpbhe/ncz d ntxtybt gthbjlf dhtvtyb lj yfcnegktybz chjrfgkfnt;f gj cjjndtncnde/obv pfbvcndjdfybzv.

[ Gtycbjyyjt j,tcgtxtybt cjnhelybrjd <fyrfE <fyrf ceotcndetn jghtltktyyfz cbcntvf dpyjcjd b jghtltktyyfzcbcntvf dsgkfn lkz gtycbjyyjuj j,tcgtxtybz cdjb[ cjnhelybrjd.Dpyjcs> egkfxbdftvst d egjvzyenst cbcntvs dpyjcjd b dsgkfn>jnyjczncz yf cxtn ghb,sktq b e,snrjd. Dpyjcs d dsitegjvzyene/cbcntve dsgkfn jghtltkz/ncz yf jcyjdt htrjvtylfwbqrdfkbabwbhjdfyys[ ytpfdbcbvs[ frnefhbtd.

[“ Dyenhtyytt yfkjujj,kj;tybtGj cnfnmt 53 Cjukfitybz b cnfnmt 16 Cjukfitybz j inf,-rdfhnbhtpfhf,jnyfz gkfnf b djpyfuhf;ltybz> dsgkfxbdftvst <fyrjv>jcdj,j;ltys jn gjlj[jlyjuj yfkjuf Cjtlbytyyjuj Rjhjktdcndf. Dcjjndtncndbb cj cnfnmtq 53 Cjukfitybz dct lbhtrnjhf> pfvtcnbntkblbhtrnjhjd> ljk;yjcnyst kbwf b cke;fobt <fyrf gjlkt;fndyenhtyytve yfkjujj,kj;tyb/> dpbvftvjve <fyrjv c pfhf,jnyjq gkfns b djpyfuhf;ltybq> dsgkfxbdftvs[ <fyrjv.

[““ Yfkjujj,kj;tybtD cjjndtncndbb cj cnfnmtq 53 Cjukfitybz d hfvrf[ cdjtqjabwbfkmyjq ltzntkmyjcnb <fyr> tuj frnbds> bveotcndj b lj[jljcdj,j;ltys jn dct[ ghzvs[ yfkjujd> f nfr;t jn dct[ c,jhjd bgjikby> dpbvftvs[ c ghbj,htntyys[ bkb ddtptyys[ njdfhjd b eckeu>pf bcrk/xtybtv nt[ c,jhjd b gjikby> rjnjhst jnyjczncz r jgkfntrjvveyfkmys[ eckeu.

[“““ Ujcelfhcndtyyst ljnfwbbUjcelfhcndtyyst ljnfwbb> cdzpfyyst c hfc[jlfvb gj ytldb;bvjcnb>pfyjczncz yf cxtn ghb,sktq b e,snrjd hfdyjvthyj pf njn ;t gthbjl>rjnjhsq ghbvtyztncz lkz hfcxtnf fvjhnbpfwbb.

Gjkextyyst bkb ghbxbnf/obtcz ljnfwbb> ghtlyfpyfxtyyst yfgjrhsnbt hfc[jlys[ cnfntq cxtnf ghb,sktq b e,snrjd> jnyjcznczghjnbd cjjndtncnde/ob[ hfc[jljd pf njn gthbjl> rjulf jyb bvtkbvtcnj.

Jcnfnjr gjkextyys[ bkb gjlkt;fob[ gjkextyb/ ljnfwbq> rjnjhst yt,skb jnytctys yf cxtn ghb,sktq b e,snrjd> pfyjcbncz d ,fkfyc yfcxtn lj[jljd ,eleob[ gthbjljd.

[“π Pf,fkfycjdst bycnhevtynsD [jlt cdjtq ltzntkmyjcnb <fyr bcgjkmpetn pf,fkfycjdstabyfycjdst bycnhevtyns> drk/xfz cltkrb cdjg gj dfk/nfv bghjwtynfv> am/xthcyst rjynhfrns> jgwbjys> f nfr;t cjukfitybz gjchjxysv jgthfwbzv c dfk/njq. "nb bycnhevtyns bcgjkmpe/ncz lkzeghfdktybz ghjwtynysvb b dfk/nysvb hbcrfvb <fyrf d jnyjitybbfrnbdjd b gfccbdjd> f nfr;t lkz eghfdktybz chjrfvb lth;fybzkbrdblys[ frnbdjd. Ghb,skb b e,snrb> djpybrf/obt d htpekmnfntbcgjkmpjdfybz abyfycjds[ bycnhevtynjd d wtkz[ [tl;bhjdfybz>pfgbcsdf/ncz gj cnfnmt> jnyjczotqcz r ghtlvtne [tl;bhjdfybz.Abyfycjdst bycnhevtyns> ghbj,htntyyst d lheub[ wtkz[>j,(zdkz/ncz gj hsyjxyjq cnjbvjcnb c extnjv ,eleob[flvbybcnhfnbdys[ hfc[jljd b rhtlbnyjuj hbcrf. Htfkbpjdfyyst bythtfkbpjdfyyst lj[jls b e,snrb jnyjczncz yf cxtn ghb,sktq be,snrjd pf njn gthbjl> d rjnjhsq jyb bvtkb vtcnj. Ghb hfccvjnhtybbpf,fkfycjds[ j,zpfntkmcnd <fyr ghbvtyztn nt ;t rhbnthbbrhtlbnjcgjcj,yjcnb> xnj b d jnyjitybb dct[ cdjb[ ljkujds[j,zpfntkmcnd.

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1994 ujl 1993 ujl4 J,obt flvbybcnhfnbdyst hfc[jls nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Hfc[jls yf gthcjyfk !“@ !““@ 73454 69843Yfrkflyst hfc[jls pf dsxtnjv ujcelfhcndtyys[ ljnfwbq !“““@ 61325 67434

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------J,obt flvbybcnhfnbdyst hfc[jls 134779 137277

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Abyfycjdsq jnxtn Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 47

1994 ujl 1993 ujl3 Abyfycjdst jgthfwbb nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ljkujdst j,zpfntkmcndfGjhnatkm bydtcnbwbq 1407 9947Gjhnatkm wtyys[ ,evfu> gthtjwtytyysq yf jcyjdt ntreob[ wty !14354@ 55693

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Htfkbpjdfyyst b ythtfkbpjdfyyst !e,snrb@#lj[jls !12947@ 65640

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Htfkbpjdfyyst b ythtfkbpjdfyyst lj[jls b e,snrb djpybrf/n dhtpekmnfnt rjkt,fybq cnjbvjcnb rjnbhetvs[ ljkujds[ j,zpfntkmcnd.Xbcnsq e,snjr yt drk/xftn ghjwtyns> gjkextyyst jn 'nb[j,zpfntkmcnd cevvjq 243>91 vky. "R?> rjnjhsq dvtcnt c 'njqcevvjq lftn j,obq dfkjdjq lj[jl jn gjhnatktq ljkujds[j,zpfntkmcnd d 230>96 vky. "R?.Yf 31 ltrf,hz 1994 ujlf ythtfkbpjdfyysq xbcnsq e,snjr> djpybribqd htpekmnfnt gthtjwtyrb gjhnatkz wtyys[ ,evfu yf jcyjdt ntreob[wty> cjcnfdkzk 0>3 vky. "R?. "nj gjkyjcnm/ gjrfpfyj djdrk/xtyyjv d jnxtn xbcnjv e,snrt> djpybritv d jnxtnyjv ujle jnljkujds[ j,zpfntkmcnd cevvjq 12>95 vky. "R?.

Byjcnhfyyfz dfk/nfByjcnhfyyfz dfk/nf drk/xftn gthtjwtyre dfk/nys[ gjpbwbq> fnfr;t lj[jl jn ajylbhjdfybz bydtcnbwbq d frwbjythyst rfgbnfks dbys[> yt;tkb "R?> dfk/nf[ c jgwbjyfvb gen d nt[ ;t dfk/nf[. C/lfdrk/xtyf b rjhhtrwbz d 3>12 vky. "R? gj jgthfwbb [tl;bhjdfybzdpyjcjd d rfgbnfk <fyrf ghjikjuj ujlf. Jyf zdbkfcm htpekmnfnjvnjuj> xnj ghb,skm jn 'njq jgthfwbb ,skf gjrfpfyf pf 1993 ujl> d njdhtvz rfr jyf ljk;yf ,skf ,snm jnkj;tyf lj 1994 ujlf. "nfrjhhtrwbz ,skf rjvgtycbhjdfyf bpvtytybtv gthdjyfxfkmyjujdfk/nbhjdfybz d 1993 ujle ytrjnjhs[ abyfycjds[ bycnhevtynjd> b>cktljdfntkmyj> chfdybvst gjrfpfntkb pf 1993 ujl dyjdm ytj,(zdkzkbcm.

!“@ Chtlytt xbckj gjcnjzyys[ cjnhelybrjd> rjnjhst exbnsdfkbcm dhfc[jlf[ yf gthcjyfk d ntxtybt ujlf> cjcnfdkzkj 668 !1993 ujl – [email protected] 'njuj> bvtkjcm 114 cjnhelybrjd> yfyzns[ gj rjynhfrne>54 cjnhelybrf> yfyzns[ yf vtcnt d ghtlcnfdbntkmcndf[ <fyrf> fnfr;t 89 xktyjd b cjnhelybrjd Cjdtnf lbhtrnjhjd.

!““@ Hfc[jls yf gthcjyfk drk/xf/n gtycbjyyst hfc[jls d 8>97 vky. "R? !1993 ujl – 8>58 vky. "R?@.

!“““@ Ujcelfhcndtyyst ljnfwbb yf cevve 2>17 vky. "R? !1993 ujl – 2>49 vky. "R?@ jnytctys yf cxtn ghb,sktq b e,snrjd pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf.

1994 ujl 1993 ujl1994 ujl Hsyjxyfz 1993 ujl Hsyjxyfz

5 Ljkujdst j,zpfntkmcndf <fkfyc cnjbvjcnm <fkfyc cnjbvjcnmFyfkbp gj pftvobrfv nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghfdbntkmcndf 2482543 2489826 2795031 2823984Ujcelfhcndtyyst jhufybpfwbb 681402 682335 478217 485055Ghjxbt pftvobrb 312175 316236 288772 288614

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 3476120 3488397 3562020 3597653

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Fyfkbp gj gjhnatkzv

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Gjhnatkm bydtcnbwbq 1457368 1469645 1469748 1505381Gjhnatkm> gthtjwtytyysq gj hsyjxyjq cnjbvjcnb

Chtlcndf> eghfdkztvst <fyrjv 1688038 1688038 1705799 1705799Chtlcndf> eghfdkztvst ytpfdbcbvsvb hfcgjhzlbntkzvb 330714 330714 386473 386473

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------- -------------------------------------------------------- ------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------2018752 2018752 2092272 2092272

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 3476120 3488397 3562020 3597653

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Ljkujdst j,zpfntkmcndf> elth;bdftvst d gjhnatkt bydtcnbwbq>xfcnbxyj [tl;bhe/ncz pf,fkfycjdsvb bycnhevtynfvb.

Fyfkbp xbcnjq dfk/nyjq gjpbwbb <fyrf lftncz d ghbvtxfybb 17> f chjxyjcnb frnbdjd b gfccbdjd <fyrf – d ghbvtxfybb 18.

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Ltzntkmyjcnm T<HH

48 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

7 Fyfkbp jcyjdyjq ltzntkmyjcnb Dsltktyj> Dsltktyj> yj yt yj yt

Bcgjkmpjdfyj Bcgjkmpjdfyj bcgjkmpjdfyj bcgjkmpjdfyj1994 ujl 1993 ujl 1994 ujl 1993 ujl

Fyfkbp gj bycnhevtynfv nsc. "R? nsc. "R? nsc. "R? nsc. "R?

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Ljkujdst j,zpfntkmcndf 7939 7749 – –Rhtlbns 753063 357100 2814653 2147739Bydtcnbwbb d frwbb

J,sryjdtyyst frwbb 365605 192460 191690 120801Dkj;tybz d gthdjyfxfkmysq rfgbnfk – – 58708 –

Ufhfynbb – – 118543 –

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1126607 557309 3183594 2268540

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Nthvby $dkj;tybz d gthdjyfxfkmysq rfgbnfk$ jnyjcbncz r jgthfwbzv c gjntywbfkmyj ;bpytcgjcj,ysvb ghtlghbznbzvb> rjnjhst tot yt d cjcnjzybb ghbdktxm rfgbnfk bp bys[ bcnjxybrjd.

Dsltktyj> Dsltktyj> yj yt yj yt

Bcgjkmpjdfyj Bcgjkmpjdfyj bcgjkmpjdfyj bcgjkmpjdfyj1994 ujl 1993 ujl 1994 ujl 1993 ujl

Fyfkbp gj jnhfckzv nsc. "R? nsc. "R? nsc. "R? nsc. "R?

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Fuhj,bpytc 118727 86959 72479 141438Vyjujjnhfcktdst 1761 22324 – 143746J,hf,fnsdf/ofz ghjvsiktyyjcnm 139405 68792 216390 187305Ghbhjlyst htcehcs 147558 96431 233706 248026Cdzpm 199593 131858 375756 436323Cnhjbntkmcndj#ytldb;bvjcnm#ujcnbybws 3922 47657 67420 397377Nhfycgjhn 190687 43635 607619 68529Eckeub 30212 – 98182 –Abyfycs 243023 43561 824916 264424WTFK> kbybb cjabyfycbhjdfybz b htubjyfkmyst ajyls dtyxehyjuj rfgbnfkf 202 – 305210 –"ythutnbrf 51517 16092 381916 381372

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1126607 557309 3183594 2268540

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1994 ujl 1994 ujl 1993 ujl 1993 ujl6 Rhtlbns b bydtcnbwbb d frwbb nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Rhtlbns 753063 357100Htpthd yf gjrhsnbt gjnthm !32441@ !19970@-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------

720622 337130Bydtcnbwbb d frwbb 365605 192460Htpthd yf gjrhsnbt gjnthm !31625@ !24028@-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------

333980 168432

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1054602 505562

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Yf 31 ltrf,hz 1994 ujlf e <fyrf ,skj ytghjbpdjlbntkmys[ rhtlbnjdyf cevve 7>46 vky. "R? !1993 ujl – 5>53 vky. "R?@ d htpekmnfntghjchjxrb gkfnt;tq gj ghjwtynfv b gj gjufityb/ jcyjdys[ cevv.

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Fyfkbp jcyjdyjq ltzntkmyjcnb !ghjljk;tybt@ Dsltktyj> Dsltktyj> yj yt yj yt

Bcgjkmpjdfyj Bcgjkmpjdfyj bcgjkmpjdfyj bcgjkmpjdfyj1994 ujl 1993 ujl 1994 ujl 1993 ujl

Fyfkbp gj cnhfyfv nsc. "R? nsc. "R? nsc. "R? nsc. "R?

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Fpth,fql;fy – – 43412 –Fk,fybz 10395 2830 37565 20496Fhvtybz 11752 2632 53643 48817<tkfhecm 8120 4051 135717 77936<jkufhbz 24003 2005 103051 114044<sdifz ?ujckfdcrfz

Htcge,kbrf Vfrtljybz 246 – 43975 24022Dtyuhbz 266031 178746 348419 423397Uhepbz – – 14759 –Rfpf[cnfy 1000 – 99000 100000Rshuspcnfy – – 7665 –Kfndbz 20869 1435 37815 43731Kbndf 7946 1964 65871 36973Vjkljdf 750 – 24521 896Gjkmif 175388 79804 414013 370271Hjccbqcrfz Atlthfwbz 146168 107008 596468 245656Hevsybz 129619 67582 293029 272621Ckjdfwrfz Htcge,kbrf 81600 7733 122564 63934Ckjdtybz 42033 1537 192461 73028Nehrvtybcnfy – – 28539 –Ep,trbcnfy 46307 – 45425 100836Erhfbyf 4449 201 96188 8140{jhdfnbz – – 17939 –Xticrfz Htcge,kbrf 116273 66610 178567 102563"cnjybz 12144 22137 71736 36093Htubjyfkmyst 21514 11034 111252 105086

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1126607 557309 3183594 2268540

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1994 ujl 1993 ujl8 Ghjxbt frnbds nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghjwtyns r gjkextyb/ 156776 150880Lt,bnjhcrfz pfljk;tyyjcnm gj bydtcnbwbjyyjve jnltke 885946 684449Ghjxbt 174640 59704

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1217362 895033

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Abyfycjdsq jnxtn Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 49

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D dsitghbdtltyye/ nf,kbwe gjvbvj jnrhsnjuj b pfrhsnjujhfpvtotybz chtlcnd drk/xtyj 23 pfbvcndjdfybz yf j,oe/ cevve>'rdbdfktynye/ 739>36 vky. "R?> ghjbpdtltyys[ gj jceotcndkztvjq<fyrjv ghjuhfvvt dsgecrf chtlytchjxys[ tdhjj,kbufwbq> b 12 pfbvcndjdfybq yf j,oe/ cevve> 'rdbdfktynye/ 337>74 vky. "R?>

ghjbpdtltyys[ gj jceotcndkztvjq <fyrjv ghjuhfvvt dsgecrfrjvvthxtcrb[ wtyys[ ,evfu.D ntxtybt ujlf <fyr ljchjxyj dsregbk j,zpfntkmcndf bchtlytchjxyst j,kbufwbb yf cevve> 'rdbdfktynye/ 208>71 vky. "R?>gjkexbd xbcnsq lj[jl d 2>63 vky. "R?.

Ltzntkmyjcnm T<HH

50 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Fhtyljdfyyjt ytldb;bvjt

bveotcndj J,jheljdfybt Bnjuj9 Bveotcndj b j,jheljdfybt nsc. "R? nsc. "R? nsc. "R?

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------CnjbvjcnmYf 1 zydfhz 1994 ujlf 71864 17390 89254Lj,fdktyyjt 3131 5470 8601Htfkbpjdfyyjt – !134@ !134@Gthtuheggbhjdrf ¡ !10286@ 10286 –

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1994 ujlf 64709 33012 97721

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FvjhnbpfwbzYf 1 zydfhz 1994 ujlf 9044 6121 15165Cevvf fvjhnbpfwbb pf ujl 3713 7269 10982Htfkbpfwbz – !124@ !124@Gthtuheggbhjdrf ¡ !4340@ 4340 –

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1994 ujlf 8417 17606 26023

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Xbcnfz ,fkfycjdfz cnjbvjcnmYf 31 ltrf,hz 1994 ujlf 56292 15406 71698

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1993 ujlf 62820 11269 74089

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

¡ Gthtuheggbhjdrf ghtlcnfdkztn cj,jq gthtrkfccbabrfwb/ hfc[jljd inf,-rdfhnbhs <fyrf. Dct cevvs ,skb gthdjyfxfkmyj exntys rfrb cdzpfyys[ c 'nbv cevv fvjhnbpfwbb yf gthtj,jheljdfybt $fhtyljdfyyjt ytldb;bvjt bveotcndj$ lj pfdthitybz ghjtrnf.

10 Ljkujdst bycnhevtyns> gjlndth;ltyyst cthnbabrfnfvbYb;t ghbdjlzncz cdjlyst lfyyst gj ytgjufityysv ljkujdsv bycnhevtynfv <fyrf> gjlndth;ltyysv cthnbabrfnfvb> b cdzpfyysv c ybvb jgthfwbzv cdjg yf 31 ltrf,hz 1994 ujlf%

Jcyjdyfz Ytfvjhnbpb- Crjhhtrnb- Lt,bn.#!rhtlbn.@ 1994 ujl 1993 ujlcevvf gj hjdfyyst hjdfyyfz pfljk;tyyjcnm Xbcnst Xbcnst

yjvbyfkmyjq f;bj# jcyjdyfz gj jgthfwbzv dfk/nyst dfk/nystcnjbvjcnb !lbcrjyn@ cevvf cdjg c dfk/njq j,zpfntkmcndf j,zpfntkmcndfnsc. "R? nsc. "R? nsc. "R? nsc. "R? nsc. "R? nsc. "R?

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Fdcnhfkbqcrbt ljkkfhs 221617 638 222255 !222255@ – –Dtyuthcrbt ajhbyns 7204 – 7204 – 7204 –Uthvfycrbt vfhrb 26622 257 26879 743140 770019 484009Ujyrjyucrbt ljkkfhs 73822 145 73967 !73967@ – –Uhtxtcrbt lhf[vs 33946 363 34309 !34309@ – –Ljkkfhs CIF 749200 112 749312 690683 1439995 1495702Tdhjgtqcrbt dfk/nyst tlbybws 1134340 !34270@ 1100070 !218889@ 881181 432400Bnfkmzycrbt kbhs 248965 628 249593 !134994@ 114599 119751Rfyflcrbt ljkkfhs 275778 41 275819 !275819@ – –K/rctv,ehucrbt ahfyrb 51222 1388 52610 !52610@ – –Gjhneufkmcrbt 'crelj 25595 – 25595 !25595@ – –Idtlcrbt rhjys 60055 219 60274 !60274@ – –Ahfywepcrbt ahfyrb 129652 !49769@ 79883 – 79883 75874Aeyns cnthkbyujd 24322 – 24322 !20502@ 3820 13243Zgjycrbt btys 478003 7713 485716 !314609@ 171107 –

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 3540343 !72535@ 3467808 – 3467808 2620979

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Abyfycjdsq jnxtn Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 51

Hfphtityysq r dsgecre frwbjythysq rfgbnfk <fyrf cjcnfdkztn10 000 000 000 "R? b ltkbncz yf 1 000 000 frwbq gj 10 000 "R?rf;lfz gj yjvbyfke. Hfphtityysq r dsgecre frwbjythysq rfgbnfkltkbncz yf jgkfxbdftvst frwbb b frwbb> gjlkt;fobt jgkfnt gjnht,jdfyb/. Gthdjyfxfkmyfz j,ofz yjvbyfkmyfz cevvfjgkfxbdftvs[ frwbq cjcnfdkztn 3 000 000 000 "R?> xnjcjjndtncndetn 30fi gthdjyfxfkmyjuj hfphtityyjuj r dsgecrefrwbjythyjuj rfgbnfkf d hfpvtht 10 000 000 000 "R?> b 'nf cevvfgjlkt;bn jgkfnt gznm/ hfdysvb t;tujlysvb ljkzvb. GjCjukfityb/ frwbb> gjlkt;fobt jgkfnt gj nht,jdfyb/> vjuen ,snmdjcnht,jdfys njkmrj d njq cntgtyb b njulf> rjulf 'nj nht,etncz <fyrelkz jgkfns tuj j,zpfntkmcnd.

