GHVORFDUDP R ORFDO SDUD DV YLULOKDV 2 HVFULWRU -RVp 9LHLUD QRV FRQWD QR URPDQFH2 ERWD

DEDL[R TXH QR /DUJR GH 6mR )UDQFLVFR HOHV UDGLFDOL]DUDP GL]HQGR TXH ³FDIDMHVWHV GH
HVPHUDOGD´ UHIHULDPVH j SHGUD TXH UHSUHVHQWDYD D SURILVVmR GH PpGLFR LQYDGLULDP DV
ODUHVSDUD³LQRFXODURYHQHQRVDFUtOHJRQDVQiGHJDVGDVHVSRVDVHGDVILOKDV´2LPSDFWRGH
WDLV DUJXPHQWRV IRL GHYDVWDGRU $ YDFLQDomR H D UHYDFLQDomR VH UHGX]LUDP GH  PLO HP
MXOKR SDUD SRXFR PDLV GH PLO HP RXWXEUR 1D 6D~GH Vy  SHVVRDV VH YDFLQDUDP HP
RXWXEURHDSHQDVWRPDUDPDVHJXQGDGRVH
$5HYROWDGD9DFLQDVHGLVWLQJXLXGHSURWHVWRVDQWHULRUHVSRUVXDDPSOLWXGHHLQWHQVLGDGH
2 TXH OKH GHX HVWD FDUDFWHUtVWLFD IRL D IRUoD GD MXVWLILFDomR PRUDO +RXYH XP WUiJLFR
GHVHQFRQWURGHERDVLQWHQo}HVDVGH2VZDOGR&UX]HDVGDSRSXODomR
0DV HP QHQKXP PRPHQWR SRGHPRV DFXVDU R SRYR GH IDOWD GH FODUH]D VREUH R TXH
DFRQWHFLDjVXDYROWD(PERUDQmRVHLQWHUHVVDVVHSRUSROtWLFDHPERUDQmRYRWDVVHHOHWLQKD
UD]mR FODUD GRV OLPLWHV GD DomR GR (VWDGR 6HX ODU H VXD KRQUD QmR HUDP QHJRFLiYHLV $
UHYROWDGHL[RXHQWUHRVSDUWLFLSDQWHVXPIRUWHVHQWLPHQWRGHDXWRHVWLPDLQGLVSHQViYHOSDUD
IRUPDUXPFLGDGmR8PUHSyUWHUGH$7ULEXQD RXYLX GH XP QHJUR DFDSRHLUDGR IUDVHV TXH
DWHVWDP HVVH VHQWLPHQWR &KDPDQGR VLQWRPDWLFDPHQWH R MRUQDOLVWD GH FLGDGmR R QHJUR
DILUPRXTXHDVXEOHYDomRVHIL]HUDSDUD³QmRDQGDUHPGL]HQGRTXHRSRYRpFDUQHLUR´2
LPSRUWDQWH ± DFUHVFHQWRX ± HUD ³PRVWUDU DR JRYHUQR TXH HOH QmR S}H R Sp QR SHVFRoR GR
SRYR´
 $EDL[RDFKLEDWD
$UHYROWDTXHS{VILPDRVFDVWLJRVItVLFRVQD0DULQKDEUDVLOHLUDHDSDYRURXRV
SRGHURVRVHP

0$5&2025(/

2TXHIRLDILQDOD5HYROWDGD&KLEDWD"4XDORVHQWLGRGHVHOHPEUDUWDOPRYLPHQWRPDLVGH
XP VpFXOR GHSRLV" &HUWDPHQWH DQWHV GH PDLV QDGD D VXD DWXDOLGDGH $ UHEHOLmR GH
PDULQKHLURVHFORGLGDHPGHQRYHPEURGHQDViJXDVGD%DtDGH*XDQDEDUDWRFDHP
SHORPHQRVTXDWURWHPDVDWpKRMHPDOUHVROYLGRVQDVRFLHGDGHEUDVLOHLUDDGHPRFUDWL]DomR
