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Enak~eEnak~e%%qnye Aniq Ebjbonenjq Vqybqno{qnye Aniq Ebjbonenjq Vqybqno{'EQAV+< B Dybenw hym Dhy Bjb`{|kjo Fhvq bja'EQAV+< B Dybenw hym Dhy Bjb`{|kjo Fhvq bja
YkvmYkvmFgykvqkbj E~`any Fe~`anyCked*hyo
-2*939*49649??Bvvnq bja @kbik`kq{ Ebjbonenjq AktkvkhjEhjnqby{ bja Fbskqb` Ebymnqv Ansbyqenjq
M~b`b @~es~y, 6 Jhtneiny 933;
8/9/2019 IMF - Christian Mulder
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EQAV ibfmoyh~jaEQAV ibfmoyh~ja
8/9/2019 IMF - Christian Mulder
3/22
6
Qgn Ehqktbqkhj dhy EQAVQgn Ehqktbqkhj dhy EQAV Jnw ihyyhwkjo hsshyq~jkqknvJnw ihyyhwkjo hsshyq~jkqknv jnw ykvmvjnw ykvmv
Ehyn fghkfnvEhyn fghkfnv oynbqny fhes`nkq{oynbqny fhes`nkq{ EQAV bkev qh syhtkan fhgnynjq dybenwhym qhEQAV bkev qh syhtkan fhgnynjq dybenwhym qh
d~``{ bvvnvv yn`ntbjq fhvqv bja ykvmvd~``{ bvvnvv yn`ntbjq fhvqv bja ykvmv
O~kan fghkfn hj fheshvkqkhj inqwnnj
8/9/2019 IMF - Christian Mulder
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1
FhjqnqFhjqnq
EQAV fbj in lhkjq`{ snydhyena wkqg aniqEQAV fbj in lhkjq`{ snydhyena wkqg aniqv~vqbkjbik`kq{ bjb`{vkv 'wgkfg kv dhf~vna hjv~vqbkjbik`kq{ bjb`{vkv 'wgkfg kv dhf~vna hj
qgn `ntn` hd aniq+*qgn `ntn` hd aniq+*
Lhkjq KED(_hy`a Ibjm kjkqkbqktnLhkjq KED(_hy`a Ibjm kjkqkbqktn Qhh`v
8/9/2019 IMF - Christian Mulder
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>
Ehyn vsnfkdkfb``{ {nbyv+> {nbyv+fhjvkvqnjq wkqg ebfyhfhjvkvqnjq wkqg ebfyh%%nfhjhekf vnqqkjov bja yn`bqna aniqnfhjhekf vnqqkjov bja yn`bqna aniqhilnfqktnvhilnfqktnv
Qgn EQAV andkjnvQgn EQAV andkjnv anvkyna s~i`kf aniq fheshvkqkhj bjaanvkyna s~i`kf aniq fheshvkqkhj bja
b s`bj qh bfgkntn qgkv fheshvkqkhjb s`bj qh bfgkntn qgkv fheshvkqkhj
8/9/2019 IMF - Christian Mulder
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4
Bj kjqnoybqna '7+ vqns syhfnvvBj kjqnoybqna '7+ vqns syhfnvv
8/9/2019 IMF - Christian Mulder
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Aniq Ebjbonenjq Kjqnoybqna kjAniq Ebjbonenjq Kjqnoybqna kj
Ebfyhnfhjhekf Dybenwhym bja EbymnqEbfyhnfhjhekf Dybenwhym bja EbymnqFhjvqybkjqvFhjvqybkjqv
Aniq EbjbonenjqVqybqno{ Antn`hsenjq
Fhvq(Ykvm
Bjb`{vkv
Ebfyhnfhjhekf
Dybenwhym(Aniq
V~vqbkjbik`kq{
Dkjbjfkjo Vh~yfnv(Ebymnq Njtkyhjenjq
Kjdhyebqkhj hj fhvq
bja ykvmFhjvqybkjqv
Ebymnq
antn`hsenjq
kjkqkbqktnv
Anebja
fhjvqybkjqvFhjvkvqnjf{(Fhjvqybkjqv
Kjdhyebqkhj hjfhvq bja ykvm
8/9/2019 IMF - Christian Mulder
8/22
7
77%%vqns bssyhbfgvqns bssyhbfg
Kanjqkd{
hilnfqktnv $vfhsn
Kanjqkd{ fhvq $ykvm hd nkvqkjo
aniq
Kanjqkd{ shqnjqkb`d~jakjo vh~yfnv
Kanjqkd{ ibvn`kjnsyhlnfqkhjv $ykvmv dkvfb`,
ehjnqby{ $ebymnq
Vqns 2 Vqns 9
Vqns 6Vqns 1
8/9/2019 IMF - Christian Mulder
9/22
8/9/2019 IMF - Christian Mulder
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23
Bjb`{|kjo fhvq kj qgn EQAVBjb`{|kjo fhvq kj qgn EQAV
8/9/2019 IMF - Christian Mulder
11/22
22
'2+< _gbq kv fhvq'2+< _gbq kv fhvq Qnjvkhj inqwnnj jhekjb` bja ynb`Qnjvkhj inqwnnj jhekjb` bja ynb`
I~aonq kv dhye~`bqna kj jhekjb` qnyevI~aonq kv dhye~`bqna kj jhekjb` qnyev Fhvqv byn ynb`< kjd`bqkhj yna~fnv qgn beh~jq hd ohhav bja vnytkfFhvqv byn ynb`< kjd`bqkhj yna~fnv qgn beh~jq hd ohhav bja vnytkfnv qgbqnv qgbq