Gj Cjukfityb/ xbckj ythfcghtltktyys[ frwbq hfdyzkjcm 125.15500 frwbq> rjnjhst gthdjyfxfkmyj ,skb dsltktys lkz gjlgbcrb,sditq Uthvfycrjq Ltvjrhfnbxtcrjq Htcge,kbrt> ,skb lj,fdktys rythfcghtltktyysv frwbzv. Dgjcktlcndbb> d ltrf,ht 1991 ujlf> 1000frwbq ,skf dsltktyf Fk,fybb> f d gthdjv rdfhnfkt 1992 ujlf Cjdtneghfdkz/ob[ jlj,hbk ghbyznbt d xktys <fyrf Kfndbb> Kbnds b"cnjybb> b rf;ljq bp 'nb[ cnhfy ,skj dsltktyj gj 1000 frwbq.

Cjukfcyj gjcnfyjdktybzv § 21> § 27 b § 37> 60000 frwbq> yfrjnjhst gjlgbcfkcz ,sdibq CCCH> ,skb dsltktys cnhfyfv>cjcnfdkzdibv ,sdibq CCCH.

Yf pfctlfybb 7 - 8 ctynz,hz 1992 ujlf Cjdtn lbhtrnjhjd ghbitk rdsdjle> xnj Cjwbfkbcnbxtcrfz Atlthfnbdyfz Htcge,kbrf ?ujckfdbz,skf hfcgeotyf b ,jktt yt ceotcndetn b gjnjve gthtcnfkf ,snmxktyjv <fyrf b xnj d ckj;bdib[cz j,cnjzntkmcndf[ Cjdtneghfdkz/ob[ bvttn ghfdj gththfcghtltkbnm vt;le cnhfyfvb> hfyttzdkzdibvbcz xfcnm/ ?ujckfdbb> 12800 frwbq> yf rjnjhstgjlgbcfkfcm ,sdifz ?ujckfdbz. Cjdtn htrjvtyljdfk> xnj,s ljjrjyxfntkmyjuj gththfcghtltktybz ghbyflkt;fdib[ ,sditq?ujckfdbb frwbq <fyrf rf;lfz nfrfz cnhfyf> ghbybvftvfz d xktys<fyrf> gthdjyfxfkmyj gjkexfkf 100 frwbq !vbybvfkmyjt xbckjfrwbq> rjnjhjt ljk;ty bvtnm xkty <fyrf@ bp xbckf frwbq ,sditq?ujckfdbb> ghb njv eckjdbb> xnj dgjcktlcndbb jyf gjlgbitncz yfcjjndtncnde/ott xbckj frwbq> rjnjhjt ,eltn ecnfyjdktyj Cjdtnjveghfdkz/ob[. 9 jrnz,hz 1992 ujlf Cjdtn eghfdkz/ob[ ghbyzkgjcnfyjdktybt § 30> d rjnjhjv ,skb jlj,htys dsitegjvzyenstdsdjls b htrjvtylfwbb.

D nj ;t dhtvz Cjdtn eghfdkz/ob[ ghbyzk gjcnfyjdktybt § 31> drjnjhjv jlj,hbk xktycndj Ckjdtybb> cnfditq xktyjv <fyrf 23 ltrf,hz 1992 ujlf.

15 zydfhz 1993 ujlf Cjdtn eghfdkz/ob[ ghbyzk gjcnfyjdktybt § 34> d rjnjhjv jlj,hbk dcnegktybt d xktys <fyrf {jhdfnbb> f 13 atdhfkz 1993 ujlf jy ghbyzk gjcnfyjdktybt § 35> d rjnjhjvjlj,hbk dcnegktybt d xktys <fyrf <sditq ?ujckfdcrjq Htcge,kbrbVfrtljybz. Nht,jdfybz r dcnegktyb/ d xktys <fyrf ,skbdsgjkytys j,tbvb cnhfyfvb d fghtkt 1993 ujlf. Rf;ljq bp nht[dsityfpdfyys[ cnhfy> hfytt zdkzdib[cz xfcnm/ ?ujckfdbb bghbyzns[ d xktys <fyrf> ,skj dsltktyj gj 100 frwbq.

Jnxtn j gjlgbcrt yf rfgbnfk c erfpfybtv cevvs gjlgbcrb bghjbpdtltyyjq rf;lsv xktyjv jgkfns> f nfr;t xbckfythfcghtltktyys[ frwbq> cevv ghjchjxtyys[ gkfnt;tq d cxtngjlgbcrb b juhfybxtybq xbckf ujkjcjd ghbdjlbncz yf cnhfybwt 52. D cjjndtncndbb cj cnfnmtq 29 Cjukfitybz xbckj ujkjcjd xktyjd>rjnjhst yt egkfnbkb rfre/-kb,j xfcnm cevv> ghbxbnf/ob[cz d cxtnb[ j,zpfntkmcnd gj gjlgbcrt yf rfgbnfk> evtymiftncz cjjndtncndtyyjd ntxtybt chjrf ytegkfns.

D yfcnjzotq nf,kbwt yt gjrfpfys gjkextyyst jn xktyjd ghjcnstdtrctkz> jgkfnf rjnjhs[ ghjchjxtyf. Cdtltybz j, 'njv lfys dghbvtxfybb 13. Juhfybxtybz xbckf ujkjcjd d htpekmnfnt ghjchjxrb cjgkfnjq ghjcns[ dtrctktq drk/xtys> jlyfrj> d rjkjyre $juhfybxtybtxbckf ujkjcjd$ d nf,kbwt yf cnhfybwt 52.

Nthvby $ythfcghtltktyyst frwbb> pfhtpthdbhjdfyyst lkz cnhfy>hfytt zdkzdib[cz xfcnm/ ?ujckfdbb$> abuehbhe/obq d nf,kbwt yfcnhfybwt 52> jnyjcbncz r jcnf/obvcz 12500 frwbzv> rjnjhst dyfcnjzott dhtvz gjntywbfkmyj ljcnegys cnhfyfv> hfyttzdkzdibvcz xfcnm/ ?ujckfdbb. Bp 'njuj xbckf 3750 ghtlcnfdkz/ncj,jq jgkfxtyyst frwbb. Gthdfz ljkz !7>50 vky. "R?@ jgkfns 'nb[frwbq ,skf ghjbpdtltyf d 1991 ujle ,sditq ?ujckfdbtq. Yfpfctlfybb 20 - 21 ctynz,hz 1994 ujlf Cjdtn lbhtrnjhjd cjukfcbkczyfxfnm gthtujdjhs cj Ckjdtybtq> {jhdfnbtq b <sditq ?ujckfdcrjqHtcge,kbrjq Vfrtljybz c wtkm/ htitybz d ,kb;fqitt dhtvzdjghjcf j gththfcghtltktybb jcnf/ob[cz frwbq.

1994 ujl 1993 ujl11 Ghjxbt gfccbds nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghjwtyns r egkfnt 88742 72513Rhtlbnjhcrfz pfljk;tyyjcnm gj bydtcnbwbjyyjve jnltke 605744 450146Ghjxbt 249458 414754

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 943944 937413

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1994 ujl 1994 ujlXbckj Bnjuj

12 Rfgbnfk frwbq nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Hfphtityysq r dsgecre frwbjythysq rfgbnfk 1000000 10000000

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Bp rjnjhjujGjlgbcrf xktyjd 988375 9883750Ythfcghtltktyyst frwbb 11625 116250

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Ltzntkmyjcnm T<HH

52 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Rfgbnfk !ghjljk;tybt@ Jgkfxbdftvsq Jgkfxb- gjlgbcyjq Jgkfxb-dftvsq rfgbnfk dftvsq

Xbckj Xbckj Rfgbnfk> gjlgbcyjq Ghbxbnf/- gjlgbcyjq ujkjcjd ujkjcjd gjlkt;fobq rfgbnfk obtcz> yj yt rfgbnfk

Jnxtn j gjlgbcrt yf rfgbnfk Juhfybxtybt Jcnfnjr Dctuj jgkfnt gj Yt ghbxbnf/- gjkextyyst Gjkextyyst yf 31 ltrf,hz 1994 ujlf Frwbb xbckf xbckf rfgbnfkf nht,jdfyb/ obtcz cevvs cevvs cevvsXktys <fyrf !xbckj@ ujkjcjd ujkjcjd nsc. "R? nsc. "R? nsc. "R? nsc. "R? nsc. "R?

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------Xktys Tdhjgtqcrjuj cj/pf<tkmubz 22800 – 22800 228000 159600 13680 – 54720Uthvfybz 85175 – 85175 851750 596225 51105 – 204420Uhtwbz 6500 – 6500 65000 45500 3900 – 15600Lfybz 12000 – 12000 120000 84000 7200 – 28800Bhkfylbz 3000 – 3000 30000 21000 1800 – 7200Bcgfybz 34000 – 34000 340000 238000 20400 – 81600Bnfkbz 85175 – 85175 851750 596225 51105 – 204420K/rctv,ehu 2000 – 2000 20000 14000 1200 – 4800Yblthkfyls 24800 – 24800 248000 173600 14880 – 59520Gjhneufkbz 4200 – 4200 42000 29400 2520 – 10080Cjtlbytyyjt Rjhjktdcndj 85175 – 85175 851750 596225 51105 – 204420Ahfywbz 85175 – 85175 851750 596225 51105 – 204420Tdhjgtqcrbq bydtcnbwbjyysq ,fyr 30000 – 30000 300000 210000 18000 – 72000Tdhjgtqcrjt cjj,otcndj 30000 – 30000 300000 210000 18000 – 72000Lheubt tdhjgtqcrbt cnhfysFdcnhbz 22800 – 22800 228000 159600 13680 – 54720Bphfbkm 6500 – 6500 65000 45500 3900 – 15600Bckfylbz 1000 – 1000 10000 7000 600 – 2400Rbgh 1000 – 1000 10000 7000 600 – 2400Kb[ntyintqy 200 – 200 2000 1400 120 – 480Vfkmnf 100 – 100 1000 700 60 – 240Yjhdtubz 12500 – 12500 125000 87500 7500 – 30000Nehwbz 11500 383 11117 115000 80500 6900 – 27600Abykzylbz 12500 – 12500 125000 87500 7500 – 30000Idtqwfhbz 22800 – 22800 228000 159600 13680 – 54720Idtwbz 22800 – 22800 228000 159600 13680 – 54720Cnhfys> ult ltqcndetn <fyrFpth,fql;fy 1000 467 533 10000 7000 600 900 1500Fk,fybz 1000 600 400 10000 7000 600 1800 600Fhvtybz 500 – 500 5000 3500 300 – 1200<tkfhecm 2000 – 2000 20000 14000 1200 – 4800<jkufhbz 7900 – 7900 79000 55300 4740 – 18960<sdifz ?ujckfdcrfz Htcge,kbrf Vfrtljybz 100 – 100 1000 700 60 – 240Dtyuhbz 7900 – 7900 79000 55300 4740 – 18960Uhepbz 1000 467 533 10000 7000 600 1200 1200Rfpf[cnfy 2300 1380 920 23000 16100 1380 4140 1380Rshuspcnfy 1000 500 500 10000 7000 600 1500 900Kfndbz 1000 1000 10000 7000 1200 1800Kbndf 1000 – 1000 10000 7000 1200 – 1800Vjkljdf 1000 – 1000 10000 7000 600 – 2400Gjkmif 12800 – 12800 128000 89600 7680 – 30720Hjccbqcrfz Atlthfwbz 40000 – 40000 400000 280000 24000 – 96000Hevsybz 4800 – 4800 48000 33600 2880 – 11520Ckjdfwrfz Htcge,kbrf 4267 – 4267 42670 29869 2561 – 10240Ckjdtybz 100 – 100 1000 700 60 – 240Nfl;brbcnfy 1000 600 400 10000 7000 600 1200 1200Nehrvtybcnfy 100 – 100 1000 700 60 – 240Ep,trbcnfy 2100 – 2100 21000 14700 1260 – 5040Erhfbyf 8000 800 7200 80000 56000 4800 – 19200{jhdfnbz 100 – 100 1000 700 60 – 240Xticrfz Htcge,kbrf 8533 – 8533 85330 59731 5119 – 20480"cnjybz 1000 233 767 10000 7000 1200 300 ¡ 1500Ythfcghtltktyyst frwbb> pfhtpthdbhj-dfyyst lkz cnhfy ,sditq ?ujckfdbb 12500 – 0¡¡ 125000 87500 30000 – 7500Yttdhjgtqcrbt cnhfysFdcnhfkbz 10000 – 10000 100000 70000 6000 – 24000Tubgtn 1000 – 1000 10000 7000 600 – 2400Rfyflf 34000 – 34000 340000 238000 20400 – 81600Htcge,kbrf Rjhtz 6500 – 6500 65000 45500 3900 – 15600Vfhjrrj 1000 – 1000 10000 7000 600 – 2400Vtrcbrf 3000 – 3000 30000 21000 1800 – 7200Yjdfz Ptkfylbz 1000 – 1000 10000 7000 600 – 2400Cjtlbytyyst Infns Fvthbrb 100000 21160 78840 1000000 700000 60000 63480 176520Zgjybz 85175 – 85175 851750 596225 51105 – 204420

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------Gjlgbcrf xktyjd 988375 26590 949285 ¡¡¡ 9883750 6918625 617325 74520 2273280

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------ ------------------------------------------Ythfcghtltktyyst frwbb 11625 116250

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ------------------------------------------ ------------------------------------------ ------------------------------------------Hfphtityysq r dsgecre frwbjythysq rfgbnfk 1000000 10000000

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ------------------------------------------ ------------------------------------------ ------------------------------------------

* Gjkextyj jn "cnjybb 5 zydfhz 1995 ujlf. ** Ghfdj ujkjcf gj 'nbv frwbzv ghbjcnfyjdktyj

lj b[ hfcghtltktybz.*** J,ott xbckj ujkjcjd lj juhfybxtybq – 975875.

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D cjjndtncndbb c Cjukfitybtv dsgkfns d cxtn jgkfxbdftvjujrfgbnfkf ghjbpdjlzncz gznm/ hfdysvb t;tujlysvb dpyjcfvb. Dcjjndtncndbb c Cjukfitybtv xktys <fyrf vjuen jgkfnbnm lj 50ficevvs rf;ljuj dpyjcf ghjcnsvb ytj,jhjnysvb ,tcghjwtynysvbdtrctkzvb bkb lheubvb j,zpfntkmcndfvb> dsgeotyysvb nfrbvbxktyfvb <fyrf b gjlkt;fobvb jgkfnt gj nht,jdfyb/ <fyrf gjyjvbyfke.

Ghjcnst dtrctkz bkb lheubt j,zpfntkmcndf ltyjvbybhjdfys d "R?>d ljkkfhf[ CIF bkb d zgjycrb[ btyf[. Cjdtn lbhtrnjhjd endthlbkgjkbnbre byrfccfwbb> cjukfcyj rjnjhjq ghtlecvjnhty ndthlsquhfabr gjufitybz 'nb[ ghjcns[ dtrctktq> dsgeotyys[ d 1992 ujle bd gjcktleobt ujls> nhtvz hfdysvb t;tujlysvb dpyjcfvb.

Ghjcnst dtrctkz> ltyjvbybhjdfyyst d ljkkfhf[ CIF bkb dzgjycrb[ btyf[> gthtcxbnfys d "R? gj j,vtyyjve rehce yf lfnegjufitybz dtrctktq bkb> tckb cevvs jcnfdfkbcm ytjgkfxtyysvb yfrjytw ujlf> gj hsyjxyjve rehce> ltqcndjdfditve yf 31 ltrf,hz 1994 ujlf. Htfkbpjdfyyst b ythtfkbpjdfyyst lj[jls bkb e,snrb jnrehcjds[ hfpybw> cdzpfyyst c hfpybwtq vt;le dsitegjvzyensvbj,vtyysvb rehcfvb b abrcbhjdfyysv j,vtyysv rehcjv>jghtltktyysv d Cjukfitybb> jnytctys ytgjchtlcndtyyj yfrjydthcbjyysq htpthd !ghbvtxfybt 14@. <eleobt dpyjcs d cxtnjgkfxbdftvjuj rfgbnfkf> ghbxbnf/obtcz d zgjycrb[ btyf[ b dljkkfhf[ CIF d dblt rfr yfkbxyjcnb> nfr b ghjcns[ dtrctktq>[tl;bhjdfys lkz juhf;ltybz gjlkt;fotq gjkextyb/ cevvsrfgbnfkf d "R? jn yt,kfujghbznys[ rjkt,fybq j,vtyys[ rehcjd.

Dtrctkm Dtrctkm Dtrctkm Dtrctkm Yb;tcktle/obt itcnm xktyjd ghjchjxbkb 1991 ujlf 1992 ujlf 1993 ujlf 1994 ujlf Bnjujgjufitybt ghjcns[ dtrctktq% nsc. "R? nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Fpth,fql;fy 96 190 190 – 476Uhepbz – 190 – – 190Nfl;brbcnfy – 286 190 95 571Nehwbz ¡ – – – 1150 1150Erhfbyf – 1523 – 761 2284"cnjybz ¡ 100 200 100 – 400

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Rhjvt 'njuj ghjchjxtyj gjufitybt dtrctktq yf cevve 3>75 vky. "R?gj ythfcghtltktyysv frwbzv> hfytt ghbyflkt;fdibv ,sditq?ujckfdbb.

Cevvf ytgjufityys[ ghjcns[ dtrctktq yt drk/xtyf d gjrfpfyystyf cnhfybwt 52 74>52 vky. "R? ghbxbnf/otujcz r jgkfnt> yj ytgjkextyyjuj rfgbnfkf.

¡ Pfljk;tyyjcnm gj gjufityb/ ,skf gjkextyf jn Nehwbb 4 zydfhz1995 ujlf> f jn "cnjybb 5 zydfhz 1995 ujlf.

1994 ujl 1993 ujl14 Rjydthcbjyysq htpthd nsc. "R? nsc. "R?

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------Cfkmlj> gthtytctyyjt yf 1 zydfhz 7242 !7382@Ldb;tybt d ntxtybt ujlf 140 14624

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Cfkmlj> gthtytctyyjt yf 31 ltrf,hz 7382 7242

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Rjydthcbjyysq htpthd ghtlcnfdkztn cj,jq hfpybwe vt;le cevvfvbdpyjcjd d rfgbnfk d bys[> yt;tkb "R?> dfk/nf[> gjrfpfyys[ gjabrcbhjdfyysv j,vtyysv rehcfv d cjjndtncndbb c Cjukfitybtv> b

cevvfvb nfrjuj rfgbnfkf d vjvtyn afrnbxtcrjuj gjkextybz bgthtdjlf d "R? bkb [tl;bhjdfyyjq cevvs nfrjuj rfgbnfkf>gjlkt;fotq gjkextyb/ bkb gthtdjle d "R?.

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D cjjndtncndbb cj cnfnmtq 53 Cjukfitybz dct lbhtrnjhf> pfvtcnbntkb <fyr elth;bdftn dpbvftve/ cevve yfkjujj,kj;tybz d cdj/ gjkmpe. lbhtrnjhjd> ljk;yjcnyst kbwf b cke;fobt <fyrf gjlkt;fn Gj cnfnmt 53 Cjukfitybz b cnfnmt 16 Cjukfitybz j inf,-rdfhnbht dyenhtyytve yfkjujj,kj;tyb/> dpbvftvjve <fyrjv c pfhf,jnyjq pfhf,jnyfz gkfnf b djpyfuhf;ltybz> dsgkfxbdftvst <fyrjv> gkfns b djpyfuhf;ltybq> dsgkfxbdftvs[ <fyrjv. Gj Cjukfityb/ jcdj,j;lf/ncz jn gjlj[jlyjuj yfkjuf Cjtlbytyyjuj Rjhjktdcndf.