GDV)RUoDV$UPDGDVDYLROrQFLDFRWLGLDQDGR(VWDGRVREUHDVFDPDGDVSREUHVGDSRSXODomR
RUDFLVPRHDQRomRGHTXHH[LVWLULDXPDWUDGLomRSDFtILFDHVHPYLROrQFLDQD+LVWyULDGR
%UDVLO2WHPDDLQGDKRMHLQFRPRGDGHVSHUWDWHQV}HVHSDL[}HVDWLoDFRQWUDGLo}HV
2 PRYLPHQWR VHUYLX FRPR XP JROSH GH PLVHULFyUGLD QRV UHVTXtFLRV GD HVFUDYLGmR TXH
DLQGD SHUPDQHFLDP DUUDLJDGRV QD VRFLHGDGH EUDVLOHLUD GXDV GpFDGDV DSyV D /HL ÈXUHD
SURPXOJDGD HP  2V FDVWLJRV FRUSRUDLV FRQWLQXDYDP IUHTXHQWHV QD 0DULQKD PHVPR
GHSRLVGD3URFODPDomRGD5HS~EOLFD±KDYLDPVLGRH[WLQWRVQD(VSDQKDHPQD
)UDQoDHPQRV(VWDGRV8QLGRVHPQD$OHPDQKDHPHQD,QJODWHUUDHP
 -XQWHVH D LVVR D SUiWLFD GRV DOLVWDPHQWRV IRUoDGRV H R IDWR GH TXH D PDLRU SDUWH GD
PDUXMDGD HUD FRPSRVWD SRU KRPHQV SREUHV H QHJURV HQTXDQWR TXH D RILFLDOLGDGH WLQKD
RULJHPVRFLDOSULYLOHJLDGDFRPSRVWDSRUKRPHQVEUDQFRVRXTXHVHSUHWHQGLDPFRPRWDO
2V PDULQKHLURV HVWDYDP GLVSRVWRV D PDWDU H D PRUUHU $ UHEHOLmR IRL SUHSDUDGD FRP
DQWHFHGrQFLDHPFRPLWrVFODQGHVWLQRVTXHVHUHXQLDPQRVEDLUURVGH6DQWR&ULVWR6D~GHH
*DPERDHWDPEpPQRVDUUHGRUHVGD3UDoD2Q]HQDVUHJL}HVSRUWXiULDHFHQWUDOGR5LR2V
PDUXMRVTXHYLDMDYDPSHORVTXDWURFDQWRVGRPXQGRHVWDYDPLQIRUPDGRVGHPXLWDFRLVD
LQFOXVLYHGDUHYROWDGRVPDULQKHLURVGRHQFRXUDoDGR3RWHPNLQRFRUULGDHPQD5~VVLD
8PD VHPDQD DSyV VXD SRVVH QD 3UHVLGrQFLD GD 5HS~EOLFD R PDUHFKDO +HUPHV GD
)RQVHFDGDYDXPDUHFHSomRQR3DOiFLRGR&DWHWHTXDQGRHVWURQGRVVDFXGLUDP
D FLGDGH $ 0DULQKD EUDVLOHLUD SRVVXtD RV PDLV SRVVDQWHV QDYLRV GH JXHUUD UHFpP
FRPSUDGRV GD ,QJODWHUUD GH RQGH YLQKDP WDPEpP RV WpFQLFRV SDUD PDQREUDUHP DV
HPEDUFDo}HV TXDQGR HODV HQWUDYDP QD %DtD GH *XDQDEDUD 3RLV HVWHV PHVPRV QDYLRV
WLQKDPDJRUDVHXVFDQK}HVYROWDGRVSDUDFDSLWDOGRSDtVHRVUHEHODGRVGDYDPXPXOWLPDWR
DRJRYHUQRRXRVFDVWLJRVFRUSRUDLVHUDPLPHGLDWDPHQWHH[WLQWRVQD0DULQKDEUDVLOHLUDRX
HOHVDUUDVDULDPDFLGDGH
2IDWRTXHGHIODJURXRPRYLPHQWRIRLRFDVWLJRLQIOLJLGRDRPDUXMR0DUFHOLQR5RGULJXHV