jnna qh in dhyohjn qh vnytkfn aniqjnna qh in dhyohjn qh vnytkfn aniq
Ynb` fhvq kv nvvnjqkb` qh andkjn i~q qgkv kv v~ysykvkjo`{ gbya
'>+< Kjv~ybjfn(Fhvqkjo hd Yh``'>+< Kjv~ybjfn(Fhvqkjo hd Yh``%%htny ykvmhtny ykvm
Fhvq hd yh``Fhvq hd yh``%%htny ykvm bja ekqkobqkhj fbj inhtny ykvm bja ekqkobqkhj fbj in fhvqnafhvqna qhqhebmn kq fhesbybi`n
8/9/2019 IMF - Christian Mulder
16/22
24
Kes`nenjqkjo bj EQAVKes`nenjqkjo bj EQAV
8/9/2019 IMF - Christian Mulder
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Njbi`kjo DybenwhymNjbi`kjo Dybenwhym Kes`nenjqbqkhj wk`` b`vh gkog`kogq wnbmjnvvnv kjKes`nenjqbqkhj wk`` b`vh gkog`kogq wnbmjnvvnv kj
njbi`kjo dybenwhymnjbi`kjo dybenwhym
Aniq ynfhyakjoAniq ynfhyakjo
Fhesyngnjvktn8 Kv abqb vgbykjo vnq ~s wn``8Fhesyngnjvktn8 Kv abqb vgbykjo vnq ~s wn``8
@nob` dybenwhym@nob` dybenwhym
F`nby aniq ebjbonenjq hilnfqktn8F`nby aniq ebjbonenjq hilnfqktn8
Kjvqkq~qkhjb` byybjonenjqvKjvqkq~qkhjb` byybjonenjqv
Bssyhsykbqn fhhyakjbqkhj enfgbjkvevBssyhsykbqn fhhyakjbqkhj enfgbjkvev
8/9/2019 IMF - Christian Mulder
18/22
27
Kes`nenjqkjo qgn EQAVKes`nenjqkjo qgn EQAV Vnsbybqn syhfnvv dyhe vqybqno{ dhye~`bqkhjVnsbybqn syhfnvv dyhe vqybqno{ dhye~`bqkhj
Kes`nenjqbqkhj wk`` gkog`kogq mn{ ihqq`njnfmv qgbqKes`nenjqbqkhj wk`` gkog`kogq mn{ ihqq`njnfmv qgbqfhjvqybkj qgn vnq hd dnbvki`n vqybqnoknv n*o*
8/9/2019 IMF - Christian Mulder
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2;
InjndkqvInjndkqv
8/9/2019 IMF - Christian Mulder
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93
Injndkqv hd EQAVInjndkqv hd EQAV Hilnfqktn bja v{vqnebqkf bssyhbfgHilnfqktn bja v{vqnebqkf bssyhbfg
Syhesqv qgn baaynvvkjo hd b`` mn{ kvv~nvSyhesqv qgn baaynvvkjo hd b`` mn{ kvv~nv Njbi`nv ~jany`{kjo bvv~esqkhjv qh in fgb``njonaNjbi`nv ~jany`{kjo bvv~esqkhjv qh in fgb``njona
Kesyhtnv ykvm enbv~ynenjq bja ebjbonenjqKesyhtnv ykvm enbv~ynenjq bja ebjbonenjq Ns`kfkq`{ `kjmv ebfyh t~`jnybik`kqknv qh vqybqno{Ns`kfkq`{ `kjmv ebfyh t~`jnybik`kqknv qh vqybqno{
fghkfnv bja shyqdh`kh nth`~qkhjfghkfnv bja shyqdh`kh nth`~qkhj
R~bjqkdknv mn{ aniq shyqdh`kh ykvm nshv~ynvR~bjqkdknv mn{ aniq shyqdh`kh ykvm nshv~ynv
8/9/2019 IMF - Christian Mulder
21/22
92
Injndkqv hd EQAVInjndkqv hd EQAV Syhesqv b inqqny ~janyvqbjakjo hd fhvqv bjaSyhesqv b inqqny ~janyvqbjakjo hd fhvqv bja
kesyhtnv ntb`~bqkhj hd fhvqkesyhtnv ntb`~bqkhj hd fhvq%%ykvm qybanhddykvm qybanhdd
Dbfk`kqbqnv sh`kf{ fhhyakjbqkhjDbfk`kqbqnv sh`kf{ fhhyakjbqkhj
Bkev dhy fhjvkvqnjf{ wkqg qgn ebfyhBkev dhy fhjvkvqnjf{ wkqg qgn ebfyh%%nfhjhekfnfhjhekf
dybenwhym 'n*o* dkvfb` bja ehjnqby{ sh`kf{ vnqqkjov+dybenwhym 'n*o* dkvfb` bja ehjnqby{ sh`kf{ vnqqkjov+
Dbfk`kqbqnv ahenvqkf aniq ebymnq antn`hsenjqDbfk`kqbqnv ahenvqkf aniq ebymnq antn`hsenjq
Syhtkanv enak~eSyhtkanv enak~e%%qnye v~ss`{ snyvsnfqktnqnye v~ss`{ snyvsnfqktn
Vqynjoqgnjv akb`ho~n wkqg kjtnvqhyv yna~fkjo ~jfnyqbkjq{Vqynjoqgnjv akb`ho~n wkqg kjtnvqhyv yna~fkjo ~jfnyqbkjq{
bja `hwnykjo fhvqbja `hwnykjo fhvq
8/9/2019 IMF - Christian Mulder
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