17 Xbcnfz dfk/nyfz gjpbwbz Ljkkfhs Aeyns Uthvfycrbt Ahfywepcrbt Ghjxbt nsc. "R? CIF cnthkbyujd vfhrb ahfyrb dfk/ns "R? Bnjuj

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ b ghtljcnfdktyyst bv ccels 124621 45224 12871 326 37676 107934 328652Ghjxbt dbls hfpvtotybz rfgbnfkf b ghtljcnfdktyyst ccels yf ltyt;yjv hsyrt 125096 – 105854 – 61320 138802 431072Ljkujdst j,zpfntkmcndf 913750 15022 344937 295665 929301 977445 3476120Rhtlbns b ccels 429935 – 160427 543 10595 119122 720622Bydtcnbwbb d frwbb 94273 – 1402 – 264916 !26611@ 333980Ghjxbt frnbds 210794 9228 53834 247709 293593 402204 1217362Bveotcndj b j,jheljdfybt – – – – – 71698 71698Ghjcnst dtrctkz> dsgeotyyst xktyfvb 69070 – – – 35506 152217 256793<eleofz gjlgbcrf yf rfgbnfk 272385 – – – 51105 368355 691845

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 2239924 69474 679325 544243 1684012 2311166 7528144

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------GfccbdsCevvs pfljk;tyyjcnb rhtlbnysv exht;ltybzv !1907@ !179@ !354@ !6371@ !20307@ !113461@ !142579@Ljkujdst bycnhevtyns> gjlndth;ltyyst cthnbabrfnfvb !749312@ !24322@ !26879@ !79883@ !1487342@ !1100070@ !3467808@Ghjxbt gfccbds !156062@ !39349@ !67104@ !246638@ !219664@ !215127@ !943944@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd !907281@ !63850@ !94337@ !332892@ !1727313@ !1428658@ !4554331@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1332643 5624 584988 211351 !43301@ 882508 2973813

Pf,fkfycjdst bycnhevtynsDfk/nyst cltkrb cdjg !1118554@ – !478294@ !32197@ 456030 1173015 –Ajhdfhlyst dfk/nyst cltkrb !199984@ 63883 !127960@ !210285@ !187619@ 661965 –

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1994 ujlf 14105 69507 !21266@ !31131@ 225110 2717488 2973813

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1993 ujlf 30048 !20071@ !413@ !29566@ 142358 2852436 2974792

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ltzntkmyjcnm T<HH

54 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

1994 ujl 1993 ujl15 Cgtwbfkmysq htpthd nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Cfkmlj> gthtytctyyjt yf 1 zydfhz 3999 62Gthtxbcktyj bp gthtytctyyjuj cfkmlj cxtnf ghb,sktq b e,snrjd 13085 3937

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Cfkmlj> gthtytctyyjt yf 31 ltrf,hz 17084 3999

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

D cjjndtncndbb c Cjukfitybtv cgtwbfkmysq htpthd ghtlyfpyfxtylkz gjrhsnbz ytrjnjhs[ jghtltktyys[ gjnthm <fyrf. Cgtwbfkmysqhtpthd cjplfy d cjjndtncndbb c abyfycjdjq gjkbnbrjq <fyrf gentvjnxbcktybz 100fi hfpjds[ c,jhjd b rjvbccbq> gjkextyys[ <fyrjv dcdzpb c rhtlbnfvb> ufhfynbzvb b ufhfynbhjdfyysv hfpvtotybtv wtyys[ ,evfu> gjrf Cjdtn lbhtrnjhjd yt htibn> xnj hfpvth

cgtwbfkmyjuj htpthdf ljcnfnjxty. Ghtlgjkfuftncz> xnj cevvf d14>56 vky. "R?> gjkextyyfz d ujle> pfrjyxbditvcz 31 ltrf,hz 1994 ujlf d dblt cjjndtncnde/ob[ c,jhjd b rjvbccbq> ,eltngthtxbcktyf d 1995 ujle bp ghb,skb pf ujl> pfrjyxbdibqcz31 ltrf,hz 1994 ujlf> d cgtwbfkmysq htpthd.

Page 57: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Abyfycjdsq jnxtn Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 55

Xbcnfz dfk/nyfz gjpbwbz !ghjljk;tybt@

Dfk/nyst gjpbwbb djpybrf/n ukfdysv j,hfpjv d htpekmnfntcktle/otuj%

– bydtcnbwbq d frwbb rjvgfybq b bydtcnbwbjyyst ajyls>ltyjvbybhjdfyyst d dfk/nf[ bys[> yt;tkb dfk/ns b[ajylbhjdfybz> gjcrjkmre b[ cnjbvjcnm d rjytxyjv bnjutjghtltkztncz cjcnjzybtv cjjndtncnde/ob[ rjvgfybq> cnjbvjcnmrjnjhs[ dshf;tyf d vtcnys[> ytrjydthnbhetvs[ dfk/nf[&

– jghtltktyys[ bydtcnbwbq d frwbjythyst rfgbnfks>ltyjvbybhjdfyys[ d ytrjydthnbhetvs[ dfk/nf[> ajylbhetvs[bysvb dfk/nfvb> gjcrjkmre jyb [tl;bhjdfys jgwbjyfvb>lf/obvb <fyre ghfdj yf djpdhfn d jghtltktyyst chjrb cdjb[bydtcnbwbq d 'nb[ bys[ dfk/nf[&

– chtlcnd d aeynf[ cnthkbyujd> elth;bdftvs[ lkz gjrhsnbzhfc[jljd yfkbxysvb gj ,/l;tne 1995 ujlf&

18 Chjxyjcnm frnbdjd b gfccbdjd

Chjxyjcnm frnbdjd b gfccbdjd dshf;ftncz d lde[ ajhvf[> xnj,sgjrfpfnm%

!“@ kbrdblyjcnm <fyrf> jcyjdfyye/ yf chjrf[> jcnf/ob[cz lj lfngjufitybz>

!““@ hbcr ,fkfycf <fyrf d f,cjk/nyjv dshf;tybb gj jnyjityb/ rbpvtytybzv ghjwtynys[ cnfdjr.

– gjpbwbb d uthvfycrb[ vfhrf[> zdkz/otqcz htpekmnfnjv ukfdysvj,hfpjv ghjbpdtltyyjq gthtl rjywjv ujlf ajhdfhlyjq dfk/nyjqghjlf;b uthvfycrb[ vfhjr lkz [tl;bhjdfybz d uthvfycrb[ vfhrf[rjydthnbhetvjuj rhtlbnf d "R?. Gthtdjl ,sk ghjbpdtlty dzydfht 1995 ujlf.

– ghfrnbretvjuj <fyrjv [tl;bhjdfybz dfk/nys[ gjpbwbq> rjnjhstceotcnde/n yf jcyjdt lbcrjynbhjdfyyjq cnjbvjcnb> yj ytceotcnde/n ghb bcxbcktybb d cjjndtncndbb c gjkbnbrjq <fyrf dj,kfcnb ,e[ufknthcrjuj extnf.

Gjvbvj 'njuj bvt/ncz jcnfnrb dfk/nys[ gjpbwbq> djpybrf/obt jndshexrb b lt,bnjhcrjq b rhtlbnjhcrjq pfljk;tyyjcnb> yt,jkmibthfpvths rjnjhs[ yt nht,e/n gjrhsnbz hbcrf bydtcnbwbjyysvjnltkjv.

“ Chjrb> jcnf/obtcz lj jrjyxfntkmyjuj gjufitybzWtkm yfcnjzotuj hfpltkf – lfnm fyfkbp frnbdjd b gfccbdjd>cuheggbhjdfyys[ gj chjxyjcnb> bc[jlz bp chjrf> jcnf/otujcz c lfns,fkfycjdjuj jnxtnf lj j,eckjdktyyjq ljujdjhjv lfns gjufitybz.Frnbds b gfccbds> yt bvt/obt j,eckjdktyyjq ljujdjhjv lfnsgjufitybz> cdtltys d rfntujhb/ $chjxyjcnm yt ecnfyjdktyf$.

Cdsit Cdsit Cdsit1 vtczwf b lj 3 vtczwtd 1 ujlf b

3 vtczwtd b lj 1 ujlf lj 5 ktn Chjxyjcnm Lj drk/xb- drk/xb- drk/xb- Cdsit yt ecnf-

nsc. "R? 1 vtczwf ntkmyj ntkmyj ntkmyj 5 ktn yjdktyf Bnjuj

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf b ljkujdst j,zpfntkmcndf 779526 255089 500542 1811579 889108 – 4235844Rhtlbns b ccels 51346 46169 82388 229965 343195 – 753063Bydtcnbwbb d frwbb – – – – – 365605 365605Ghjcnst dtrctkz> dsgeotyyst xktyfvb 5071 – – 247972 3750 – 256793Gjlgbcyjq rfgbnfk%

Ghbxbnf/obqcz> yj yt gjkextyysq 74520 – – – – – 74520Jgkfxbdftvsq> yj yt ghbxbnf/obqcz – – 617325 – – – 617325

Ghjxbt frnbds 885946 – – – – 339048 1224994

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf 1796409 301258 1200255 2289516 1236053 704653 7528144

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------GfccbdsCevvs> pfbvcndjdfyyst e rhtlbnys[ exht;ltybq !142579@ – – – – – !142579@Ljkujdst bycnhevtyns> gjlndth;ltyyst cthnbabrfnfvb !53318@ !132163@ !395470@ !1949040@ !937817@ – !3467808@Ghjxbt gfccbds !605724@ – – – – !338220@ !943944@Frwbjythysq rfgbnfk xktyjd – – – – – !2973813@ !2973813@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf !801621@ !132163@ !395470@ !1949040@ !937817@ !3312033@ !7528144@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Xbcns[ frnbdjd yf 31 ltrf,hz 1994 ujlf 994788 169095 804785 340476 298236 !2607380@ –

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Xbcns[ frnbdjd yf 31 ltrf,hz 1993 ujlf !106586@ 309800 729999 2021537 261118 !3215868@ –

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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Ltzntkmyjcnm T<HH

56 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Gthbjl Gthbjl gthtjwtyrb gthtjwtyrb

cdsit Gthbjl Chtlcndf> yt Gthbjl 1 ujlf b gthtjwtyrb ghbyjczobt Gthbjl

gthtjwtyrb lj 5 ktn cdsit lj[jl d dblt gthtjwtyrbnsc. "R? lj 1 ujlf drk/xbntkmyj 5 ktn ghjwtynjd bnjuj

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ b ghtljcnfdktyyst bv ccels 328652 – – – 328652Ghjxbt dbls hfpvtotybz rfgbnfkf b ghtljcnfdktyyst ccels yf ltyt;yjv hsyrt 431072 – – – 431072Ljkujdst j,zpfntkmcndf 2761679 714441 – – 3476120Rhtlbns b ccels 674789 9397 68877 – 753063Frnbds> yt ghbyjczobt lj[jl d dblt ghjwtynjd> drk/xfz jgkfxbdftvsq> yj yt ghbxbnf/obqcz gjlgbcyjq rfgbnfk – – – 2539237 2539237

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 4196192 723838 68877 2539237 7528144

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

GfccbdsCevvs> pfbvcndjdfyyst e rhtlbnys[ exht;ltybq !142579@ – – – !142579@Ljkujdst bycnhevtyns> gjlndth;ltyyst cthnbabrfnfvb !1084466@ !1659083@ !724259@ – !3467808@Ghjxbt gfccbds !144535@ – – !799409@ !943944@Gfccbds> yt nht,e/obt dsgkfn d dblt ghjwtynjd> b frwbjythysq rfgbnfk xktyjd – – – !2973813@ !2973813@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd b frwbjythyjuj rfgbnfkf xktyjd !1371580@ !1659083@ !724259@ !3773222@ !7528144@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Xbcnst frnbds b gfccbds gj ,fkfyce 2824612 !935245@ !655382@ !1233985@ –Dctuj pf,fkfycjds[ bycnhevtynjd !1581015@ 925633 655382 – –

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Hbcrb> cdzpfyyst c rjkt,fybzvb ghjwtynys[ cnfdjr> d jnyjitybb hfpyjcnb gfccbdjd b frnbdjd yf 31 ltrf,hz 1994 ujlf 1243597 !9612@ – !1233985@ –

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Hbcrb> cdzpfyyst c rjkt,fybzvb ghjwtynys[ cnfdjr> d jnyjitybb hfpyjcnb gfccbdjd b frnbdjd yf 31 ltrf,hz 1993 ujlf 719413 60650 – !986502@ !206439@

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

<fyr frnbdyj eghfdkztn kbrdblysvb frnbdfvb> rjnjhstbydtcnbhe/ncz yf ecnfyjdktyyst ghfdbkfvb chjrb. Yf 31 ltrf,hz1994 ujlf j,obq chjr bydtcnbhjdfybz 'nb[ frnbdjd cjcnfdkzk 0>42 ujlf ghb chtlytv gjrfpfntkt d ntxtybt ujlf d 0>47 ujlf.

Hbcrb> cdzpfyyst c rjkt,fybzvb ghjwtynys[ cnfdjr> djpybrf/obtgj ghjxbv frnbdfv b gfccbdfv <fyrf> t;tlytdyj rjynhjkbhe/ncz b[tl;bhe/ncz gentv bpvthtybz bpvtytybq b[ wtyyjcnb gj jnyjityb/r bpvtytyb/ ghjwtynys[ cnfdjr yf jlby ,fpbcysq geyrn.

Chjxyjcnm frnbdjd b gfccbdjd !ghjljk;tybt@

““ Fyfkbp hbcrjd> cdzpfyys[ c rjkt,fybzvb ghjwtynys[ cnfdjrGhbdtltyyst d nf,kbwt cdzpfyyst c rjkt,fybzvb ghjwtynys[ cnfdjrhbcrb d jnyjitybb hfpyjcnb> gjkexftvjq ghb dsxbnfybb gfccbdjd bpcevvs frnbdjd> djpybrf/n> rjulf frnbds ajylbhe/ncz gfccbdfvb chfpysvb gthbjlfvb gthtjwtyrb c extnjv pf,fkfycjds[bycnhevtynjd [tl;bhjdfybz.

Gthbjls gthtjwtyrb ghtlcnfdkz/n cj,jq dhtvz> jcnf/ottcz ljchjrf gjufitybz frnbdf bkb gfccbdf c abrcbhjdfyyjq ghjwtynyjqcnfdrjq bkb lj cktle/otq lfns abrcbhjdfybz ghjwtynyjq cnfdrb>tckb htxm bltn j gkfdf/otq ghjwtynyjq cnfdrt. Lkz wtktqyfcnjzotuj geyrnf ghtlgjkfuftncz> xnj wtyyst ,evfub>cjcnfdkz/obt gjhnatkm wtyys[ ,evfu <fyrf> gthtjwtytyys[ dntreob[ wtyf[> gjrfpfys d rfntujhbb $lj 1 ujlf$.

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Abyfycjdsq jnxtn Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 57

19 Pf,fkfycjdst cnfnmb – pf,fkfycjdst jgthfwbb

D ghbdjlbvs[ yb;t nf,kbwf[ ghbdjlzncz jcyjdyst cevvs cltkrfv c bycnhevtynfvb rf;ljuj dblf> ytehtuekbhjdfyyst yf lfnepf,fkfycjds[ jgthfwbq gj yjvbyfke. Cevvs gj yjvbyfke ,fkfycjdjuj jnxtnf> b yt gjrfpsdf/n cdzpfyyjuj c ybvb hsyjxyjuj hbcrf.jnhf;f/n kbim j,obt ljujdjhyst bkb eckjdyst cevvs gj

1994 ujl 1993 ujlJ,zpfntkmcndf nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ytbcgjkmpjdfyyst jabwbfkmyst j,zpfntkmcndf gj ghtljcnfdktyb/ rhtlbnjd 2814653 2147739J,zpfntkmcndf gj gjregrt frwbq 250398 120801Ufhfynbb 118543 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 3183594 2268540

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

<jktt gjlhj,ysq fyfkbp erfpfyys[ dsit j,zpfntkmcnd lftncz d ghbvtxfybb 7.

1994 ujl 1994 ujl 1994 ujl 1993 ujl 1993 ujl 1993 ujlCjukfitybz gj j,vtyysv {tl;bhjdfybt Ghjxbt Bnjuj {tl;bhjdfybt Ghjxbt Bnjujrehcfv b ghjwtynfv nsc. "R? nsc. "R? nsc. "R? nsc. "R? nsc. "R? nsc. "R?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Rehcjdst cjukfitybz

Cdjgs 3212078 – 3212078 2497228 – 2497228Ajhdfhlyst cltkrb 1110190 – 1110190 703804 – 703804Jgwbjys 285845 – 285845 76658 – 76658

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------4608113 – 4608113 3277690 – 3277690

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Cjukfitybz gj ghjwtynfv

Cdjgs 4026376 697557 4723933 3001066 465270 3466336Jgwbjys 610678 20440 631118 148831 3390078 3538909Am/xthcyst cltkrb 3971529 1354102 5325631 5961728 49662 6011390Am/xthcyst cjukfitybz gj ghjwtynysv cnfdrfv – 94721 94721 31461 62922 94383

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------8608583 2166820 10775403 9143086 3967932 13111018

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 13216696 2166820 15383516 12420776 3967932 16388708

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

D ckexft ytdsgjkytybz gfhnythfvb <fyrf cjukfitybq j,obqgjntywbfkmysq hbcr <fyrf cjcnfdbn 282>26 vky. "R? !1993 ujl –306>75 vky. "R?@. "nb cevvs ghtlcnfdkz/n cj,jq cnjbvjcnmpfvtotybz gj hsyjxysv cnfdrfv gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf dct[ pfrk/xtyys[ b ytbcgjkytyys[ cjukfitybq d ckexft

20 Cjukfitybz j ghjxb[ ajylf[

Gjvbvj ltzntkmyjcnb <fyrf b cgtwbfkmys[ ajyljd <fyr eghfdkztnhzljv ldecnjhjyyb[ b vyjujcnjhjyyb[ cjukfitybq j ghtljcnfdktybb,tpdjpvtplys[ chtlcnd d cdzpb c jrfpfybtv nt[ybxtcrjuj cjltqcndbzd cnhfyf[ jgthfwbq. D 'nb[ cjukfitybz[ egjh ukfdysv j,hfpjvltkftncz yf gjlujnjdre b jceotcndktybt ghjtrnjd> yfrjycekmnfwbjyyst eckeub b yf gjlujnjdre rflhjd.

Yf 31 ltrf,hz 1994 ujlf <fyr eghfdkzk 35 cjukfitybzvb j ajylf[cjnhelybxtcndf !1993 ujl – 29@ yf j,oe/ dsltktyye/ nhtnmbvb cnjhjyfvb cevve ghbvthyj 233 vky. "R? !1993 ujl – 154 vky. "[email protected] 'ne cevve d[jlzn 90>07 vky. "R? lkz ghjuhfvv TACIS b

ytdsgjkytybz cjukfitybq dctvb gfhnythfvb <fyrf. Jlyfrj <fyrdtcmvf jcnjhj;yj gjl[jlbn r ds,jhe cdjb[ gfhnythjd> rjnjhstcjjndtncnde/n rhbnthbzv Herjdjlcndf b jcyjdys[ ghbywbgjdbydtcnbhjdfybz kbrdblys[ frnbdjd> b yt cxbnf/n djpvj;yjcnmytbcgjkytybz j,zpfntkmcnd pyfxbntkmysv hbcrjv.

PHARE> rf;lsq rjynhfrn gj rjnjhsv gjlkt;bn jlj,htyb/Rjvbccbtq Tdhjgtqcrb[ cjj,otcnd. Bp 'nb[ dsltktyys[ chtlcndcevvs> gjkextyyst yf 31 ltrf,hz 1994 ujlf> cjcnfdkzkbghb,kbpbntkmyj 148 vky. "R?. J,obq jcnfnjr ytbcgjkmpjdfyys[chtlcnd ajyljd yf 31 ltrf,hz 1994 ujlf cjcnfdkzk ghbvthyj 43 vky. "R?.

Gjvbvj 'njuj <fyr eghfdkzk 39 cjukfitybzvb j cjnhelybxtcndt gjrjyrhtnysv ghjtrnfv yf j,oe/ dsltktyye/ cevve ghbvthyj17 vky. "R?.

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Ltzntkmyjcnm T<HH

58 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Cjukfitybz j ghjxb[ ajylf[ !ghjljk;tybt@

Vbybcnthcndj abyfycjd Zgjybb gthtlfkj <fyre cevve d zgjycrb[btyf[> 'rdbdfktynye/ 28>6 vky. ljkk. CIF> d hfvrf[ jnltkmyjujajylf> bpdtcnyjuj rfr Cgtwbfkmysq wtktdjq ajyl T<HH – Zgjybz.

Gj ecvjnhtyb/ vbybcnthcndf abyfycjd Zgjybb nfrfz cevvf vj;tndhtvz jn dhtvtyb bcgjkmpjdfnmcz lkz dpyjcjd d cgtwbfkmystajyls> cjplfdftvst gj ghjuhfvvt lkz vtkrb[ ghtlghbznbq Hjccbb.Gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf bp Cgtwbfkmyjuj wtktdjujajylf T<HH – Zgjybz d Cgtwbfkmysq bydtcnbwbjyysq ajyl lkzvtkrb[ ghtlghbznbq Hjccbb ,skj dytctyj 5>05 vky. ljkk. CIF.

D cjjndtncndbb c ghtlkj;tybtv Uheggs 7 j cjplfybb vt;leyfhjlyjqghjuhfvvs gjdsitybz ,tpjgfcyjcnb fnjvys[ 'ktrnhjcnfywbq dcnhfyf[ jgthfwbq d vfhnt 1993 ujlf <fyr exhtlbk Cxtn zlthyjq,tpjgfcyjcnb !$CZ<$@. Chtlcndf CZ< ghtljcnfdkz/ncz ,tpdjpvtplyjb bcgjkmpe/ncz yf ytjnkj;yst vths gjdsitybz ,tpjgfcyjcnb. Gjcjcnjzyb/ yf 31 ltrf,hz 1994 ujlf 15 ljyjhjd j,(zdbkb j dytctybbdpyjcjd yf j,oe/ cevve 154>27 vky. "R? c bcgjkmpjdfybtvabrcbhjdfyys[ j,vtyys[ rehcjd> ecnfyjdktyys[ d Ecnfdt CZ<.

Htcehcs> ghtljcnfdktyyst gj cjukfitybzv j, 'nb[ ajylf[>gjrfpsdf/ncz jnltkmyj jn j,sxys[ jcyjdys[ htcehcjd <fyrf bgjlkt;fn ghjdthrt ytpfdbcbvsvb felbnjhfvb.

Felbnjhcrbq jnxtn Tdhjgtqcrjve ,fyre htrjycnherwbb b hfpdbnbz

Vs ghjdtkb felbnjhcre/ ghjdthre ,fkfycf Tdhjgtqcrjuj ,fyrf htrjycnherwbb b hfpdbnbz gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf b jnyjczotujcz r ytve cxtnfghb,sktq b e,snrjd> f nfr;t jnxtnf j ldb;tybb rfccjdjq yfkbxyjcnb pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf cnhfybwf[ 42 - 58. Gjlujnjdrf 'njujabyfycjdjuj jnxtnf zdkztncz jndtncndtyyjcnm/ herjdjlcndf <fyrf. Yf yfc kt;bn jndtncndtyyjcnm cltkfnm pfrk/xtybt gj 'njve abyfycjdjve jnxtne yfjcyjdt yfitq felbnjhcrjq ghjdthrb.