TXH DR VHU SXQLGR SRU XPD IDOWD OHYRX  FKLEDWDGDV GLDQWH GD WULSXODomR SHUILODGD
1DTXHODQRLWHRFODULPGDVHQWLQHODQmRDQXQFLDULDWRTXHGHUHFROKHUHVLPFRPEDWH3DUD
TXH RV PDULQKHLURV WRPDVVHP FRQWD GDV HPEDUFDo}HV KRXYH OXWD H TXDWUR RILFLDLV IRUDP
PRUWRV)LFDUDPHPSRGHUGRVUHYROWRVRVRVFRXUDoDGRV0LQDV*HUDLV 6mR 3DXOR H%DKLD
DOpPGRQDYLRGHSDWUXOKD VFRXW 'HRGRUR 7LURV GH FDQKmR GDGRV FRPR DGYHUWrQFLD HP
GLUHomR j FLGDGH PDWDUDP DFLGHQWDOPHQWH GXDV FULDQoDV 2 SkQLFR VH HVSDOKRX H PXLWDV
IDPtOLDVDEDQGRQDUDPR5LRUXPDQGRSDUDRLQWHULRU
0XLWDJHQWHDRFRQWUiULRVDEHQGRGRTXHVHSDVVDYDDFRUUHXDROLWRUDODFRPSDQKDQGR
FXULRVDRVDFRQWHFLPHQWRV8PDSDUWHGRS~EOLFRDFHQDYDHDSODXGLDRVQDYLRVUHYROWRVRV
TXH ID]LDP RXVDGDV PDQREUDV GLVSHQVDQGR DVVLP RV WpFQLFRV HVWUDQJHLURV TXH DWp HQWmR
HUDP RV ~QLFRV DXWRUL]DGRV D UHDOL]iODV $R PHVPR WHPSR SHoDV GH DUWLOKDULD HUDP
FRORFDGDVHPSRQWRVHVWUDWpJLFRVHPWHUUDILUPHQDWHQWDWLYDGHDWLQJLURVUHYROWRVRV
3UHVVLRQDGR SRU HVWD ³UHYROWD GD FR]LQKD TXH DWLQJLX D VDOD GH MDQWDU´ FRPR FKDPRX R
KLVWRULDGRU-RmR%UtJLGRRJRYHUQRQmRWLQKDPXLWDVDtGD2&RQJUHVVRUHXQLGR
jVSUHVVDVDSURYRXGHLPHGLDWRRILPGRVFDVWLJRVFRUSRUDLVHDDQLVWLDSDUDRVUHYROWRVRV±
DV GXDV SULQFLSDLV H[LJrQFLDV DSUHVHQWDGDV $ RSRVLomR WHQGR j IUHQWH 5XL %DUERVD 
ID]LDHFRjVGHQ~QFLDVGDVSUHFiULDVFRQGLo}HVGHWUDEDOKRGRVPDULQKHLURVWLUDQGRD
VHXPRGRSURYHLWRGDVLWXDomR
7XGRSDUHFLDWHUWHUPLQDGRGDPHOKRUPDQHLUDSRVVtYHO4XDWURGLDVGHSRLVGHLQLFLDGDD
UHYROWD RV PDUXMRV UHWLUDUDP RV OHQoRV YHUPHOKRV GR SHVFRoR H GHYROYHUDP DV
HPEDUFDo}HV GH IRUPD SDFtILFD DRV RILFLDLV (QWUHWDQWR PHVHV GHSRLV XPD UHEHOLmR
IRUMDGDQDRSLQLmRGH-RmR&kQGLGRIRLSUHWH[WRSDUDXPDUHSUHVVmRGDVPDLVFUXpLV-RmR
&kQGLGR H PDLV  FRPSDQKHLURV GH UHYROWD IRUDP MRJDGRV QXPD PDVPRUUD GD LOKD GDV
&REUDV IHLWD SDUD UHFHEHU DSHQDV GRLV SUHVRV )LFDUDP DOL WUrV GLDV VHP FRPHU H EHEHU H