Vs ghjdtkb cdj/ felbnjhcre/ ghjdthre d cjjndtncndbb c vt;leyfhjlysvb felbnjhcrbvb ghbywbgfvb. Cjukfcyj 'nbv ghbywbgfv> vs ljk;ys gkfybhjdfnm bghjdjlbnm felbnjhcre/ ghjdthre c wtkm/ e,tlbnmcz> d ghtltkf[ hfpevyjuj> d jncencndbb d abyfycjdjv jnxtnt ceotcndtyyjuj bcrf;tybz afrnjd. Felbnjhcrfzghjdthrf drk/xftn bpextybt> d ds,jhjxyjv gjhzlrt> ljrevtynjd> gjlndth;lf/ob[ cevvs b cdtltybz> cjlth;fobtcz d abyfycjdjv jnxtnt. D felbnjhcre/ghjdthre d[jlbn b jwtyrf ghbvtytyys[ ghbywbgjd ,e[ufknthcrjuj extnf b df;ytqib[ hfcxtnjd> cltkfyys[ herjdjlcndjv> f nfr;t jwtyrf bpkj;tybzabyfycjdjuj jnxtnf d wtkjv. Vs gjkfuftv> xnj yfif felbnjhcrfz ghjdthrf zdkztncz hfpevysv j,jcyjdfybtv yfituj pfrk/xtybz.

Gj yfitve vytyb/> lfyysq abyfycjdsq jnxtn lftn ghfdbkmyjt ghtlcnfdktybt gj dctv ceotcndtyysv fcgtrnfv j abyfycjdjv gjkj;tybb <fyrf yf 31 ltrf,hz 1994 ujlf> f nfr;t j htpekmnfnf[ tuj ltzntkmyjcnb b ldb;tybb rfccjdjq yfkbxyjcnb pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> d cjjndtncndbb cVt;leyfhjlysvb ,e[ufknthcrbvb cnfylfhnfvb b j,obvb ghbywbgfvb lbhtrnbds Cjdtnf Tdhjgtqcrb[ cjj,otcnd $J ujljds[ jnxtnf[ b rjycjkblbhjdfys[cxtnf[ ,fyrjd b lheub[ abyfycjds[ exht;ltybq$.

Ltkjqn Nei NjvfweGfhb;7 vfhnf 1995 ujlf

Page 61: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Cxtn ghb,sktq b e,snrjdPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Ujl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

Ghbv. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Lj[jls d dblt ghjwtynjd b fyfkjubxyst lj[jls

Jn rhtlbnjd 16 –Ghjxbt ghjwtyns 1370 1100

Xbcnsq lj[jl d dblt c,jhjd b rjvbccbq 15 –Gthtjwtyrf byjcnhfyyjq dfk/ns 10 –Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm 3 !250@ !250@

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghb,skm jn jcyjdyjq ltzntkmyjcnb lj cjplfybz htpthdjd yf gjrhsnbt gjnthm 1161 850Htpthd yf gjrhsnbt gjnthm gj rhtlbnfv !58@ –Htpthd yf gjrhsnbt gjnthm gj bydtcnbwbzv d frwbb !184@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ghb,skm pf ujl 919 850

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Jnxtn j hfcghtltktybb ghb,sktqPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj

31 ltrf,hz 1994 ujlf

nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Jcnfnjr ghtlsleob[ gthbjljd yf 1 zydfhz 1994 ujlf 101Ghb,skb pf ghtlsleobq ujl 850

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Gthtytctyysq jcnfnjr yf 31 ltrf,hz 1994 ujlf 951

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

<fkfycYf 31 ltrf,hz 1994 ujlf 31 ltrf,hz 31 ltrf,hz

1994 ujlf 1993 ujlfGhbv. nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ 4 27015 19485Rhtlbns b bydtcnbwbb d frwbb 5

Rhtlbns 1156 –Bydtcnbwbb d frwbb 3801 1500Pf dsxtnjv htpthdjd yf gjrhsnbt gjnthm !362@ !120@

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------4595 1380

Ghjxbt frnbds 260 86Dpyjcs> gjlkt;fobt egkfnt> yj yt ghbxbnf/obtcz – 10000

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 31870 30951

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------GfccbdsDpyjcs 6 30000 30000Ghb,skb ghtlsleob[ gthbjljd 951 101Ghb,skb pf ujl 919 850

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd b dpyjcjd 31870 30951

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Pf,fkfycjdst cnfnmbJ,zpfntkmcndf 7 7343 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

<fknbqcrbq bydtcnbwbjyysq cgtwbfkmysq ajyl

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 59

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Ltzntkmyjcnm <fknbqcrb[ cgtwbfkmys[ ajyljd

60 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Jnxtn j ldb;tybb rfccjdjq yfkbxyjcnbPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Ujl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn jcyjdyjq ltzntkmyjcnbGhb,skm jn jcyjdyjq ltzntkmyjcnb pf ujl 919 850Rjhhtrwbb gj ghb,skb jn jcyjdyjq ltzntkmyjcnb lkz jghtltktybz xbcnjq cevvs rfccjdjq yfkbxyjcnb> gjkextyyjq jn jcyjdyjq ltzntkmyjcnb

Htpthd yf gjrhsnbt gjnthm 242 –Edtkbxtybt lt,bnjhcrjq pfljk;tyyjcnb d dblt ghjwtynjd !174@ !60@

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm> gjkextyyfz jn jcyjdyjq ltzntkmyjcnb 987 790

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn bydtcnbwbjyyjq ltzntkmyjcnbRhtlbns b bydtcnbwbb d frwbb !3457@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm> bcgjkmpjdfyyfz d bydtcnbwbjyyjq ltzntkmyjcnb !3457@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn ltzntkmyjcnb gj abyfycbhjdfyb/Dpyjcs 10000 10000

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm> gjkextyyfz jn ltzntkmyjcnb gj abyfycbhjdfyb/ 10000 10000

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Xbcnjt edtkbxtybt rfccjdjq yfkbxyjcnb b ghbhfdytyys[ r yfkbxyjcnb abyfycjds[ bycnhevtynjd 7530 10790Rfccjdfz yfkbxyjcnm b ghbhfdytyyst r yfkbxyjcnb abyfycjdst bycnhevtyns yf yfxfkj ujlf 19485 8695

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Rfccjdfz yfkbxyjcnm b ghbhfdytyyst r ytq abyfycjdst bycnhevtyns yf rjytw ujlf 27015 19485

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Ghbvtxfybz r abyfycjdjve jnxtne1 Cjplfybt cgtwbfkmyjuj ajylf

<fknbqcrbq bydtcnbwbjyysq cgtwbfkmysq ajyl !$Ajyl$@ ,sk cjplfyb eghfdkztncz d cjjndtncndbb c cjukfitybtv jn 14 fghtkz 1992 ujlf!$Cjukfitybt j ajylt$@ vt;le Tdhjgtqcrbv ,fyrjv htrjycnherwbbb hfpdbnbz !$<fyr$@ b Ghfdbntkmcndfvb Rjhjktdcndf Lfybz>Htcge,kbrb Bckfylbz> Rjhjktdcndf Yjhdtubz> AbykzylcrjqHtcge,kbrb b Rjhjktdcndf Idtwbz !$Ctdthyst cnhfys$@.

<fknbqcrbq bydtcnbwbjyysq cgtwbfkmysq ajyl ,sk cjplfy dcjjndtncndbb cj cnfnmtq 18 Cjukfitybz j, exht;ltybb <fyrf. "njjnrhsnsq ajyl> wtkm rjnjhjuj – cgjcj,cndjdfnm hfpdbnb/ xfcnyjujctrnjhf gentv gjllth;rb vtkrb[ b chtlyb[ ghtlghbznbq d Kfndbb>Kbndt b "cnjybb !$Ujcelfhcndf <fknbb$@.

2 Df;ytqibt fcgtrns gjkbnbrb d j,kfcnb ,e[ufknthcrjuj extnf

“ <e[ufknthcrbt ghfdbkfAbyfycjdsq jnxtn gjlujnjdkty bc[jlz bp ghfdbk extnf gjafrnbxtcrbv pfnhfnfv pf bcntribq gthbjl b cjjndtncndetnvt;leyfhjlysv ,e[ufknthcrbv cnfylfhnfv.

““ Byjcnhfyyst dfk/nsFrnbds b gfccbds d bys[> yt;tkb "R?> dfk/nf[> pf bcrk/xtybtvghjbpdtltyys[ bydtcnbwbq d frwbb> gthtdjlzncz d "R? gjj,vtyysv rehcfv> ltqcndjdfdibv yf 31 ltrf,hz 1994 ujlf.Ghjbpdtltyyst bydtcnbwbb d frwbb dshf;tys d "R? gj j,vtyysvrehcfv> ltqcndjdfdibv yf vjvtyn gkfnt;f.

Cltkrb d bys[> yt;tkb "R?> dfk/nf[ gthtdjlzncz d "R? gjj,vtyysv rehcfv> ltqcndjdfdibv yf rjytw vtczwf.

Lj[jls b gjnthb jn rehcjds[ hfpybw> djpybrf/obt ghb gthtcxtntfrnbdjd b gfccbdjd> f nfr;t jn jgthfwbq d ntxtybt ujlf> jnyjczncz yfcxtn ghb,sktq b e,snrjd. Yf 31 ltrf,hz 1994 ujlf bcgjkmpjdfkczcktle/obq j,vtyysq rehc%1 "R? ] 1>8894 uthvfycrjq vfhrb

“““ Bydtcnbwbb d frwbbBydtcnbwbb d frwbb gthtyjczncz gj ct,tcnjbvjcnb pf dsxtnjv htpthdf yf k/,jt gjcnjzyyjt evtymitybt wtyyjcnb.

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1994 ujl 1994 ujl 1993 ujl 1993 ujl5 Rhtlbns b bydtcnbwbb d frwbb nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Rhtlbns 1156 –Htpthd yf gjrhsnbt gjnthm !58@ –-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------

1098 –Bydtcnbwbb d frwbb 3801 1500Htpthd yf gjrhsnbt gjnthm !304@ !120@-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------

3497 1380

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 4595 1380

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

1994 ujl 1993 ujlFyfkbp gj dfk/nfv nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Rhtlbns

Uthvfycrbt vfhrb 1156 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Bydtcnbwbb d frwbb

Tdhjgtqcrbt dfk/nyst tlbybws 2400 1500Uthvfycrbt vfhrb 1401 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------3801 1500

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Fyfkbp gkfybhetvjuj gjufitybz rhtlbnjd gj chjxyjcnb1999 ujl 352 –2000 ujl 804 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------1156 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Fyfkbp gj cnhfyfvKfndbz 1401 –Kbndf 900 –"cnjybz 2656 1500

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 4957 1500

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

<fknbqcrbq bydtcnbwbjyysq cgtwbfkmysq ajyl Ghbvtxfybz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 61

“π Htpthd yf gjrhsnbt gjnthmD jnyjitybb ytrjnjhs[ rhtlbnjd cjplf/ncz rjyrhtnyst htpthds>ghtlcnfdkz/obt cj,jq ,kfujhfpevye/ jwtyre njq xfcnb jcnfnrfpfljk;tyyjcnb> rjnjhfz vj;tn ,snm yt gjufityf. Lkz bydtcnbwbq dfrwbb rjyrhtnyst htpthds cjplf/ncz d rfxtcndt jwtyrb k/,jujgjcnjzyyjuj evtymitybz wtyyjcnb. J,obt htpthds cjplf/ncz djnyjitybb gjnthm> rjnjhst> [jnz b yt jghtltktys rjyrhtnyj> yjj,sxyj bvt/n vtcnj d k/,jv gjhnatkt rhtlbnjd b bydtcnbwbq dfrwbb. Dsltktyyst htpthds> pf dsxtnjv k/,s[ cevv> bcgjkmpj-dfyys[ d ntxtybt ujlf> jnyjczncz yf cxtn ghb,sktq b e,snrjd.

π Ghjwtyns b rjvbccbb pf j,zpfntkmcndjGhjwtyns b rjvbccbb pf j,zpfntkmcndj pfgbcsdf/ncz d lj[jl gjvtht djpybryjdtybz. Lj[jl gj rhtlbnfv yt exbnsdftncz> tckb b[gjufitybt dspsdftn cjvytybz bkb tckb gkfnt;b d cxtn ghjwtynjdbkb jcyjdyjq cevvs ghjchjxtys ,jktt xtv yf 180 lytq lkz rhtlbnfd ujcelfhcndtyyjv ctrnjht bkb 60 lytq lkz rhtlbnf d xfcnyjvctrnjht. D gjcktle/obt gthbjls ghjwtyns gj nfrbv ytghjbpdjlbntkmysv rhtlbnfv exbnsdf/ncz d rfxtcndt lj[jlfnjkmrj gj afrnbxtcrjve gjkextyb/ gkfnt;f.

π“ Pf,fkfycjdst bycnhevtynsD [jlt cdjtq ltzntkmyjcnb Ajyl bcgjkmpetn pf,fkfycjdstabyfycjdst bycnhevtyns> drk/xfz cltkrb cdjg gj dfk/nfv. "nbbycnhevtyns bcgjkmpe/ncz lkz eghfdktybz dfk/nysvb hbcrfvbAjylf d jnyjitybb frnbdjd.

Ghb,skb b e,snrb> djpybrf/obt d htpekmnfnt bcgjkmpjdfybzabyfycjds[ bycnhevtynjd d wtkz[ [tl;bhjdfybz> pfgbcsdf/ncz gjcnfnmt> jnyjczotqcz r ghtlvtne [tl;bhjdfybz.

3 Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm

Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm drk/xf/nflvbybcnhfnbdyst hfc[jls> ytgjchtlcndtyyj jnyjczobtcz r Ajyle>f nfr;t gkfne <fyre pf dtltybt ltk Ajylf d hfpvtht 2>5fi jnrf;ljq ljkb dpyjcf.

4 Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[

Dct hfpvtotybz rfgbnfkf d rhtlbnys[ exht;ltybz[ltyjvbybhjdfys d "R? b ghjbpdjlzncz yf gthbjl lj jlyjuj vtczwfdrk/xbntkmyj.

Page 64: Ujljdjq jnxtn 1994 - European Bank for Reconstruction and ... · bp nht[ 'ktvtynjd> r ghbvthe> exbnsdfkcz rfr nhb hfpkbxyst jgthfwbb. Gj yjdjq cbcntvt ghjtrn exbnsdftncz rfr jlyf

Ltzntkmyjcnm <fknbqcrb[ cgtwbfkmys[ ajyljd

62 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

7 Pf,fkfycjdst cnfnmb – pf,fkfycjdst jgthfwbb

Yb;t ghbdjlzncz jcyjdyst cevvs pf,fkfycjds[ jgthfwbq gjyjvbyfke. Cevvs gj yjvbyfke jnhf;f/n kbim j,obt ljujdjhystbkb eckjdyst cevvs gj cltkrfv c bycnhevtynfvb rf;ljuj dblf>

yt ehtuekbhjdfyyst yf lfne ,fkfycjdjuj jnxtnf> b yt gjrfpsdf/ncdzpfyyjuj c ybvb hsyjxyjuj hbcrf.

1994 ujl 1993 ujlnsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ytbcgjkytyyst jabwbfkmyst j,zpfntkmcndf gj ghtljcnfdktyb/ rhtlbnjd 7343 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Cltkrb cdjg gj j,vtyysv rehcfv 1146 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

6 DpyjcsYf 31 ltrf,hz 1994 ujlf dpyjcs Ctdthys[ cnhfy> ghtlecvjnhtyyst Dctuj dpyjcjd Cjukfitybtv j ajylt> dytctys gjkyjcnm/> b lfyyst j yb[ ghbdjlzncz yb;t. nsc. "R? fi

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Lfybz 6180 20>6Bckfylbz 300 1>0Yjhdtubz 5490 18>3Abykzylbz 6720 22>4Idtwbz 11310 37>7

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------30000 100>0

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Felbnjhcrbq jnxtn Tdhjgtqcrjve ,fyre htrjycnherwbb b hfpdbnbz

Vs ghjdtkb felbnjhcre/ ghjdthre ,fkfycf <fknbqcrjuj bydtcnbwbjyyjuj cgtwbfkmyjuj ajylf gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf b jnyjczotujcz r ytvecxtnf ghb,sktq b e,snrjd> f nfr;t jnxtnf j ldb;tybb rfccjdjq yfkbxyjcnb pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf cnhfybwf[ 59 - 62.

Gjlujnjdrf 'njuj abyfycjdjuj jnxtnf zdkztncz jndtncndtyyjcnm/ herjdjlcndf <fyrf. Yf yfc kt;bn jndtncndtyyjcnm cltkfnm pfrk/xtybt gj 'njveabyfycjdjve jnxtne yf jcyjdt yfitq felbnjhcrjq ghjdthrb.

Vs ghjdtkb cdj/ felbnjhcre/ ghjdthre d cjjndtncndbb c vt;leyfhjlysvb felbnjhcrbvb ghbywbgfvb. Cjukfcyj 'nbv ghbywbgfv> vs ljk;ys gkfybhjdfnmb ghjdjlbnm felbnjhcre/ ghjdthre c wtkm/ e,tlbnmcz> d ghtltkf[ hfpevyjuj> d jncencndbb d abyfycjdjv jnxtnt ceotcndtyyjuj bcrf;tybz afrnjd.Felbnjhcrfz ghjdthrf drk/xftn bpextybt> d ds,jhjxyjv gjhzlrt> ljrevtynjd> gjlndth;lf/ob[ cevvs b cdtltybz> cjlth;fobtcz d abyfycjdjv jnxtnt. D felbnjhcre/ ghjdthre d[jlbn b jwtyrf ghbvtytyys[ ghbywbgjd ,e[ufknthcrjuj extnf b df;ytqib[ hfcxtnjd> cltkfyys[ herjdjlcndjv> f nfr;t jwtyrfbpkj;tybz abyfycjdjuj jnxtnf d wtkjv. Vs gjkfuftv> xnj yfif felbnjhcrfz ghjdthrf zdkztncz hfpevysv j,jcyjdfybtv yfituj pfrk/xtybz.

Gj yfitve vytyb/> lfyysq abyfycjdsq jnxtn lftn ghfdbkmyjt ghtlcnfdktybt gj dctv ceotcndtyysv fcgtrnfv j abyfycjdjv gjkj;tybb Ajylf yf 31 ltrf,hz 1994 ujlf> f nfr;t j htpekmnfnf[ tuj ltzntkmyjcnb b ldb;tybb rfccjdjq yfkbxyjcnb pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> d cjjndtncndbb cVt;leyfhjlysvb ,e[ufknthcrbvb cnfylfhnfvb.

Ltkjqn Nei NjvfweGfhb;7 vfhnf 1995 ujlf

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Jnxtn j ldb;tybb jcnfnrf ajylfPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Ujl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

Ghbv. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Gthtytctyysq jcnfnjr 3148 1641 Gjkextyyst dpyjcs 3 1667 1667Lj[jl d dblt ghjwtynjd b fyfkjubxysq lj[jl 205 187

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------5020 3495

Bcgjkmpjdfybt chtlcnd 4 !1267@ !264@Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm 5 !83@ !83@

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Jcnfnjr chtlcnd ajylf yf 31 ltrf,hz 3670 3148

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

<fkfycYf 31 ltrf,hz 1994 ujlf 31 ltrf,hz 31 ltrf,hz

1994 ujlf 1993 ujlfGhbv. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ 6 3631 3125Ghjxbt frnbds 39 23

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 3670 3148

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------GfccbdsYthfcghtltktyysq jcnfnjr ajylf 1399 3019Hfcghtltktyysq jcnfnjr ajylf 4 2271 129

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd 3670 3148

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

<fknbqcrbq cgtwbfkmysq ajyl nt[ybxtcrjuj cjltqcndbz

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 63

Ghbvtxfybz r abyfycjdjve jnxtne1 Cjplfybt cgtwbfkmyjuj ajylf

<fknbqcrbq cgtwbfkmysq ajyl nt[ybxtcrjuj cjltqcndbz !$Ajyl$@,sk cjplfy b eghfdkztncz d cjjndtncndbb c gjkj;tybzvb cjukfitybzjn 14 fghtkz 1992 ujlf !$Cjukfitybt j ajylt$@ vt;le Tdhjgtqcrbv,fyrjv htrjycnherwbb b hfpdbnbz !$<fyr$@ b GhfdbntkmcndfvbRjhjktdcndf Lfybz> Htcge,kbrb Bckfylbz> Rjhjktdcndf Yjhdtubz>Abykzylcrjq Htcge,kbrb b Rjhjktdcndf Idtwbz !$Ctdthystcnhfys$@.

<fknbqcrbq cgtwbfkmysq ajyl nt[ybxtcrjuj cjltqcndbz ,sk cjplfyd cjjndtncndbb cj cnfnmtq 18 Cjukfitybz j, exht;ltybb <fyrf. "njjnrhsnsq ajyl> wtkm rjnjhjuj – cgjcj,cndjdfnm hfpdbnb/ hsyjxyjq'rjyjvbxtcrjq cbcntvs d Kfndbb> Kbndt b "cnjybb !$Ujcelfhcndf<fknbb$@. D 'njv jnyjitybb cgtwbfkmysq ajyl ltkftn egjh yfhfpdbnbt vtkrb[ b chtlyb[ xfcnys[ ghtlghbznbq.

2 Df;ytqibt fcgtrns gjkbnbrb d j,kfcnb ,e[ufknthcrjuj extnf

“ <e[ufknthcrbt ghfdbkfAbyfycjdsq jnxtn gjlujnjdkty bc[jlz bp ghfdbk extnf gjafrnbxtcrbv pfnhfnfv pf bcntribq gthbjl. Dpyjcs b dsgkfnsexbnsdf/ncz gj rfccjdjve ghbywbge. Lj[jl d dblt ghjwtynjd bhfc[jls yf jcyjdye/ ltzntkmyjcnm exntys gj vtht djpybryjdtybz.

““ Byjcnhfyyst dfk/nsDsgkfns d bys[> yt;tkb "R?> dfk/nf[ gthtdjlzncz gj j,vtyyjverehce> ltqcndjdfditve yf vjvtyn jgthfwbb.

“““ Pfdthityyst ghjtrnsGhjtrn cxbnftncz pfdthityysv> rjulf dct exfcnde/obt rjycekmnfyns dsgjkybkb dct ljujdjhyst j,zpfntkmcndf b dct afrnehs>jnyjczobtcz r ghjtrne> ghtlcnfdktys r jgkfnt.

Gj pfdthitybb ghjtrnf k/,st dsltktyyst> yj yt bcgjkmpjdfyystcevvs dyjdm jnyjczncz yf ythfcghtltktyysq jcnfnjr ajylf.

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Ltzntkmyjcnm <fknbqcrb[ cgtwbfkmys[ ajyljd

64 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

3 Gjkextyyst dpyjcsYb;t ghbdjlzncz lfyyst j gjkextyys[ 1994 ujl 1993 ujljn Ctdthys[ cnhfy dpyjcf[. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Lfybz 344 343Bckfylbz 17 16Yjhdtubz 305 305Abykzylbz 373 374Idtwbz 628 629

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------1667 1667

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

4 Hfcghtltktyysq jcnfnjr ajylf b dsgkfnsHfcghtltktyysq jcnfnjr Hfcghtltktyysq ajylf ghtlcnfdkztn cj,jq dct j,zpfntkmcndf> Jlj,htyj jcnfnjr jlj,htyyst <fyrjv gj eckjdbzv Cjukfitybz j,zpfntkmcnd Bcgjkmpjdfyj ajylfj ajylt> pf dsxtnjv cevvs dsgkfn. nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Jceotcndkztvst ghjtrnsYf 1 zydfhz 1994 ujlf 235 106 129Ldb;tybt pf ujl 3365 1223 2142

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1994 ujlf 3600 1329 2271

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Pfdthityyst ghjtrnsYf 1 zydfhz 1994 ujlf 185 185 –Ldb;tybt pf ujl 44 44 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1994 ujlf 229 229 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Bnjuj ghjtrnjdYf 1 zydfhz 1994 ujlf 420 291 129Ldb;tybt pf ujl 3409 1267 2142

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 1994 ujlf 3829 1558 2271

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

5 Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm

Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm drk/xf/nflvbybcnhfnbdyst hfc[jls> ytgjchtlcndtyyj jnyjczobtcz r Ajyle>f nfr;t gkfne <fyre pf dtltybt ltk Ajylf d hfpvtht 5fi jn rf;ljqljkb dpyjcjd.

6 Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[

Dct hfpvtotybz rfgbnfkf d rhtlbnys[ exht;ltybz[ zdkz/nczjyrjkmysvb b ltyjvbybhjdfys d "R?.

Felbnjhcrbq jnxtn Tdhjgtqcrjve ,fyre htrjycnherwbb b hfpdbnbz

Vs ghjdtkb felbnjhcre/ ghjdthre ,fkfycf <fknbqcrjuj cgtwbfkmyjuj ajylf nt[ybxtcrjuj cjltqcndbz gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf b jnyjczotujczr ytve jnxtnf j ldb;tybb jcnfnrf ajylf pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf cnhfybwf[ 63 - 64. Gjlujnjdrf 'njuj abyfycjdjuj jnxtnf zdkztnczjndtncndtyyjcnm/ herjdjlcndf <fyrf. Yf yfc kt;bn jndtncndtyyjcnm cltkfnm pfrk/xtybt gj 'njve abyfycjdjve jnxtne yf jcyjdt yfitq felbnjhcrjqghjdthrb.

Vs ghjdtkb cdj/ felbnjhcre/ ghjdthre d cjjndtncndbb c vt;leyfhjlysvb felbnjhcrbvb ghbywbgfvb. Cjukfcyj 'nbv ghbywbgfv> vs ljk;ys gkfybhjdfnmb ghjdjlbnm felbnjhcre/ ghjdthre c wtkm/ e,tlbnmcz> d ghtltkf[ hfpevyjuj> d jncencndbb d abyfycjdjv jnxtnt ceotcndtyyjuj bcrf;tybz afrnjd.Felbnjhcrfz ghjdthrf drk/xftn bpextybt> d ds,jhjxyjv gjhzlrt> ljrevtynjd> gjlndth;lf/ob[ cevvs b cdtltybz> cjlth;fobtcz d abyfycjdjv jnxtnt. D felbnjhcre/ ghjdthre d[jlbn b jwtyrf ghbvtytyys[ ghbywbgjd ,e[ufknthcrjuj extnf b df;ytqib[ hfcxtnjd> cltkfyys[ herjdjlcndjv> f nfr;t jwtyrfbpkj;tybz abyfycjdjuj jnxtnf d wtkjv. Vs gjkfuftv> xnj yfif felbnjhcrfz ghjdthrf zdkztncz hfpevysv j,jcyjdfybtv yfituj pfrk/xtybz.

Gj yfitve vytyb/> lfyysq abyfycjdsq jnxtn lftn ghfdbkmyjt ghtlcnfdktybt gj dctv ceotcndtyysv fcgtrnfv j abyfycjdjv gjkj;tybb Ajylf yf 31 ltrf,hz 1994 ujlf> f nfr;t j ldb;tybb jcnfnrf Ajylf pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf jcyjdt ghbvtxfybz 2.

Ltkjqn Nei NjvfweGfhb;7 vfhnf 1995 ujlf

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 65

Cgtwbfkmysq bydtcnbwbjyysq ajyl lkz vtkrb[ ghtlghbznbq Hjccbb

Cxtn ghb,sktq b e,snrjdPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Gthbjl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

Ghbv. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Lj[jls d dblt ghjwtynjd b fyfkjubxyst lj[jls

Jn rhtlbnjd 90 –Ghjxbt ghjwtyns 76 2

Gthtjwtyrf byjcnhfyyjq dfk/ns 3 !190@ –Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm 4 !316@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------!E,snrb@#ghb,skb jn jcyjdyjq ltzntkmyjcnb lj dsltktybz htpthdjd yf gjrhsnbt gjnthm !340@ 2Htpthd yf gjrhsnbt gjnthm !1001@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------!E,snrb@#ghb,skm pf jnxtnysq gthbjl !1341@ 2

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Jnxtn j hfcghtltktybb ghb,sktqPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj

31 ltrf,hz1994 ujlf

nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Jcnfnjr ghtlsleob[ gthbjljd yf 1 zydfhz 1994 ujlf –Ghb,skb pf ghtlsleobq gthbjl 2

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Gthtytctyysq jcnfnjr yf 31 ltrf,hz 1994 ujlf 2

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

<fkfycYf 31 ltrf,hz 1994 ujlf 31 ltrf,hz 31 ltrf,hz

1994 ujlf 1993 ujlfGhbv. nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------FrnbdsHfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ 5 8423 1476Rhtlbns 6 1977 –Pf dsxtnjv htpthdf yf gjrhsnbt gjnthm !989@ –-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------

988 –Ghjxbt frnbds 51 2J,(zdktyyst> yj yt gjkextyyst dpyjcs 7 6526 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 15988 1478

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------GfccbdsGhjxbt gfccbds 252 –Dpyjcs 7 17075 1476Gthtytctyyfz ghb,skm 2 –!E,snrb@#ghb,skb pf jnxtnysq gthbjl !1341@ 2

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd b dpyjcjd 15988 1478

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Pf,fkfycjdst cnfnmbJ,zpfntkmcndf 6 12700 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

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Ltzntkmyjcnm Cgtwbfkmys[ ajyljd lkz vtkrb[ ghtlghbznbq Hjccbb

66 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Jnxtn j ldb;tybb rfccjdjq yfkbxyjcnbPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Gthbjl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn jcyjdyjq ltzntkmyjcnb!E,snrb@#ghb,skb jn jcyjdyjq ltzntkmyjcnb pf jnxtnysq gthbjl !1341@ 2Rjhhtrwbb gj !e,snrfv@#ghb,skzv jn jcyjdyjq ltzntkmyjcnb lkz jghtltktybz xbcnjq cevvs rfccjdjq yfkbxyjcnb> bcgjkmpjdfyyjq d jcyjdyjq ltzntkmyjcnb%

Htpthd yf gjrhsnbt gjnthm 1001 –Edtkbxtybt lt,bnjhcrjq pfljk;tyyjcnb d dblt ghjwtynjd !49@ !2@Edtkbxtybt lheub[ gfccbdjd 252 –Gthtjwtyrf byjcnhfyyjq dfk/ns !12@ –

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm> bcgjkmpjdfyyfz d jcyjdyjq ltzntkmyjcnb !149@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn bydtcnbwbjyyjq ltzntkmyjcnbRhtlbns b bydtcnbwbb d frwbb !1977@ –---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm> bcgjkmpjdfyyfz d bydtcnbwbjyyjq ltzntkmyjcnb !1977@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Ldb;tybt rfccjdjq yfkbxyjcnb jn ltzntkmyjcnb gj abyfycbhjdfyb/Gjkextyj dpyjcjd 9073 1476---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------Xbcnfz rfccjdfz yfkbxyjcnm jn ltzntkmyjcnb gj abyfycbhjdfyb/ 9073 1476

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Xbcnjt edtkbxtybt rfccjdjq yfkbxyjcnb b ghbhfdytyys[ r yfkbxyjcnb abyfycjds[ bycnhevtynjd 6947 1476Rfccjdfz yfkbxyjcnm b ghbhfdytyyst r yfkbxyjcnb abyfycjdst bycnhevtyns yf yfxfkj gthbjlf 1476 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Rfccjdfz yfkbxyjcnm b ghbhfdytyyst r yfkbxyjcnb abyfycjdst bycnhevtyns yf rjytw gthbjlf 8423 1476

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Ghbvtxfybz r abyfycjdjve jnxtne1 Cjplfybt Cgtwbfkmyjuj ajylf

Cjplfybt Cgtwbfkmyjuj bydtcnbwbjyyjuj ajylf lkz vtkrb[ghtlghbznbq Hjccbb !$Ajyl$@ ,skj jlj,htyj Cjdtnjv lbhtrnjhjdTdhjgtqcrjuj ,fyrf htrjycnherwbb b hfpdbnbz !$Cjdtn lbhtrnjhjd$@yf pfctlfybb 18 jrnz,hz 1993 ujlf& Ajyl eghfdkztncz cjukfcyjeckjdbzv Gjkj;tybz j cgtwbfkmyjv ajylt> nfr;t jlj,htyyjujCjdtnjv lbhtrnjhjd 18 jrnz,hz 1993 ujlf. 14 b/kz 1994 ujlf Cjdtnlbhtrnjhjd jlj,hbk gjghfdre r Gjkj;tyb/ j cgtwbfkmyjv ajylt j,bpvtytybb ltyjvbyfwbb ajylf c "R? yf ljkkfhs CIF.

Ajyl ,sk cjplfy d cjjndtncndbb cj cnfnmtq 18 Cjukfitybz j,exht;ltybb <fyrf. "nj jnrhsnsq ajyl> wtkm rjnjhjuj –cjltqcndjdfnm hfpdbnb/ vtkrb[ xfcnys[ ghtlghbznbq d Hjccbb.

Ajyl yfxfk ltqcndjdfnm d ntxtybt ujlf> rjulf j,ofz cevvfj,zpfntkmcnd ljyjhjd ljcnbukf 3 vky. ljkk. CIF. D ntxtybt ujlfgbkjnysq 'nfg ghjuhfvvs ,sk ghjlkty.

2 Df;ytqibt fcgtrns gjkbnbrb d j,kfcnb ,e[ufknthcrjuj extnf

“ <e[ufknthcrbt ghfdbkfAbyfycjdsq jnxtn gjlujnjdkty bc[jlz bp ghfdbk extnf gjafrnbxtcrbv pfnhfnfv pf bcntribq gthbjl b cjjndtncndetnVt;leyfhjlysv ,e[ufknthcrbv cnfylfhnfv.

““ Byjcnhfyyst dfk/nsFrnbds b gfccbds d bys[> yt;tkb "R?> dfk/nf[> pf bcrk/xtybtvghjbpdtltyys[ bydtcnbwbq d frwbb> gthtdjlzncz d "R? gjj,vtyysv rehcfv> ltqcndjdfdibv yf 31 ltrf,hz 1994 ujlf.Ghjbpdtltyyst bydtcnbwbb d frwbb dshf;f/ncz d "R? gjj,vtyysv rehcfv> ltqcndjdfdibv yf vjvtyn gkfnt;f. Cltkrb dbys[> yt;tkb "R?> dfk/nf[ gthtdjlzncz d "R? gj j,vtyysvrehcfv> ltqcnde/obv yf rjytw vtczwf.

Lj[jls b gjnthb jn rehcjds[ hfpybw> djpybrf/obt ghb gthtcxtntfrnbdjd b gfccbdjd> f nfr;t jn jgthfwbq d ntxtybt ujlf> jnyjcznczyf cxtn ghb,sktq b e,snrjd. Yf 31 ltrf,hz 1994 ujlf bcgjkmpjdfkczcktle/obq j,vtyysq rehc%1 "R? ] 1>2264 ljkkfhf CIF

“““ Bydtcnbwbb d frwbbBydtcnbwbb d frwbb gthtyjczncz gj ct,tcnjbvjcnb pf dsxtnjvhtpthdf yf k/,jt gjcnjzyyjt evtymitybt wtyyjcnb.

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 67

Cgtwbfkmysq bydtcnbwbjyysq ajyl lkz vtkrb[ ghtlghbznbq Hjccbb Ghbvtxfybz

Dsltktyj> Dsltktyj> yj yt yj yt

Bcgjkmpjdfyj Bcgjkmpjdfyj bcgjkmpjdfyj bcgjkmpjdfyj1994 ujl 1993 ujl 1994 ujl 1993 ujl

6 Rhtlbns b bydtcnbwbb d frwbb nsc. "R? nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Rhtlbns 1977 – 10661 –Htpthd yf gjrhsnbt gjnthm !989@ – – –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------988 – 10661 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Bydtcnbwbb d frwbb – – 2039 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------– – 2039 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 988 – 12700 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

1994 ujl 1993 ujlFyfkbp gkfybhetvjuj gjufitybz rhtlbnjd gj chjxyjcnb nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------1996 ujl 1977 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Dct rhtlbns b bydtcnbwbb d frwbb ghtlyfpyfxtys yf ghjtrns d Hjccbb b dsltkz/ncz b bcgjkmpe/ncz d ljkkfhf[ CIF.

Df;ytqibt fcgtrns gjkbnbrb d j,kfcnb ,e[ufknthcrjuj extnf !ghjljk;tybt@

“π Htpthd yf gjrhsnbt gjnthmD jnyjitybb ytrjnjhs[ rhtlbnjd cjplf/ncz rjyrhtnyst htpthds>ghtlcnfdkz/obt cj,jq ,kfujhfpevye/ jwtyre njq xfcnb jcnfnrfpfljk;tyyjcnb> rjnjhfz vj;tn ,snm yt gjufityf. Lkz bydtcnbwbq dfrwbb rjyrhtnyst htpthds cjplf/ncz d rfxtcndt jwtyrb k/,jujgjcnjzyyjuj evtymitybz wtyyjcnb. J,obt htpthds cjplf/ncz djnyjitybb gjnthm> rjnjhst> [jnz b yt jghtltktys rjyrhtnyj> yjj,sxyj bvt/n vtcnj d k/,jv gjhnatkt rhtlbnjd b bydtcnbwbq dfrwbb. Dsltktyyst htpthds> pf dsxtnjv k/,s[ cevv>bcgjkmpjdfyys[ d ntxtybt ujlf> jnyjczncz yf cxtn ghb,sktq be,snrjd.

π GhjwtynsGhjwtyns pfgbcsdf/ncz d lj[jl gj vtht djpybryjdtybz. Lj[jl gjrhtlbnfv yt exbnsdftncz> tckb b[ gjufitybt dspsdftn cjvytybz bkbtckb gkfnt;b d cxtn ghjwtynjd bkb jcyjdyjq cevvs ghjchjxtys,jktt xtv yf 180 lytq lkz rhtlbnf d ujcelfhcndtyyjv ctrnjht b 60 lytq lkz rhtlbnf d xfcnyjv ctrnjht. D gjcktle/obt gthbjlsghjwtyns gj nfrbv ytghjbpdjlbntkmysv rhtlbnfv exbnsdf/ncz drfxtcndt lj[jlf njkmrj gj afrnbxtcrjve gjkextyb/ gkfnt;f.

3 Gthtjwtyrf byjcnhfyys[ dfk/n

D gthtjwtyre byjcnhfyys[ dfk/n drk/xftncz cevvf> djpybrf/ofzghb gthtdjlt dpyjcjd gjckt bpvtytybz ltyjvbyfwbb Ajylf c "R?d ljkkfhs CIF d b/kt 1994 ujlf> f nfr;t ghb gthtdjlt frnbdjd bgfccbdjd d bys[> yt;tkb "R?> dfk/nf[.

4 Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm

Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm drk/xf/nflvbybcnhfnbdyst hfc[jls> ytgjchtlcndtyyj jnyjczobtcz r Ajyle>f nfr;t gkfne <fyre pf dtltybt ltk Ajylf d hfpvtht 3fi jn rf;ljqljkb dpyjcf.

5 Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[

Dct hfpvtotybz rfgbnfkf d rhtlbnys[ exht;ltybz[ zdkz/nczjyrjkmysvb b ltyjvbybhjdfys d ljkkfhf[ CIF.

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68 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Ltzntkmyjcnm Cgtwbfkmys[ ajyljd lkz vtkrb[ ghtlghbznbq Hjccbb

7 Dpyjcs 1994 ujl 1993 ujlYb;t ghbdjlzncz lfyyst j, j,(zdktyys[ cnhfyfvb-ljyjhfvb dpyjcf[. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Gjkextyyst dpyjcsUthvfybz 2739 676Bnfkbz 1930 270Rfyflf 105 –Cjtlbytyyst Infns Fvthbrb 885 –Ahfywbz 187 –Zgjybz 4703 530

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------10549 1476

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

J,(zdktyyst> yj tot yt gjkextyyst dpyjcsRfyflf 655 –Cjtlbytyyst Infns Fvthbrb 4485 –Ahfywbz 1386 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------6526 –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Yf 31 ltrf,hz 17075 1476

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------

Felbnjhcrbq jnxtn Tdhjgtqcrjve ,fyre htrjycnherwbb b hfpdbnbz

Vs ghjdtkb felbnjhcre/ ghjdthre ,fkfycf Cgtwbfkmyjuj bydtcnbwbjyyjuj ajylf lkz vtkrb[ ghtlghbznbq Hjccbb gj cjcnjzyb/ yf 31 ltrf,hz 1994 ujlf bjnyjczotujcz r ytve cxtnf ghb,sktq b e,snrjd> f nfr;t jnxtnf j ldb;tybb rfccjdjq yfkbxyjcnb pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf cnhfybwf[ 65 - 68. Gjlujnjdrf 'njuj abyfycjdjuj jnxtnf zdkztncz jndtncndtyyjcnm/ herjdjlcndf <fyrf. Yf yfc kt;bn jndtncndtyyjcnm cltkfnm pfrk/xtybtgj 'njve abyfycjdjve jnxtne yf jcyjdt yfitq felbnjhcrjq ghjdthrb.

Vs ghjdtkb cdj/ felbnjhcre/ ghjdthre d cjjndtncndbb c vt;leyfhjlysvb felbnjhcrbvb ghbywbgfvb. Cjukfcyj 'nbv ghbywbgfv> vs ljk;ys gkfybhjdfnmb ghjdjlbnm felbnjhcre/ ghjdthre c wtkm/ e,tlbnmcz> d ghtltkf[ hfpevyjuj> d jncencndbb d abyfycjdjv jnxtnt ceotcndtyyjuj bcrf;tybz afrnjd.Felbnjhcrfz ghjdthrf drk/xftn bpextybt> d ds,jhjxyjv gjhzlrt> ljrevtynjd> gjlndth;lf/ob[ cevvs b cdtltybz> cjlth;fobtcz d abyfycjdjv jnxtnt. D felbnjhcre/ ghjdthre d[jlbn b jwtyrf ghbvtytyys[ ghbywbgjd ,e[ufknthcrjuj extnf b df;ytqib[ hfcxtnjd> cltkfyys[ herjdjlcndjv> f nfr;t jwtyrfbpkj;tybz abyfycjdjuj jnxtnf d wtkjv. Vs gjkfuftv> xnj yfif felbnjhcrfz ghjdthrf zdkztncz hfpevysv j,jcyjdfybtv yfituj pfrk/xtybz.

Gj yfitve vytyb/> lfyysq abyfycjdsq jnxtn lftn ghfdbkmyjt ghtlcnfdktybt gj dctv ceotcndtyysv fcgtrnfv j abyfycjdjv gjkj;tybb Ajylf yf 31 ltrf,hz 1994 ujlf> f nfr;t j htpekmnfnf[ tuj ltzntkmyjcnb b ldb;tybb rfccjdjq yfkbxyjcnb pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> d cjjndtncndbb cVt;leyfhjlysvb ,e[ufknthcrbvb cnfylfhnfvb.

Ltkjqn Nei NjvfweGfhb;7 vfhnf 1995 ujlf

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Cgtwbfkmysq ajyl nt[ybxtcrjuj cjnhelybxtcndf lkz vtkrb[ ghtlghbznbq Hjccbb

Jnxtn j ldb;tybb jcnfnrf ajylfPf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf Ujl lj Gthbjl lj

31 ltrf,hz 31 ltrf,hz 1994 ujlf 1993 ujlf

Ghbv. nsc. "R? nsc. "R?