FREHUWRV GH FDO TXH HUD DWLUDGR SHORV FDUFHUHLURV SDUD ³KLJLHQL]DU´ R DPELHQWH 1R ILQDO
KDYLD DSHQDV GRLV VREUHYLYHQWHV VRWHUUDGRV HQWUH RV FDGiYHUHV GRV FRPSDQKHLURV -RmR
&kQGLGRHRXWURPDUXMRDSHOLGDGRGH³3DXGD/LUD´
'HSRLVGLVVRRFRUUHXDLPSUHVVLRQDQWHYLDJHPGRQDYLR6DWpOLWHTXHVHJXLXFDUUHJDGRGH
SULVLRQHLURV SDUD D $PD]{QLD $ PDLRULD HUD GH PDUXMRV TXH SDUWLFLSDUDP GD UHYROWD $R
ORQJRGRWUDMHWRYiULRVIRUDPIX]LODGRVHVHXVFRUSRVODQoDGRVDRPDUQLQJXpPIRLSXQLGR
SHODV PRUWHV 2V TXH UHVWDUDP IRUDP GHL[DGRV QD IORUHVWD UHDOL]DQGR WUDEDOKRV IRUoDGRV
SDUDD&RPLVVmR7HOHJUiILFDHQWmRFRPDQGDGDSHORFDSLWmR&kQGLGR5RQGRQ
2 QRPH H RV UHJLVWURV IXQFLRQDLV VREUH -RmR &kQGLGR VLPSOHVPHQWH GHVDSDUHFHUDP GRV
DUTXLYRV GD 0DULQKD FRPR VH HOH QmR KRXYHVVH H[LVWLGR GDt TXH QXQFD WHQKD UHFHELGR
SHQVmRRXLQGHQL]DomR,PSHGLGRGHWUDEDOKDUDWpPHVPRQD0DULQKD0HUFDQWHGHSRLVGH
PXLWRURGDUR³$OPLUDQWH1HJUR´SDVVRXDV~OWLPDVGpFDGDVGHYLGDFDUUHJDQGRFHVWRVGH
SHL[H QR HQWUHSRVWR GH SHVFD QD 3UDoD ;9 FHQWUR GR 5LR GH -DQHLUR H PRUDQGR QXP
FDVHEUHQXPDIDYHODGH6mR-RmRGH0HULWLQD%DL[DGD)OXPLQHQVH
$ DQLVWLD SDUD RV SDUWLFLSDQWHV GD 5HYROWD GD &KLEDWD DSURYDGD ORJR HP  QmR IRL
UHVSHLWDGD 0XLWRV GHOHV DFDEDUDP H[SXOVRV GD FRUSRUDomR SUHVRV H PRUWRV 0DLV GH
QRYHQWDDQRVGHSRLVDHQWmRVHQDGRUD0DULQD6LOYD37$&DSUHVHQWRXSURMHWRGHOHLSHOD
UHLQWHJUDomR VLPEyOLFD GRV UHEHODGRV j 0DULQKD H FRQFHVVmR GH EHQHItFLRV D VHXV
GHVFHQGHQWHV 2 SURMHWR IRL DSURYDGR SRU XQDQLPLGDGH QR 6HQDGR H QD &kPDUD )HGHUDO H
VDQFLRQDGRHPSHORHQWmRSUHVLGHQWHGD5HS~EOLFD/XL],QiFLRGD6LOYDTXHYHWRXD
LQGHQL]DomRILQDQFHLUDVRERDUJXPHQWRLQVyOLWRGHTXHSRGHULDOHYDUR7HVRXUR1DFLRQDOj
IDOrQFLDHDLQFRUSRUDomR)LFRXRDSRLRVLPEyOLFR$PHPyULDGRVTXHYLYHUDPDTXHOHV
HSLVyGLRV H RV GLUHLWRV GH VHXV GHVFHQGHQWHV DLQGD QmR IRUDP SOHQDPHQWH UHFRQKHFLGRV
LQFOXVLYH FRP D DEHUWXUD WRWDO GRV DUTXLYRV GD 0DULQKD SDUD TXH VH FRQKHoD D KLVWyULD GH
YLGDGHFDGDXPGHOHV