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------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------5849 994

Bcgjkmpjdfybt chtlcnd 4 !1772@ –Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm 5 !150@ !30@Gthtjwtyrf byjcnhfyyjq dfk/ns !41@ –

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Jcnfnjr chtlcnd ajylf yf 31 ltrf,hz 3886 964

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<fkfycYf 31 ltrf,hz 1994 ujlf 31 ltrf,hz 31 ltrf,hz

1994 ujlf 1993 ujlfGhbv. nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Frnbds Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[ 6 3894 993Ghjxbt frnbds 10 1

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj frnbdjd 3904 994

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------GfccbdsYthfcghtltktyysq jcnfnjr ajylf 7 !541@ 964Hfcghtltktyysq jcnfnjr ajylf 4 4427 –---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------- -------------------------------------------------------------------- -------------------------------------------------

3886 964Ghjxbt gfccbds 18 30

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Dctuj gfccbdjd 3904 994

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Ghbvtxfybz r abyfycjdjve jnxtne1 Cjplfybt Cgtwbfkmyjuj ajylf

Cjplfybt Cgtwbfkmyjuj ajylf nt[ybxtcrjuj cjnhelybxtcndf lkzvtkrb[ ghtlghbznbq Hjccbb !$Ajyl$@ ,skj jlj,htyj Cjdtnjvlbhtrnjhjd Tdhjgtqcrjuj ,fyrf htrjycnherwbb b hfpdbnbz !$Cjdtnlbhtrnjhjd$@ yf pfctlfybb 18 jrnz,hz 1993 ujlf& Ajyl eghfdkztncz dcjjndtncndbb c eckjdbzvb Gjkj;tybz j cgtwbfkmyjv ajylt> nfr;tjlj,htyyjuj Cjdtnjv lbhtrnjhjd 18 jrnz,hz 1993 ujlf. 14 b/kz1994 ujlf Cjdtn lbhtrnjhjd jlj,hbk gjghfdre r Gjkj;tyb/ jcgtwbfkmyjv ajylt j, bpvtytybb ltyjvbyfwbb Ajylf c "R? yfljkkfhs CIF.

Ajyl ,sk cjplfy d cjjndtncndbb cj cnfnmtq 18 Cjukfitybz j,exht;ltybb <fyrf. "nj jnrhsnsq ajyl> wtkm rjnjhjuj –abyfycbhjdfnm nt[ybxtcrjt cjnhelybxtcndj lkz hfphf,jnrb bjceotcndktybz gbkjnys[ jgthfwbq Cgtwbfkmyjuj bydtcnbwbjyyjujajylf lkz vtkrb[ ghtlghbznbq Hjccbb.

2 Df;ytqibt fcgtrns gjkbnbrb d j,kfcnb ,e[ufknthcrjuj extnf

“ <e[ufknthcrbt ghfdbkfAbyfycjdsq jnxtn gjlujnjdkty bc[jlz bp ghfdbk extnf gjafrnbxtcrbv pfnhfnfv pf bcntribq gthbjl. Dpyjcs b dsgkfnsexbnsdf/ncz gj rfccjdjve ghbywbge. Lj[jl d dblt ghjwtynjd bhfc[jls yf jcyjdye/ ltzntkmyjcnm exntys gj vtht djpybryjdtybz.

““ Byjcnhfyyst dfk/nsFrnbds b gfccbds d bys[> yt;tkb "R?> dfk/nf[ gthtdjlzncz d "R?gj j,vtyysv rehcfv> ltqcndjdfdibv yf 31 ltrf,hz 1994 ujlf.Cltkrb d bys[> yt;tkb "R?> dfk/nf[ gthtdjlzncz d "R? gjj,vtyysv rehcfv> ltqcnde/obv yf rjytw vtczwf. J,zpfntkmcndf pfdsxtnjv dsgkfn gthtdjlzncz gj j,vtyyjve rehce> ltqcndjdfditveyf 31 ltrf,hz 1994 ujlf.Lj[jls b gjnthb jn rehcjds[ hfpybw> djpybrf/obt ghb gthtcxtntfrnbdjd b gfccbdjd> f nfr;t jn jgthfwbq d ntxtybt ujlf exntys djnxtnt j ldb;tybb jcnfnrf ajylf. Yf 31 ltrf,hz 1994 ujlfghbvtyzkcz cktle/obq j,vtyysq rehc%1 "R? ] 1>2264 ljkkfhf CIF

“““ Pfdthityyst ghjtrnsGhjtrn cxbnftncz pfdthityysv> rjulf dct exfcnde/obtrjycekmnfyns dsgjkybkb dct ljujdjhyst j,zpfntkmcndf b dctafrnehs> jnyjczobtcz r ghjtrne> ghtlcnfdktys r jgkfnt.

Gj pfdthitybb ghjtrnf k/,st dsltktyyst> yj yt bcgjkmpjdfyystcevvs dyjdm jnyjczncz yf ythfcghtltktyysq jcnfnjr ajylf.

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70 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Ltzntkmyjcnm Cgtwbfkmys[ ajyljd lkz vtkrb[ ghtlghbznbq Hjccbb

3 Gjkextyyst dpyjcs 1994 ujl 1993 ujlYb;t ghbdjlzncz lfyyst j gjkextyys[ d rf;lsq ujl jn ljyjhjd dpyjcf[. nsc. "R? nsc. "R?

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4 Hfcghtltktyysq jcnfnjr ajylf b dsgkfns Hfcghtltktyysq Hfcghtltktyysq jcnfnjr ajylf ghtlcnfdkztn Jlj,htyj jcnfnjr cj,jq dct j,zpfntkmcndf> jlj,htyyst <fyrjv> d cjjndtncndbb j,zpfntkmcnd Bcgjkmpjdfyj ajylfc gjkj;tybtv j ajylt pf dsxtnjv cevvs dsgkfn. nsc. "R? nsc. "R? nsc. "R?

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------Jceotcndkztvst ghjtrnsYf 1 zydfhz 1994 ujlf – – –Ldb;tybt pf ujl 6174 1747 4427

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5 Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm

Ghjxbt hfc[jls yf jcyjdye/ ltzntkmyjcnm drk/xf/nflvbybcnhfnbdyst hfc[jls> ytgjchtlcndtyyj jnyjczobtcz r Ajyle>f nfr;t gkfne <fyre pf dtltybt ltk Ajylf d hfpvtht 3fi jn rf;ljqljkb dpyjcjd.

6 Hfpvtotybt rfgbnfkf d rhtlbnys[ exht;ltybz[

Dct hfpvtotybz rfgbnfkf d rhtlbnys[ exht;ltybz[ zdkz/nczjyrjkmysvb b ltyjvbybhjdfys d ljkkfhf[ CIF.

7 Ythfcghtltktyysq jcnfnjr ajylf

D cjjndtncndbb c gjkj;tybtv j ajylt <fyr jlj,hbk j,zpfntkmcndf d6>19 vky. "R?. "nj ghtdsiftn gjkextyyst ltyt;yst dpyjcs> yj ytghtdsiftn j,otq cevvs j,(zdktyys[ ljyjhfvb dpyjcjd.Gjckt jrjyxfybz jnxtnyjuj ujlf Idtqwfhbz b Rfyflf dytckb1>24 vky. "R? b 0>16 vky. "R? cjjndtncndtyyj.

Felbnjhcrbq jnxtn Tdhjgtqcrjve ,fyre htrjycnherwbb b hfpdbnbz

Vs ghjdtkb felbnjhcre/ ghjdthre ,fkfycf Cgtwbfkmyjuj ajylf nt[ybxtcrjuj cjnhelybxtcndf lkz vtkrb[ ghtlghbznbq Hjccbb gj cjcnjzyb/ yf 31 ltrf,hz1994 ujlf b jnyjczotujcz r ytve jnxtnf j ldb;tybb jcnfnrf Ajylf pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf cnhfybwf[ 69 - 70. Gjlujnjdrf 'njujabyfycjdjuj jnxtnf zdkztncz jndtncndtyyjcnm/ herjdjlcndf <fyrf. Yf yfc kt;bn jndtncndtyyjcnm cltkfnm pfrk/xtybt gj 'njve abyfycjdjve jnxtne yfjcyjdt yfitq felbnjhcrjq ghjdthrb.

Vs ghjdtkb cdj/ felbnjhcre/ ghjdthre d cjjndtncndbb c vt;leyfhjlysvb felbnjhcrbvb ghbywbgfvb. Cjukfcyj 'nbv ghbywbgfv> vs ljk;ys gkfybhjdfnmb ghjdjlbnm felbnjhcre/ ghjdthre c wtkm/ e,tlbnmcz> d ghtltkf[ hfpevyjuj> d jncencndbb d abyfycjdjv jnxtnt ceotcndtyyjuj bcrf;tybz afrnjd.Felbnjhcrfz ghjdthrf drk/xftn bpextybt> d ds,jhjxyjv gjhzlrt> ljrevtynjd> gjlndth;lf/ob[ cevvs b cdtltybz> cjlth;fobtcz d abyfycjdjv jnxtnt. D felbnjhcre/ ghjdthre d[jlbn b jwtyrf ghbvtytyys[ ghbywbgjd ,e[ufknthcrjuj extnf b df;ytqib[ hfcxtnjd> cltkfyys[ herjdjlcndjv> f nfr;t jwtyrfbpkj;tybz abyfycjdjuj jnxtnf d wtkjv. Vs gjkfuftv> xnj yfif felbnjhcrfz ghjdthrf zdkztncz hfpevysv j,jcyjdfybtv yfituj pfrk/xtybz.

Gj yfitve vytyb/> lfyysq abyfycjdsq jnxtn lftn ghfdbkmyjt ghtlcnfdktybt gj dctv ceotcndtyysv fcgtrnfv j abyfycjdjv gjkj;tybb Ajylf yf 31 ltrf,hz 1994 ujlf> f nfr;t j ldb;tybb jcnfnrf Ajylf pf ujl> pfrjyxbdibqcz 31 ltrf,hz 1994 ujlf> yf jcyjdt ghbvtxfybz 2.

Ltkjqn Nei NjvfweGfhb;7 vfhnf 1995 ujlf

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 71

Gthtxtym ghjtrnjd 1994 ujlf

Endth;ltyyst J,ofz cevvf

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Lfnf Lfnf <fyrf gj ghjtrne

Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Kfndbqcrbq bydtcnbwbjyysq ,fyr Kfndbz Abyfycs C#0 Frwbb 10 zydfhz 23 atdhfkz 1>4 8>2Ajylbhjdfybt gjhnatkz rhtlbnjd ,fyrf> rjnjhsq ,eltn ghbdktrfnm chtlcndf d CRD lkz VCG

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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------CG Karosa – Renault Véhicules Industriels Xticrfz Fdnj- D#1 Rhtlbn> 10 zydfhz 10 vfz 37>0 69>2Cjltqcndbt rjvgfybb Karosa d vjlthybpfwbb tt pfdjlf Htcge,kbrf vj,bkt- frwbb b gj ghjbpdjlcnde gfccf;bhcrb[ b nehbcncrb[ fdnj,ecjd cnhjtybt ufhfynbz

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Dfh/cn Hjccbqcrfz Ytanm F#1 Rhtlbn 10 zydfhz – 9>8 65>7Cjltqcndbt frwbjythyjq rjvgfybb d dsgjk- Atlthfwbzytybb ghjtrnf gj htutythfwbb jnhf,jnfyys[ vfctk d Fhvfdbht> Rhfcyjlfhcrbq rhfq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Barum Continental Xticrfz Bpltkbz C#1 Rhtlbn 25 zydfhz 17 yjz,hz 30>6 182>3Cjltqcndbt rjvgfybb d jhufybpfwbb cjdhtvty- Htcge,kbrf bp htpbysyjuj ghjbpdjlcndf b hjpybxyjuj c,snf iby

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Cvjktycrbq htubjyfkmysq ajyl Hjccbqcrfz Abyfycs C#0 Frwbb 25 zydfhz 8 b/kz 9>8 9>8dtyxehyjuj rfgbnfkf AtlthfwbzCjltqcndbt d erhtgktybb ghbdfnbpbhjdfyys[ rjvgfybq c gjvjom/ bydtcnbwbq d frwbjythyst rfgbnfks

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rdblpsycrbq W<R Gjkmif <evf;yfz D#1 Rhtlbn 7 atdhfkz 9 fduecnf 27>7 272>3Vjlthybpfwbz ltqcnde/otuj wtkk/kjpyj- ghjlerwbz,evf;yjuj rjv,byfnf d Rdblpsyt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Pfdjl gj ghjbpdjlcnde j,htpyjq rkttyjq ljcrb Hjccbqcrfz Lthtdj- D#1 Rhtlbn 21 atdhfkz 3 fduecnf 7>3 16>6Rhtlbn Pfgcb,bydtcne yf cnhjbntkmcndj b Atlthfwbz j,hf,jnrf'rcgkefnfwb/ pfdjlf gj ghjbpdjlcnde j,htpyjq rkttyjq ljcrb d Fh[fyutkmcrt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------"cnjycrbq bydtcnbwbjyysq ,fyr "cnjybz Abyfycs C#0 Rhtlbn 21 atdhfkz 15 b/kz 4>0 8>0J,ktuxtybt ljcnegf VCG r rhtlbnysv chtlcndfv

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Komercijalna Banka A.D. <?H Abyfycs C#0 Ufhfynbz 21 atdhfkz 19 vfz 8>2 8>2Vt[fybpv rhtlbnjdfybz njhujdkb d rfxtcndt ufhfynbb Vfrtljybz,fyrfv-rjhhtcgjyltynfv Komercijalna Banka yf ckexfq ytjgkfns gjlndth;ltyys[ frrhtlbnbdjd

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Kronospan Szczecinek Gjkmif Lthtdj- D#1 Rhtlbn 21 atdhfkz 18 fghtkz 15>9 55>6Vjynf; kbybb gj bpujnjdktyb/ LDG chtlytq j,hf,jnrfgkjnyjcnb b j,jheljdfybz lkz ghjbpdjlcndf cvjk

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rjvgfybz $Cjdabyfvnhfyc$ Hjccbqcrfz :tktpyst D#0 Rhtlbn 21 atdhfkz – 9>8 24>1Bpujnjdktybt b ghbj,htntybt ;tktpyjljhj;ys[ Atlthfwbz ljhjubwbcnthy d hfvrf[ ghjuhfvvs hfcibhtybz rjvgfybb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Yfwbjyfkmyjt fdnjljhj;yjt eghfdktybt Ckjdtybz Nhfycgjhn D#0 Rhtlbn 7 vfhnf 10 b/yz 24>5 73>5Vjlthybpfwbz fdnjljhj;yjq ctnb d ukfdyjv djcnjxyj-pfgflyjv rjhbljht

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Rhtlbns bcxbcktys gj j,vtyysv rehcfv> ltqcndjdfdibv yf 31 ltrf,hz 1994 ujlf.

Frwbb gthtdtltys d "R? gj j,vtyysv rehcfv> ltqcndjdfdibv yf lfne gkfnt;f.

¡ Rfntujhbb 'rjkjubxtcrjq ghjdthrb%F> D b C jpyfxf/n> xnj lkz ghjtrnf nht,etncz%

– gjkyfz 'rjkjubxtcrfz jwtyrf !F@

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Gthtxtym ghjtrnjd 1994 ujlf

72 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

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Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Tdhjnjhujdsq ,fkrfycrbq ajyl <jkufhbz Abyfycs C#0 Frwbb 24 vfhnf 15 ltrf,hz 6>8 23>0Cjplfybt ajylf dtyxehyjuj rfgbnfkf lkz bydtcnbwbq> ukfdysv j,hfpjv d <jkufhbb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rjvgfybz $"ythujcbcntvf Gjkmib$ Gjkmif "ythutnbrf F#1 Rhtlbn 24 vfhnf 8 b/kz 31>5 93>8Pfdthitybt vjynf;f rjnkf c gctdljj;b;tyysv ckjtv yf <tkmcrj-<zkcrjq N"W c pfvtyjq vfkjghjbpdjlbntkmyjuj ,jqkthyjuj j,jheljdfybz

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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Vjlthybpfwbz fdnjvfubcnhfkb <htcn – Vbycr – <tkfhecm Nhfycgjhn D#0 Rhtlbn 11 fghtkz 16 fghtkz 43>8 69>2hjccbqcrfz uhfybwfAbyfycbhjdfybt htvjynf> vjlthybpfwbb b 'rcgkefnfwbb fdnjvfubcnhfkb V1#T30> cdzpsdf/otq Vjcrde> Vbycr> Dfhifde b <thkby

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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Azur-Zycie Gjkmif Cnhf[j- C#0 Frwbb 26 fghtkz 20 ltrf,hz 1>2 1>2Ghtljcnfdktybt eckeu gj cnhf[jdfyb/ ;bpyb dfybtd ctkmcrjq vtcnyjcnb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Abyfycbhjdfybt hfcibhtybz Eurotel Prague Xticrfz Cdzpm C#0 Rhtlbn 26 fghtkz – 3>3 3>3Cjltqcndbt d hfcibhtybb 'ktrnhjyyjq gjxns Htcge,kbrf

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--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Delta Dairy <jkufhbz Gbotdfz D#1 Frwbb 24 vfz – 2>8 13>6Cjltqcndbt d ghjbpdjlcndt vjhj;tyjuj b ghjvsi-cnhjbntkmcndt [kflj[hfybkbo ktyyjcnm

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjuhfvvf hfpdbnbz abyfycjds[ exht;ltybq Hjccbqcrfz Abyfycs C#0 Rhtlbn 24 vfz 1 fduecnf 81>5 307>4Rhtlbn yf gjlujnjdre ,fyrjd> jnj,hfyys[ lkz hf,jns Atlthfwbzc rhtlbnysvb kbybzvb b bysvb ghjtrnfvb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Gjkmcrbq ,fyr hfpdbnbz Gjkmif Abyfycs C#0 Rhtlbn 24 vfz 30 b/yz 24>5 24>5Abyfycbhjdfybt rjvgfybq xfcnyjuj ctrnjhf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Nhfycgjhnysq ghjtrn Kbndf Nhfycgjhn D#0 Rhtlbn 24 vfz 26 ctynz,hz 15>4 37>9Cjltqcndbt d htrjycnherwbb b vjlthybpfwbb nhfycgjhnyjq byahfcnhernehs cnhfys

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ajyl Advent Htubjyfkmysq Abyfycs C#0 Frwbb 7 b/yz 17 fduecnf 14>3 99>9Ghtljcnfdktybt rfgbnfkf b eghfdktyxtcrjuj jgsnf xfcnysv rjvgfybzv d Dtyuhbb> Gjkmit> Ckjdfwrjq Htcge,kbrt b Xticrjq Htcge,kbrt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------BNEH Erhfbyf Cdzpm D#0 Rhtlbn 7 b/yz 30 b/yz 43>3 161>7Vjlthybpfwbz kbybq vt;leyfhjlyjq cdzpb% abyfycb-hjdfybt gjldjlys[ b djkjrjyyj-jgnbxtcrb[ rf,tktq

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Gthtxtym ghjtrnjd 1994 ujlf

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Endth;ltyyst J,ofz cevvf

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Lfnf Lfnf <fyrf gj ghjtrne

Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Re,frcrbq ghjtrn pjkjnjlj,sxb Hjccbqcrfz Ujhyjt F#1 Rhtlbn 7 b/yz – 42>8 125>8Jcdjtybt vtcnjhj;ltybz pjkjnf Atlthfwbz ltkj

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Hfcibhtybt 'rcgthbvtynfkmyjuj 'nfgf Ajylf Hjccbqcrfz Abyfycs C#0 Rhtlbn 7 b/yz 20 b/kz 16>5 33>0lkz vtkrb[ ghtlghbznbq Hjccbb AtlthfwbzFghj,bhjdfybt abyfycjds[ bycnhevtynjd lkz abyfycbhjdfybz vtkrb[ ghtlghbznbq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Vjlthybpfwbz f'hjyfdbufwbjyyjq cbcntvs <?H F'hjgjhns D#0 Rhtlbn 20 b/yz 4 jrnz,hz 11>5 19>1Cjltqcndbt d vjynf;t HKC b byjuj Vfrtljybzyfdbufwbjyyjuj j,jheljdfybz

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------<fknbqcrbq pfdjl Hjccbqcrfz Djlysq D#1 Rhtlbn 20 b/yz – 34>7 50>2Cjltqcndbt d cnhjbntkmcndt nht[ ce[juhepjd Atlthfwbz nhfycgjhnb cnhernehyjq gthtcnhjqrt celjcnhjbntkmyjuj pfdjlf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------"ktrnhjcdzpm d Rshuspcrjq Htcge,kbrt Rshuspcnfy Cdzpm C#0 Rhtlbn 20 b/yz 16 yjz,hz 7>7 27>0Cjltqcndbt d vjlthybpfwbb> hfpdbnbb b cnhernehyjq gthtcnhjqrt jnhfckb cdzpb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjtrn gjllth;rb ghtlghbznbq Hjccbqcrfz Abyfycs C#0 Rhtlbn 20 b/yz 26 ctynz,hz 81>5 81>5Ghtljcnfdktybt ljkujchjxyjuj abyfycbhjdfybz Atlthfwbzrjvvthxtcrbv ,fyrfv lkz gjcktle/otuj rhtlbnjdfybz bvb xfcnys[ ghtlghbznbq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Farm Frites Potato Gjkmif Gbotdfz D#0 Rhtlbn 4 b/kz 5 jrnz,hz 7>9 27>9Cjltqcndbt d cnhjbntkmcndt j,(trnjd lkz ghjvsi-[hfytybz b gththf,jnrb rfhnjatkz ktyyjcnm

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------<fyr dytiytq njhujdkb Dtyuhbb Dtyuhbz Abyfycs C#0 Frwbb 4 b/kz 12 b/kz 18>2 50>0Edtkbxtybt ,fps rfgbnfkf ,fyrf b cjltqcndbt d tuj ghbdfnbpfwbb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Kbnjdcrbq ,fyr hfpdbnbz Kbndf Abyfycs C#0 Frwbb 4 b/kz 16 fduecnf 0>9 5>0Ghtljcnfdktybt chtlyt- b ljkujchjxyjuj abyfycbhjdfybz lkz VCG

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------BNP-Dresdner Bank <jkufhbz Abyfycs C#0 Frwbb 18 b/kz 28 ctynz,hz 1>6 7>8Bydtcnbwbb dj dyjdm exht;lftvsq ,fyr c utythfkmyjq kbwtypbtq d <jkufhbb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ujcnbybwf $Lfeufdf$ Kfndbz Ujcnbybws D#0 Rhtlbn 18 b/kz 30 ctynz,hz 9>8 34>9Abyfycbhjdfybt hf,jn gj hfcibhtyb/> j,yjdktyb/ b 'rcgkefnfwbb ujcnbybws d Hbut

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Gjkmcrbq cgtwbfkmysq ghjtrn cnhernehyjq gthtcnhjqrb Gjkmif Abyfycs C#0 Rhtlbn b 18 b/kz – 65>2 65>2Bydtcnbwbb d chtlybt ghtlghbznbz d wtkz[ cjltqcndbz frwbbcnf,bkbpfwbb> cnhernehyjq gthtcnhjqrt> ghbdfnbpfwbb> htajhvbhjdfyb/ abyfycjdjuj ctrnjhf b yfhfobdfyb/ eghfdktyxtcrjuj gjntywbfkf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------PRISCO Maritime Limited Hjccbqcrfz Djlysq D#0 Rhtlbn 18 b/kz 10 jrnz,hz 36>7 122>9Cjltqcndbt gfhj[jlcnde d ghbj,htntybb xtnsht[ yjds[ Atlthfwbz nhfycgjhnnfyrthjd-ghjlernjdjpjd> gjcnhjtyys[ d Erhfbyt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Schooner Capital/Bydtcnbwbb d frwbjythysq Gjkmif Abyfycs C#0 Frwbb 18 b/kz 26 ctynz,hz 24>2 81>5rfgbnfk White Eagle IndustriesBydtcnbwbb d bpdtcnyst gjkmcrbt ghtlghbznbz> ukfdysv j,hfpjv xthtp ghbdfnbpfwb/

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Cbcntvf djljcyf,;tybz Nfkkbyyf "cnjybz "rjkjubz D#0 Rhtlbn 18 b/kz 15 ctynz,hz 23>4 46>5Vjlthybpfwbz cbcntv djljcyf,;tybz b jxbcnrb cnjxys[ djl d Nfkkbyyt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ehfkmcrbq htubjyfkmysq ajyl dtyxehyjuj rfgbnfkf Hjccbqcrfz Abyfycs C#0 Rhtlbn 18 b/kz 11 yjz,hz 24>5 24>5Ghtljcnfdktybt yjdjuj frwbjythyjuj rfgbnfkf b Atlthfwbzgjcnghbdfnbpfwbjyyfz gjllth;rf ghtlghbznbzv ehfkmcrjuj htubjyf

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Gthtxtym ghjtrnjd 1994 ujlf

74 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

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Lfnf Lfnf <fyrf gj ghjtrne

Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Htrjycnherwbz f'hjyfdbufwbjyyjq cbcntvs {jhdfnbz F'hjgjhns D#0 Rhtlbn 23 fduecnf 21 ctynz,hz 17>9 21>4Rhtlbn d wtkz[ cjltqcndbz d pfvtyt HKC uhf;lfycrjuj yfpyfxtybz b bys[ chtlcnd f'hjyfdbufwbjyyjuj j,tcgtxtybz b cdzpb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Caresbac <jkufhbz Abyfycs C#0 Frwbb 23 fduecnf 7 jrnz,hz 3>2 9>8Dkj;tybt frwbjythyjuj rfgbnfkf d bydtcnbwbjyye/ rjvgfyb/> abyfycbhe/oe/ ,jkufhcrbt VCG yf ytrjvvthxtcrb[ eckjdbz[

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------"cnjycrbq bydtcnbwbjyysq ,fyr "cnjybz Abyfycs C#0 Frwbb 23 fduecnf 26 jrnz,hz 1>5 4>5Dkj;tybt frwbjythyjuj rfgbnfkf lkz edtkbxtybz rfgbnfkf "B<> abyfycbhe/otuj xfcnysq ctrnjh

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Eybdthcfkmyfz cnhf[jdfz rjvgfybz <jkufhbz Cnhf[j- C#0 Frwbb 23 fduecnf 25 yjz,hz 0>8 3>9Ghtljcnfdktybt eckeu gj cnhf[jdfyb/ !bcrk/xfz dfybtcnhf[jdfybt ;bpyb@ vtcnysv b byjcnhfyysv rjvgfybzv d <jkufhbb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Vj,bkmyst ntktcbcntvs#UCV 900 Hjccbqcrfz Cdzpm C#0 Rhtlbn b 23 fduecnf – 33>7 336>8Abyfycbhjdfybt ctnb UCV 900> j,tcgtxb- Atlthfwbz frwbbdf/otq j,ottdhjgtqcre/ cdzpm

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Cgtwbfkmyfz ghjuhfvvf cnhernehyjq gthtcnhjqrb Ckjdtybz Abyfycs C#0 Frwbb 23 fduecnf – 30>0 30>0d CkjdtybbAbyfycbhjdfybt vthjghbznbq gj cnf,bkbpfwbb> cnhernehyjq gthtcnhjqrt b ghbdfnbpfwbb yf ghb,kbpbntkmyj 15 ghtlghbznbz[ c gjvjom/ lde[ vtcnys[ vt[fybpvjd bydtcnbhjdfybz

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Bydtcnbwbb d frwbjythysq rfgbnfk Njrj,fyrf Hjccbqcrfz Abyfycs C#0 Frwbb 6 ctynz,hz 29 ctynz,hz 28>9 28>9Cjltqcndbt hf,jnf/otve c /hblbxtcrbvb kbwfvb Atlthfwbzrjvvthxtcrjve ,fyre d htfkbpfwbb ukfdys[ yfghfdktybq tuj ltkjdjuj gkfyf> jcj,tyyj d jrfpfybb jcyjdys[ ,fyrjdcrb[ eckeu

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjldb;tybt dbyjltkmxtcrjq ghjlerwbb yf 'rcgjhn Vjkljdf Gbotdfz D#1 Rhtlbn 6 ctynz,hz 3 jrnz,hz 24>5 40>5Rhtlbn Dbybydtcne yf wtkb gjdsitybz rfxtcndf b ghjvsi-ekexitybz egfrjdrb vjklfdcrb[ dby ktyyjcnm

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Dtyuthcrbq ajyl jcyjdyjuj rfgbnfkf Dtyuhbz Abyfycs C#0 Frwbb 20 ctynz,hz – 16>3 48>9Abyfycbhjdfybt yf wtkb ghbj,htntybz rjynhjkmys[ gfrtnjd frwbq ghtlghbznbq> ye;lf/ob[cz d cnhernehyjq gthtcnhjqrt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Tesla Y.S., a.s. Xticrfz Rthfvbrf D#1 Rhtlbn 20 ctynz,hz 25 ctynz,hz 6>0 10>6Rhtlbn bpujnjdbntk/ rthfvbxtcrb[ Htcge,kbrfgjkeghjdjlybrjds[ gjlkj;tr yf vjlthybpfwb/ ltqcnde/otuj pfdjlf b dytlhtybt yjds[ nt[yjkjubq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------AS Hansapank "cnjybz Abyfycs C#0 Rhtlbn 6 jrnz,hz 21 jrnz,hz 4>5 9>0Rhtlbnyfz kbybz> jnrhsdf/ofz ,fyre ljcneg r chtlytchjxyjve abyfycbhjdfyb/ b gjpdjkz/ofz tve nfrbv j,hfpjv ajhvbhjdfnm cdjq gjhnatkm rhtlbnjd

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------CG gj ghjbpdjlcnde ,snjdjq nt[ybrb Rfpf[cnfy "ktrnhjybrf D#1 Rhtlbn b 6 jrnz,hz – 11>9 45>7Rhtlbn cjdvtcnyjve ghtlghbznb/ c rjvgfybtq Kramds- frwbbSimtel Industries lkz cjltqcndbz d bvgjhnjpfvtotybb> ghjbpdjlcndt 'rcgjhnyjq ghjlerwbb b gthtlfxt nt[yjkjubq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------<fyr JNH Dtyuhbz Abyfycs C#0 Rhtlbn 6 jrnz,hz 2 yjz,hz 81>5 81>5Htdjkmdthysq htpthdysq rhtlbn lkz gjkextybz ljcnegf r chtlytchjxyjve abyfycbhjdfyb/

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbn ,fyre Banca Agricola yf hfpdbnbt byajhvfnbrb Hevsybz Abyfycs C#0 Rhtlbn 18 jrnz,hz 9 ltrf,hz 9>8 16>3Bydtcnbwbb yf cjdthitycndjdfybt rjvgm/nthyjuj j,jheljdfybz 'njuj xfcnbxyj ghbdfnbpbhjdfyyjuj ,fyrf

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Gthtxtym ghjtrnjd 1994 ujlf

Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 75

Endth;ltyyst J,ofz cevvf

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Lfnf Lfnf <fyrf gj ghjtrne

Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbnyfz kbybz lkz cjltqcndbz 'rcgjhne Nehrvtybcnfy Abyfycs C#0 Rhtlbn 18 jrnz,hz 24 yjz,hz 28>5 28>5Rhtlbn Wtynhfkmyjve ,fyre Nehrvtybcnfyf lkz gjcktle/otuj rhtlbnjdfybz hzlf rjvvthxtcrb[ ,fyrjd d wtkz[ ce,rhtlbnjdfybz xfcnyjuj ctrnjhf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Lfkmytdjcnjxyjt gfhj[jlcndj# Hjccbqcrfz Djlysq D#0 Rhtlbn 18 jrnz,hz 11 yjz,hz 13>3 44>4Roselau Shipping Company Limited Atlthfwbz nhfycgjhnRhtlbn yf ghbj,htntybt nht[ yjds[ rjyntqythjdjpjd> gjcnhjtyys[ yf celjdthab d Otwbyt> Gjkmif

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Celf Ctdthj-Pfgflyjuj gfhj[jlcndf Hjccbqcrfz Djlysq D#0 Rhtlbn 18 jrnz,hz – 27>0 46>7Ghbj,htntybt 10 celjd rkfccf $htrf - vjht$> gjcnhjtyys[ Atlthfwbz nhfycgjhnyf Djkujuhflcrjv celjcnhjbntkmyjv pfdjlt> Hjccbz

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Papirnica Kolicevo d.o.o. Ckjdtybz <evf;yfz D#1 Frwbb b 18 jrnz,hz 20 ltrf,hz 13>0 72>2Abyfycbhjdfybt cnhernehyjq gthtcnhjqrb> ghjlerwbz rhtlbnrfgbnfkmys[ pfnhfn b j,jhjnyjuj rfgbnfkf rjvgfybb gj ghjbpdjlcnde ,evfub

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Bydtcnbwbjyysq ajyl $Gbjyth$ Gjkmif Abyfycs C#0 Frwbb 18 jrnz,hz 12 ltrf,hz 6>1 40>8Bydtcnbwbb d frwbjythyst rfgbnfks xfcnys[ b ghbdfnbpbhetvs[ rjvgfybq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Pfdjl Revoz d.d. Ckjdtybz Fdnj- D#1 Rhtlbn 18 jrnz,hz – 38>1 127>8Vjlthybpfwbz fdnjpfdjlf b gjdsitybt rfxtcndf vj,bkt-tuj ghjbpdjlcndf d Yjdj Vtcnj cnhjtybt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Cfyrn-Gtnth,ehucrbq htubjyfkmysq ajyl Hjccbqcrfz Abyfycs C#0 Frwbb 18 jrnz,hz 16 ltrf,hz 24>5 24>5dtyxehyjuj rfgbnfkf AtlthfwbzGhtljcnfdktybt yjdjuj frwbjythyjuj rfgbnfkf b gjcnghbdfnbpfwbjyyfz gjllth;rf ghtlghbznbzv ujhjlf b j,kfcnb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Bydtcnbwbjyysq ajyl hfpdbnbz Ckjdtybb Ckjdtybz Abyfycs C#0 Frwbb 18 jrnz,hz – 6>1 20>4Bydtcnbwbb d xfcnysq ctrnjh b ghbdfnbpbhetvst rjvgfybb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbn rjvgfybb Slovnaft a.s. Ckjdfwrfz Ytanm D#1 Rhtlbn 18 jrnz,hz 8 ltrf,hz 24>5 43>5Hfcibhtybt b vjlthybpfwbz ctnb Htcge,kbrffdnjpfghfdjxys[ cnfywbq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbnyfz kbybz lkz ,fyrf Tatra Ckjdfwrfz Abyfycs C#0 Rhtlbn 18 jrnz,hz – 15>9 15>9Abyfycbhjdfybt chtlyt- b ljkujchjxys[ Htcge,kbrfrhtlbnjd lkz VCG

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbnyfz kbybz lkz rjvgfybb Corfin Xticrfz Abyfycs C#0 Rhtlbn 1 yjz,hz – 24>5 24>5Gjllth;rf ltzntkmyjcnb kbpbyujdjq rjvgfybb Htcge,kbrfd j,kfcnb nhfycgjhnys[ chtlcnd> vt[fybpvjd b j,jheljdfybz

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Htrjycnherwbz rfcrflf 'ktrnhjcnfywbq Fk,fybz "ythutnbrf D#1 Rhtlbn 1 yjz,hz 22 yjz,hz 12>6 46>2yf htrt LhbyRhtlbn lkz KESH yf htrjycnherwb/ b vjlthybpfwb/ jcyjdys[ 'ktrnhjcnfywbq Fk,fybb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Gthdsq htubjyfkmysq ajyl YYU Htubjyfkmysq Abyfycs C#0 Frwbb 1 yjz,hz 21 yjz,hz 16>2 146>8Bydtcnbwbb dj dyjdm exht;ltyysq ajyl

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Yfwbjyfkmyst bydtcnbwbjyyst ajyls Gjkmif Abyfycs C#0 Rhtlbn 1 yjz,hz – 44>4 44>4Cjltqcndbt d ghtljcnfdktybb frwbjythyjuj rfgbnfkf b rhtlbnjd rjvgfybzv> exfcnde/obv d ghjuhfvvt

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbnyfz kbybz lkz VCG <tkfhecm Abyfycs C#0 Rhtlbn 1 yjz,hz 22 yjz,hz 24>5 24>5Cnfyjdktybt ,fyrjdcrjq jnhfckb b xfcnys[ VCG

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbnyfz kbybz lkz VCG Rshuspcnfy Abyfycs C#0 Rhtlbn 1 yjz,hz – 8>6 8>6Cnfyjdktybt xfcnys[ ghtlghbznbq b ,fyrjdcrjq cbcntvs

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Gthtxtym ghjtrnjd 1994 ujlf

76 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

Endth;ltyyst J,ofz cevvf

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Lfnf Lfnf <fyrf gj ghjtrne

Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Technolen WF a.s. Xticrfz Ntrcnbkm D#1 Rhtlbn 1 yjz,hz – 8>9 15>8Hfcibhtybt ,fps jcyjdyjuj rfgbnfkf rjvgfybb Htcge,kbrf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Fdnjljhj;ysq ghjtrn Kfndbz Fdnj- D#0 Rhtlbn 1 yjz,hz 14 ltrf,hz 8>5 21>9Cjltqcndbt d htrjycnherwbb b vjlthybpfwbb nhfycgjhnljhj;yj-nhfycgjhnyjq byahfcnhernehs

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Bnfkj-fk,fycrbq ,fyr Fk,fybz Abyfycs C#0 Frwbb 15 yjz,hz 20 ltrf,hz 2>0 10>2Cnfyjdktybt ,fyrf d rfxtcndt gthdjuj rjvvthxtcrjuj xfcnyjuj ,fyrf d Fk,fybb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Gjlptvyjt ufpj[hfybkbot MOL-Zsana Dtyuhbz "ythutnbrf F#1 Rhtlbn 15 yjz,hz 30 ltrf,hz 44>8 69>3Rhtlbn dtyuthcrjq ytantufpjdjq rjvgfybb MOL

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Htubjyfkmysq ajyl dtyxehyjuj rfgbnfkf Hjccbqcrfz Abyfycs C#0 Frwbb 15 yjz,hz 19 ltrf,hz 24>5 24>5Lfkmytuj Djcnjrf b Djcnjxyjq Cb,bhb AtlthfwbzExht;ltybt ajylf d wtkz[ cjltqcndbz hjccbqcrbv rjvgfybzv htubjyf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Hjccbqcrbq nt[yjkjubxtcrbq ajyl Hjccbqcrfz Abyfycs C#0 Frwbb 15 yjz,hz – 8>2 24>5Bydtcnbwbb d frwbjythyst b rdfpbfrwbjythyst Atlthfwbzrfgbnfks> ukfdysv j,hfpjv dscjrjnt[yjkjubxys[ VCG

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Uhepjdjq nthvbyfk thtdfycrjuj f'hjgjhnf $Pdfhnyjw$ Fhvtybz F'hjgjhns D#1 Rhtlbn 15 yjz,hz 29 yjz,hz 18>6 24>1Cjltqcndbt f'hjgjhne $Pdfhnyjw$ d gjdsitybb 'aatrnbdyjcnb j,hf,jnrb fdbfuhepjd b cvt;ys[ eckeu d cdzpb c uhf;lfycrbvb fdbfuhepfvb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Banca de Credit Cooperatist S.A. Hevsybz Abyfycs C#0 Rhtlbn 29 yjz,hz 12 ltrf,hz 16>3 16>3Abyfycbhjdfybt bydtcnbwbjyys[ ghjtrnjd VCG

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Wtynhfkmysq ltkjdjq wtynh Dtyuhbz Ytldb;b- D#0 Rhtlbn b 29 yjz,hz 16 ltrf,hz 6>0 17>5Cnhjbntkmcndj cjdhtvtyyjuj vyjujaeyrwbjyfkmyjuj vjcnm frwbbplfybz d <elfgtint

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Investicni a Postovni Banka a.s. Xticrfz Abyfycs C#0 Rhtlbn 29 yjz,hz – 40>8 40>8Ghtljcnfdktybt rkbtynfv ,fyrf 'rcgjhnyjuj Htcge,kbrfabyfycbhjdfybz

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Cnhernehyfz gthtcnhjqrf c,snf gkjljjdjoyjq Erhfbyf Jgnjdfz D#0 Rhtlbn 29 yjz,hz – 11>8 17>9ghjlerwbb d Rbtdt njhujdkzCjplfybt jgnjdjuj hsyrf b vjlthybpfwbz j,jheljdfybz xtnsht[ jdjoys[ ,fp> f nfr;t lj 60 vfufpbyjd hjpybxyjq njhujdkb b hzlf jdjotdjlxtcrb[ [jpzqcnd

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ntrcnbkmyfz rjvgfybz $Ybnneh$ Nehrvtybcnfy Ntrcnbkm D#1 Rhtlbn 29 yjz,hz – 8>2 21>7Cnhjbntkmcndj rhfcbkmyjuj wt[f b nhbrjnf;yjq af,hbrb gj ghjbpdjlcnde yjcrjd b nhbrjnf;f

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Rhtlbnyfz kbybz lkz VCG Erhfbyf Abyfycs C#0 Rhtlbn 29 yjz,hz 16 ltrf,hz 98>8 98>8Hfpdbnbt xfcnys[ VCG gentv rhtlbnjdfybz b[ xthtp jndtxf/obt nht,jdfybzv xfcnyst ,fyrb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Fcnjg Ep,trbcnfy Ntrcnbkm D#0 Rhtlbn 13 ltrf,hz – 13>0 37>5Rhtlbn ntrcnbkmyjve ghtlghbznb/ $Fp,erf$ lkz dkj;tybz d ghzlbkmye/ af,hbre gj ghjbpdjlcnde [kjgxfnj,evf;yjq ghz;b 'rcgjhnyjuj rfxtcndf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------<fyr Przemyslowo-Handlowy w Krakowie SA Gjkmif Abyfycs C#0 Frwbb 13 ltrf,hz 14 ltrf,hz 36>0 36>0Ufhfynbqyjt j,zpfntkmcndj j ghbj,htntybb frwbq ,fyrf d ghjwtcct tuj ghbdfnbpfwbb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Wtynhfkmyjtdhjgtqcrfz futyncrfz kbybz cdzpb Dtyuhbz> Cdzpm C#0 Rhtlbn 13 ltrf,hz – 51>8 102>7Rhtlbn xfcnysv rjvgfybzv> gjkexbdibv rjywtccbb bkb Gjkmif b kbwtypbb yf dkfltybt b 'rcgkefnfwb/ vtkrb[ b chtlyb[ Xticrfz ctntq cdzpb xthtp CETAL Htcge,kbrf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 77

Gthtxtym ghjtrnjd 1994 ujlf

Endth;ltyyst J,ofz cevvf

chtlcndf bydtcnbwbq

Lfnf Lfnf <fyrf gj ghjtrne

Cnhfyf Jnhfckm R"G¡ Nbg endth;ltybz gjlgbcfybz vky. "R? vky. "R?

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Xticrbq ;tktpyjljhj;ysq rjhbljh Ceske Drahy Xticrfz :tktpyst D#0 Rhtlbn 13 ltrf,hz – 42>5 694>6Vjlthybpfwbz xticrjuj ;tktpyjljhj;yjuj rjhbljhf b Htcge,kbrf ljhjubljdtltybt tuj lj ehjdyz vt;leyfhjlyj ghbyzns[ yjhv 'rcgkefnfwbb b nt[ybrb ,tpjgfcyjcnb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Htrjycnherwbz ctnb 'ktrnhjcyf,;tybz {jhdfnbz "ythutnbrf D#1 Rhtlbn 13 ltrf,hz – 39>7 62>5Rhtlbn rjvgfybb Hrvatska Elektroprivreda yf djccnf- yjdktybt 'ktrnhjcyf,;tybz d hfqjyf[> gjcnhflfdib[ jn djtyys[ ltqcndbq> b yf j,tcgtxtybt gthtlfxb 'ktrnhj'ythubb lfktt yf flhbfnbxtcrjt gj,tht;mt b jcnhjdf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Htrjycnherwbz fdnjvfubcnhfktq {jhdfnbz Fdnjljhjub F#0 Rhtlbn 13 ltrf,hz – 37>5 195>2Cjltqcndbt ghfdbntkmcnde {jhdfnbb d dsgjkytybb ;bpytcgjcj,yjuj ghjtrnf htrjycnherwbb fdnjljhju> f nfr;t d abyfycbhjdfybb hf,jn gj ekexityb/ rfxtcndf b cjcnjzybz gjrhsnbz ghjtp;tq xfcnb ukfdys[ fdnjvfubcnhfktq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Pfdjl ,tpfkrjujkmys[ yfgbnrjd Leventis d Nbvbijfht Hevsybz Gbotdfz D#1 Rhtlbn 13 ltrf,hz – 7>7 18>3Cjltqcndbt d ghbj,htntybb j,jheljdfybz lkz xtnsht[ ghjvsi-kbybq gj hjpkbde ,tpfkrjujkmys[ yfgbnrjd b cjrjd ktyyjcnm

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Vfrtljycrfz 'ktrnhjcdzpm <?H Cdzpm D#0 Rhtlbn 13 ltrf,hz – 34>7 67>7Rhtlbn vfrtljycrjve dtljvcnde gjxnjdjq> ntktuhfayjq Vfrtljybzb ntktajyyjq cdzpb yf hfpdbnbt ctnb vt;leyfhjlyjq> vt;leujhjlyjq b vtcnyjq ntktajyyjq cdzpb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Metalplast Spolka Z.o.o. Gjkmif J,hf,fns- D#1 Frwbb 13 ltrf,hz – 6>9 28>8Cnbvekbhjdfybt ghjwtccf ghbdfnbpfwbb rjvgfybb df/ofz b abyfycbhjdfybt ghjuhfvvs tt vjlthybpfwbb ghjv-cnm

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjuhfvvf hfpdbnbz ujhjlcrjuj Hevsybz "rjkjubz D#0 Rhtlbn 13 ltrf,hz – 22>8 51>1rjvveyfkmyjuj [jpzqcndfHtrjycnherwbz b vjlthybpfwbz ujhjlcrb[ cbcntv djljcyf,;tybz d gznb ujhjlf[

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Htrjycnherwbz ghtlghbznbq 'ythutnbrb Uhepbz "ythutnbrf D#1 Rhtlbn 13 ltrf,hz 19 ltrf,hz 14>8 20>6Rhtlbn ujcelfhcndtyyjve ghtlghbznb/ 'ythutnbrb b 'ktrnhbabrfwbb Uhepbb !Cfr'ythuj@ yf htrjycnherwb/ N"W b U"C> dtleoe/ r gjdsityb/ nthvbxtcrjuj RGL

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjtrn $Ghjrnth 'yl U'v,k$# Hjccbqcrfz {bvbrfns D#1 Frwbb 13 ltrf,hz – 13>9 40>8Yjdjvjcrjdcrbq pfdjl vj/ob[ chtlcnd AtlthfwbzBydtcnbwbb d pfdjl vj/ob[ chtlcnd

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Vjlthybpfwbz ;tktpys[ ljhju Gjkmif :tktpyst D#0 Rhtlbn 13 ltrf,hz – 50>0 487>0Cjltqcndbt gjkmcrbv ujcelfhcndtyysv ;tktpysv ljhjubljhjufv d htrjycnherwbb b vjlthybpfwbb ;tktpyj-ljhj;yjq vfubcnhfkb !<thkby@ - Rfnjdbwt - Dfhifdf

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Bydtcnbwbb d frwbjythysq rfgbnfk ,fyrf SKB Ckjdtybz Abyfycs C#0 Frwbb 13 ltrf,hz 14 ltrf,hz 16>6 31>7Cjltqcndbt ,fyre d htfkbpfwbb tuj chtlytchjxyjuj ltkjdjuj gkfyf j,jcyjdfyyjuj hfcibhtybz hsyjxys[ jgthfwbq b gjdsitybz ghb,skmyjcnb

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Frwbjythysq rfgbnfk Slovnaft a.s. Ckjdfwrfz Ytanm D#1 Frwbb 13 ltrf,hz – 48>9 346>5Cjltqcndbt d lfkmytqitq ghbdfnbpfwbb rjvgfybb Htcge,kbrfb ghjlf;t tt frwbq> d njv xbckt b yf vt;leyfhjlys[ hsyrf[

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjuhfvvf cjltqcndbz njhujdkt Hjccbqcrfz Abyfycs C#0 Rhtlbn 13 ltrf,hz – 81>5 81>5Cjltqcndbt hzle hjccbqcrb[ ,fyrjd d Atlthfwbzhfpdbnbb cdzpfyys[ c njhujdktq eckeu

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Tybrtylcrbq ghjtrn djpj,yjdkztvjq 'ythubb Fpth,fql;fy "ythutnbrf D#0 Rhtlbn 13 ltrf,hz 21 ltrf,hz 43>4 61>2Abyfycbhjdfybt Fpth'ythl;b yf wtkb pfdthitybz cnhjbntkmcndf Tybrtylcrjq U"C b j,tcgtxtybz j,jheljdfybz lkz kf,jhfnjhys[ bcgsnfybq

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------Ghjtrns> endth;ltyyst d 1994 ujle 2408>8 6909>0

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------

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78 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz78 Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz

-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Eghfdkz/obt b pfvtcnbntkb eghfdkz/ob[31 ltrf,hz 1994 ujlf

-------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------Xkty Eghfdkz/obq Pfvtcnbntkm eghfdkz/otuj

Fdcnhfkbz Hfkma Ebkkbc Vfqrk RjcntkkjFdcnhbz Athlbyfyl Kfwbyf Ufyc Lbnvfh IdfqcuenFpth,fql;fy Ufkb, Fuftd Dfuba R. F[vtljdFk,fybz Umthub Rjylf "kbpf,tn UmjybFhvtybz Ktdjy <fh[elfhzy <fuhfn Fcfnhzy<tkfhecm Cnfybckfd <julfyrtdbx Ybrjkfq Kbcfq<tkmubz Abkbg Vtqcnfln Uhtuefh <heyc<jkufhbz – Vbktnb Vkfltyjd<?H Vfrtljybz Zyt Vbk=dcrbq Lptdltn {fl;htlbybDtyuhbz Kfckj <trtib Lm=hlm CfgfhbUthvfybz Ntj Dfqutkm Uthn UfkkthUhtwbz Zyyjc Gfgfynjybe L;jhl; RfylfktgfcUhepbz Ntyubp Utktbidbkb Yjlfh L;fdf[bidbkbLfybz Vfhbfyyf Tkmdtl Tyc NjvctyTubgtn Vf[vel Vj[fvtl Vf[vel Cffl AfhfhubBphfbkm Bfrjd F. Ahtyrtkm Tuel RfeavfyBhkfylbz Hjhb Rdby Gtllb VfkfhrbBckfylbz Cbu[dfneh <mjhudbyccjy Abyyeh Cdtqy,mjhyccjyBcgfybz Gtlhj Cjkm,tc Vbhf Fkmahtlj GfcnjhBnfkbz Kfv,thnj Lbyb Vfhbj LhfubRfpf[cnfy Vfhc Ehrev,ftd Ehfp F. L;fyljcjdRfyflf Gjk Vfhnby Ujhljy CvbnRbgh {hbcnjlekjc {hbcnjleke Vbrf'k "hjnjrhbnjcHtcge,kbrf Rjhtz Z {mjy {jy Vm/y {j RbvRshuspcnfy Fcrfh Cfhsuekjd Evfh Njqujy,ftdKfndbz Fylhbc Gbt,fkuc Zybc PdfybnfqcKbndf "lefhlfc Dbkrtkbc F. Rfhfk/cKb[ntyintqy "uvjyl Ahjvvtkmn Hjkfyl VfhrcthK/rctv,ehu :fr Cfynth Bd VthiVfkmnf L;jy Lfkkb Ahtycbc L;. DfccfkkjVfhjrrj Vehfl Ithba F,ltkm Atnf[ <tkmvfycehVtrcbrf Ubkmthvj Jhnbc {jct CblfebVjkljdf Ktjybl Nfkvfx Dfkthbe RbnfyYblthkfyls Uthbn Pfkv {fyc dfy VbthkjYjdfz Ptkfylbz Ljy Vfrrbyyjy L;jy Rjkkbyl;Yjhdtubz Cbu,mjhy Qjycty "dty JcGjkmif Ufyyf Uhjyrtdbx-Dfkmw –Gjhneufkbz "lefhle lb Fkvtqlf Rfnhjuf Dfkmnth Dfkmltvfh Gtue VfhrtiHjccbqcrfz Atlthfwbz Nfnmzyf Gfhfvjyjdf Fylhtq DfdbkjdHevsybz Akjhby Utjhutcre Veueh BcfhtcreCkjdfwrfz Htcge,kbrf Cthutq Rjpkbr Dkflbvbh VfcfhCkjdtybz Vbnz Ufcgfhb Fylhtq RfdxbxCjtlbytyyjt Rjhjktdcndj Rtyytn Rkfhr <fhjytccf XjrthCjtlbytyyst Infns Fvthbrb Ah'yr Ym/vfy !b.j.@ L;jfy CgthjNfl;brbcnfy – Ifhba HfabvjdNehrvtybcnfy {elfq,thls F. Jhfpjd Fvfyutkmls <fqhfvjdNehwbz Fqath Qskvfp V. </ktyn +pu/yEp,trbcnfy Hecnfv C. Fpbvjd F,lehfabr F[fljdErhfbyf Gtnhj Uthvfyxer Dbrnjh ?otyrjAbykzylbz Gthnb Cfkjkfqyty Dtqrj RfynjkfAhfywbz "lvjy Fkmafylthb Rhbcnbfy Yefqt{jhdfnbz <jpj Ghrf Qjcbg RekbibxXticrfz Htcge,kbrf Bdfy Rjxfhybr Qjpta NjijdcrbqIdtqwfhbz :fy-Gfcrfkm Ltkfv/hf Cbkmdbj FhbjkbIdtwbz Q=hfy Gthcjy Cdfynt ",thu"cnjybz Fylhtc Kbgcnjr Vflbc ?hbrtZgjybz Vfcf=cb Nfrtvehf Zcej VfwecbnfTB< <hfqfy Fyeby Djkmaufyu HjnTC {tybyu Rhbcnjathcty L;jdfyyb Hfdfpbj

Eghfdkz/obt

-----------------------------------------------------------------------------------------------------------------------------------Ghtlctlfntkm Cjdtnf eghfdkz/ob[Gtlhj Cjkm,tc Vbhf

Pfvtcnbntkb ghtlctlfntkz Cjdtnf eghfdkz/ob[Hfkma EbkkbcVfhc Ehrev,ftd

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Tdhjgtqcrbq ,fyr htrjycnherwbb b hfpdbnbz 79

Lbhtrnjhf

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Lbhtrnjhf b pfvtcnbntkb lbhtrnjhjd31 ltrf,hz 1994 ujlf

-------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------Lbhtrnjhf Pfvtcnbntkb lbhtrnjhjd Ghtlcnfdkztvst cnhfys

b jhufybpfwbb

Cntafyjc Dfdfkblbc Athyfyle Cefhti Rfhytqhe Uhtwbz#GjhneufkbzFynefy Dfy Utntv Gbnth <ktrb Tdhjgtqcrjt cjj,otcndjU/ynth Dbyrtkmvfy Pbuahbl <jhuuhtat UthvfybzHj,thn Uh'v-{fhhbcjy L;jy Rfykba Cjtlbytyyjt RjhjktdcndjGkfvty Bkxtd1 Zy <tktwrbq <jkufhbz#Gjkmif#Fk,fybzL;jy Rjekvfy L'dbl {jhkb Rfyflf#Vfhjrrj{tkmut Rhbyucnfl2 Hfekb Ceqrfyty3 Yjhdtubz#Abykzylbz# KfndbzHjl;th Kfdtk Nthhb <hfey Tdhjgtqcrbq bydtcnbwbjyysq

,fyr{fqyth Keiby Fvjc He,by4 Fdcnhbz#Bphfbkm#Rbgh#Vfkmnf#

Rfpf[cnfyL;eptggt Vfhtcrf Vfehbwbj Cthhf BnfkbzLm=hlm Vfnjkxb5 Njvfi Gfhbptr Xticrfz Htcge,kbrf#Dtyuhbz#

Ckjdfwrfz Htcge,kbrf#{jhdfnbzGfnhbr Vjhlfr Lblmt "km,jv AhfywbzFkfy Vjhhbc6 {ey Ueyy Hj7 Fdcnhfkbz#Rjhtz#

Yjdfz Ptkfylbz#TubgtnRkfc lt Ythufhl {jrfy "vcujhl8 Idtwbz#Bckfylbz# "cnjybzJktu Ghtrcby Cthutq Jdctqxbr Hjccbqcrfz Atlthfwbz#

<tkfhecm#Nfl;brbcnfy:fr Htdthlty Ctkml;er Ltvbhfkg9 Idtqwfhbz#Nehwbz#Kb[ntyintqy#

Ep,trbcnfy#Rshuspcnfy#Fpth,fql;fy#Nehrvtybcnfy

Jktrcfylh Cfdxtyrj Cnfytk Utyxf Erhfbyf#Hevsybz#Vjkljdf#Uhepbz#Fhvtybz

<thyfh Cyef10 "hytcn V/kty <tkmubz#K/rctv,ehu#CkjdtybzRflpevjnj Celperb Nfrfcb Jcfyfb Zgjybz{jct Kebc Eufhnt <tkty Rhbcnbyj Bcgfybz#VtrcbrfQj[fy {bk,thc Rtc Cgfyc11 Yblthkfyls<hfqfy {bkkthb12 Fcuth Keyl-Cjhtycty13 Bhkfylbz#Lfybz#Kbndf#

<?H VfrtljybzL;tqvc Ijqth14 Kb L;trcjy Cjtlbytyyst Infns Fvthbrb

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Rjvbntns cjdtnf lbhtrnjhjd31 ltrf,hz 1994 ujlf

-------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------------------Htdbpbjyysq rjvbntn Rjvbntn gj ,/l;tnysv Rjvbntn gj abyfycjdjq

b flvbybcnhfnbdysv djghjcfv b jgthfwbjyyjq gjkbnbrt

Cntafyjc Dfdfkblbc <thyfh Cyef Hj,thn Uh'v-{fhhbcjy !ghtlctlfntkm@ !ghtlctlfntkm@ !ghtlctlfntkm@Gkfvty Bkxtd U/ynth Dbyrtkmvfy Jktu Ghtrcby !pfvtcnbntkm ghtlctlfntkz@ !pfvtcnbntkm ghtlctlfntkz@ !pfvtcnbntkm ghtlctlfntkz@Qj[fy {bk,thc <hfqfy {bkkthb L;jy Rjekvfy{tkmut Rhbyucnfl L;eptggt Vfhtcrf Rkfc lt YthufhlHjl;th Kfdtk Lm=hlm Vfnjkxb {fqyth KeibyFkfy Vjhhbc Gfnhbr Vjhlfr :fr HtdthltyFynefy Dfy U=ntv L;tqvc Ijqth Jktrcfylh Cfdxtyrj

Rflpevjnj Celperb {jct Kebc Eufhnt

1 Gkfvty Bkxtd b Zy <tktwrbq j,vtyzkbcm gjcnfvb d fghtkt.

2 {tkmut Rhbyucnfl pfvtybkf Rfhb Yfhcf d vft.

3 Hfekb Ceqrfyty pfvtybk "hbrf Jh[ecf d vft.

4 Fvjc He,by pfvtybk Vjhlt[fz Ahtyrtkz d fduecnt.

5 Lm=hlm Vfnjkxb b Njvfi Gfhbptr j,vtyzkbcm gjcnfvb d vft.

6 Fkfy Vjhhbc pfvtybk L;bvf {fvahbcf d b/yt.

7 {ey Ueyy Hj pfvtybk Djy Zy +yf d atdhfkt.

8 {jrfy "vcujhl pfvtybk {fkmljhf Rhbcnmzyccjyf d fduecnt.

9 Ctkml;er Ltvbhfkg pfvtybk B,hfubvf <th,thjuke d fduecnt.

10 <thyfh Cyef pfvty Ub Yjgtyyf d vfhnt.

11 Rtc Cgfyc pfvtybk Gjkf Vtyrdtklf d fduecnt.

12 <hfqfy {bkkthb pfvtybk Fcuthf Keyl-Cjhtyctyf d vft.

13 Fcuth Keyl-Cjhtycty pfvtybk Atkbvf Vjkkjz d vft.

14 L;tqvc Ijqth pfvtybk L;taahb Itqathf d atdhfkt.

Htdbpbjyysq rjvbntn hfccvfnhbdftndjghjcs yfpyfxtybz b j,(tvjd hf,jnsytpfdbcbvs[ felbnjhjd> f nfr;thfccvfnhbdftn abyfycjdsq jnxtn b j,obtghbywbgs ,e[ufknthcrjuj extnf> ghbywbgsb ltzntkmyjcnm dyenhtyytuj htdbpjhf>hfphtitybz yf ghjbpdjlcndj hfc[jljd>cbcntvs rjynhjkz> gjkbnbre d j,kfcnbpfregjr njdfhjd b eckeu b jwtyre ghjtrnjd.

Rjvbntn gj ,/l;tnysv bflvbybcnhfnbdysv djghjcfv hfccvfnhbdftnj,obt ,/l;tnyst ghbywbgs> ghtlkj;tybz>ghjwtlehs b jnxtns. Rhjvt njuj> jyhfccvfnhbdftn rflhjdst> flvbybcnhfnbdystb jhufybpfwbjyyst djghjcs> f nfr;tflvbybcnhfnbdyst djghjcs> rfcf/obtczlbhtrnjhjd b b[ cjnhelybrjd.

Rjvbntn gj abyfycjdjq b jgthfwbjyyjqgjkbnbrt hfccvfnhbdftn djghjcsabyfycjdjq gjkbnbrb> drk/xfz gjkbnbred j,kfcnb pfbvcndjdfybz> j,obtghbywbgs ghjdtltybz jgthfwbq> f nfr;tghjwtlehs b yjhvs jnxtnyjcnb.

D b/kt ,skf cjplfyf herjdjlzofz uheggflkz ekexitybz rjjhlbyfwbb vt;leCjdtnjv lbhtrnjhjd b herjdjlcndjv <fyrfgj gjlujnjdrt gjdtcnjr lyz b ghjdtltyb/pfctlfybq Cjdtnf lbhtrnjhjd> rjvbntnjd bctvbyfhjd. Yf pfctlfybz[ uheggs d 1994 -1995 ujlf[ ghtlctlfntkmcndetn L;jyRjekvfy& d ytt d[jlzn ghtlctlfntkb bpfvtcnbntkb ghtlctlfntktq nht[ rjvbntnjdCjdtnf lbhtrnjhjd> utythfkmysq ctrhtnfhmb pfvtcnbntkb utythfkmyjuj ctrhtnfhz.

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80 European Bank for Reconstruction and Development

Byajhvfwbz lkz rjynfrnjd

Jhufybpfwbjyyfz c[tvfT<HHCjdtn lbhtrnjhjd ytctnjndtncndtyyjcnm pfherjdjlcndj j,otqltzntkmyjcnm/ T<HH.Ghtpbltynghtlctlfntkmcndetn d Cjdtntlbhtrnjhjd. Gjl herjdjlcndjvCjdtnf lbhtrnjhjd Ghtpbltyneghfdkztn ntreotqltzntkmyjcnm/ <fyrf b drfxtcndt ukfds gthcjyfkfytctn jndtncndtyyjcnm pfjhufybpfwb/ hf,jns byfpyfxtybt cjnhelybrjd.

1 NFV – Gj gjhextyb/ Ghjuhfvvs hfpdbnbz Jhufybpfwbb J,(tlbytyys[ Yfwbq T<HH eghfdkztn Ghjuhfvvjq cfybhjdfybz ghtlghbznbq d Wtynhfkmyjq b Djcnjxyjq Tdhjgt.

2 CZ< – T<HH dsgjkyztn aeyrwbb ctrhtnfhbfnf Cxtnf zlthyjq ,tpjgfcyjcnb> jrfpsdftn nt[ybxtcrbt b lheubt eckeub> f nfr;t gjllth;bdftn htuekzhyst rjynfrns c Rjvbccbtq Tdhjgtqcrb[ cjj,otcnd> dsgjkyz/otq aeyrwbb ctrhtnfhbfnf Uheggs 24.

Jnltks jgthfwbjyyjq gjllth;rb

Jnltk pfregjr njdfhjd b eckeu bnt[ybxtcrjq gjllth;rb

Jnltk jgthfwbjyyjuj eghfdktybz

Jnltk jabwbfkmyjujcjabyfycbhjdfybz

Jnltk ghbdktxtybz ,bpytcf

Jnltk 'rjkjubxtcrjq jwtyrb

Jnhfcktdst jnltks

Jnltk fuhj,bpytcf

Jnltk ytldb;bvjcnb b nehbpvf

Jnltk j,extybz b ghjatccbjyfkmyjqgjlujnjdrb

Jnltk ghbdfnbpfwbb b cnhernehyjqgthtcnhjqrb (A & B)1

Jnltk ghbhjlys[ htcehcjd

Jnltk cdzpb

Jnltk nhfycgjhnf b 'rjkjubxtcrjqbyahfcnhernehs (A & B)

Jnltk abyfycjds[ exht;ltybq

Jnltk 'ythutnbrb

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Nthhbnjhbfkmyst jnltks

Jnltk Fpth,fql;fyf> Rshuspcnfyf>Nfl;brbcnfyf b Nehrvtybcnfyf

Jnltk cnhfy <fknbb b <tkfhecb

Jnltk <jkufhbb> Fk,fybb> <?HVfrtljybz b Ckjdtybb

Jnltk Dtyuhbb

Jnltk Rfpf[cnfyf b Ep,trbcnfyf

Jnltk Gjkmib

Jnltk Hjccbqcrjq Atlthfwbb

Jnltk Hevsybb> Vjkljds b {jhdfnbb

Jnltk Erhfbys> Fhvtybb b Uhepbb

Jnltk Xticrjq Htcge,kbrb bCkjdfwrjq Htcge,kbrb

J,obq jnltk

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Jnltk byajhvfnbrb

Jnltk rhtlbnjd b rjvvthxtcrjujcjabyfycbhjdfybz

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Ltgfhnfvtyn jwtyrb

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?hblbxtcrbq ltgfhnfvtyn

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Jnltk dyenhtyytq htdbpbb

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Eghfdkz/obt

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Rfr ecnfyjdbnm rjynfrn c T<HH7 vfhnf 1995 ujlf

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