{"id":75355,"date":"2026-11-04T17:02:44","date_gmt":"2026-11-04T17:02:44","guid":{"rendered":"https:\/\/www.gil24.com\/360\/?p=75355"},"modified":"2026-11-04T17:04:23","modified_gmt":"2026-11-04T17:04:23","slug":"%d9%84%d9%82%d8%ac%d8%b9-%d9%85%d9%86-%d9%85%d9%87%d9%86%d8%af%d8%b3-%d9%85%d8%aa%d9%81%d8%a7%d9%86%d9%8d-%d9%84%d9%84%d8%a2%d9%84%d9%8a%d8%a9-%d8%a5%d9%84%d9%89-%d9%88%d8%b2%d9%8a%d8%b1-%d9%8a","status":"publish","type":"post","link":"https:\/\/www.gil24.com\/360\/%d9%84%d9%82%d8%ac%d8%b9-%d9%85%d9%86-%d9%85%d9%87%d9%86%d8%af%d8%b3-%d9%85%d8%aa%d9%81%d8%a7%d9%86%d9%8d-%d9%84%d9%84%d8%a2%d9%84%d9%8a%d8%a9-%d8%a5%d9%84%d9%89-%d9%88%d8%b2%d9%8a%d8%b1-%d9%8a\/","title":{"rendered":"\u0644\u0642\u062c\u0639 : \u0645\u0646 \u0645\u0647\u0646\u062f\u0633 \u0645\u062a\u0641\u0627\u0646\u064d \u0644\u0644\u0622\u0644\u064a\u0629 \u0625\u0644\u0649 \u0648\u0632\u064a\u0631 \u064a\u064f\u0634\u0631\u0641 \u0639\u0644\u0649 \u0625\u064a\u0642\u0627\u0641\u0647\u0627: &#8220;\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629&#8221; \u0628\u064a\u0646 \u0627\u0644\u0645\u0638\u0644\u0629 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629 \u0648\u0627\u0644\u0645\u0641\u0627\u0631\u0642\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648 Single Payer"},"content":{"rendered":"\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0648\u062c\u062f\u0629 &#8211; \u0639\u0628\u062f\u0627\u0644\u0639\u0627\u0644\u064a \u0627\u0644\u062c\u0627\u0628\u0631\u064a<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0641\u064a \u0627\u0644\u0623\u0631\u0648\u0642\u0629 \u0627\u0644\u0647\u0627\u062f\u0626\u0629 \u0644\u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u062d\u064a \u0634\u0627\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0627\u0635\u0645\u0629 \u0627\u0644\u0631\u0628\u0627\u0637\u060c \u0648\u062e\u0644\u0641 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062a\u062d\u062f\u062b \u0639\u0646 \u0635\u0645\u0648\u062f \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0644\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0623\u0645\u0627\u0645 \u0627\u0644\u0635\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062a\u0627\u0644\u064a\u0629\u060c \u062a\u062f\u0648\u0631 \u0631\u062d\u0649 \u0648\u0627\u062d\u062f\u0629 \u0645\u0646 \u0623\u0639\u0642\u062f \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0647\u0646\u062f\u0633\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0623\u0643\u062b\u0631\u0647\u0627 \u0625\u062b\u0627\u0631\u0629 \u0644\u0644\u0645\u0641\u0627\u0631\u0642\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0645\u063a\u0631\u0628 \u0627\u0644\u062d\u062f\u064a\u062b. \u0639\u0644\u0649 \u0645\u062f\u0649 \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0633\u062a \u0627\u0644\u0645\u0627\u0636\u064a\u0629\u060c \u062a\u062d\u0648\u0644\u062a \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u0629 \u0628\u0647\u062f\u0648\u0621\u060c \u0648\u0628\u0634\u0643\u0644 \u0645\u0646\u0647\u062c\u064a \u0648\u062a\u062f\u0631\u064a\u062c\u064a\u060c \u0645\u0646 <strong>\u0645\u0627\u0644\u0643 \u062d\u0635\u0631\u064a<\/strong> \u0644\u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a\u0647\u0627 \u0627\u0644\u062c\u0627\u0645\u0639\u064a\u0629 \u0648\u0645\u062d\u0627\u0643\u0645\u0647\u0627 \u0648\u062c\u0627\u0645\u0639\u0627\u062a\u0647\u0627 \u0648\u0645\u0628\u0627\u0646\u064a\u0647\u0627 \u0627\u0644\u0625\u062f\u0627\u0631\u064a\u0629\u060c \u0625\u0644\u0649 &#8220;<strong>\u0645\u0643\u062a\u0631\u064d<\/strong>&#8221; \u064a\u062f\u0641\u0639 \u0627\u0644\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0633\u0646\u0648\u064a\u0627\u064b \u0644\u0644\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0641\u064a \u0627\u0633\u062a\u063a\u0644\u0627\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0627\u0641\u0642 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a\u0629 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0627\u0644\u062a\u064a \u0623\u0637\u0644\u0642\u062a \u0639\u0644\u064a\u0647\u0627 \u0627\u0644\u062d\u0643\u0648\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u0628\u0629 \u0627\u0633\u0645 &#8220;<strong>\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629<\/strong>&#8220;\u060c \u0634\u0643\u0644\u062a \u0634\u0631\u064a\u0627\u0646 \u062d\u064a\u0627\u0629 \u0644\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629\u060c \u0648\u0645\u0643\u0651\u0646\u062a \u0627\u0644\u062e\u0632\u064a\u0646\u0629 \u0645\u0646 \u062a\u0639\u0628\u0626\u0629 \u0633\u064a\u0648\u0644\u0629 \u0646\u0642\u062f\u064a\u0629 \u0647\u0627\u0626\u0644\u0629 \u062a\u062c\u0627\u0648\u0632\u062a \u0633\u0642\u0641 147 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645\u060c \u0628\u0644 \u0648\u0644\u0627\u0645\u0633\u062a 167 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0648\u0641\u0642 \u0623\u062d\u062f\u062b \u0627\u0644\u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0627\u0644\u0628\u0631\u0644\u0645\u0627\u0646\u064a\u0629 \u0648\u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0631\u0627\u0641\u0642\u0629 \u0644\u0642\u0648\u0627\u0646\u064a\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<sup>1<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639\u060c \u0627\u0644\u0630\u064a \u0627\u0631\u062a\u0642\u0649 \u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 2026 \u0625\u0644\u0649 \u0645\u0646\u0635\u0628 \u0648\u0632\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0646\u062c\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0641\u064a \u062d\u0643\u0648\u0645\u0629 \u0641\u0627\u0637\u0645\u0629 \u0627\u0644\u0632\u0647\u0631\u0627\u0621 \u0627\u0644\u0645\u0646\u0635\u0648\u0631\u064a\u060c \u064a\u0642\u0641 \u0627\u0644\u064a\u0648\u0645 \u0641\u064a \u0642\u0644\u0628 \u0645\u0641\u0627\u0631\u0642\u0629 \u0633\u064a\u0627\u0633\u064a\u0629 \u0648\u0645\u0627\u0644\u064a\u0629 \u0643\u0628\u0631\u0649<sup>4<\/sup><\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0641\u0627\u0644\u0631\u062c\u0644 \u0627\u0644\u0630\u064a \u0643\u0627\u0646 <strong>\u0627\u0644\u0645\u0647\u0646\u062f\u0633 \u0627\u0644\u062a\u0642\u0646\u064a \u0644\u0644\u0639\u0645\u0644\u064a\u0629 \u0641\u064a \u0628\u062f\u0627\u064a\u0627\u062a\u0647\u0627<\/strong>\u060c \u062b\u0645 <strong>\u0627\u0644\u0645\u062f\u0627\u0641\u0639 \u0627\u0644\u0634\u0631\u0633 \u0639\u0646\u0647\u0627<\/strong> \u0643\u0648\u0632\u064a\u0631 \u0645\u0646\u062a\u062f\u0628 \u064a\u0639\u062a\u0628\u0631\u0647\u0627 \u062e\u064a\u0627\u0631\u0627\u064b &#8220;\u0644\u0627 \u0631\u062c\u0639\u0629 \u0641\u064a\u0647&#8221;\u060c \u064a\u062c\u062f <strong>\u0646\u0641\u0633\u0647 \u0627\u0644\u064a\u0648\u0645 \u0639\u0644\u0649 \u0631\u0623\u0633 \u0627\u0644\u0648\u0632\u0627\u0631\u0629 \u0641\u064a \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u062a\u064a \u0642\u0631\u0631\u062a \u0627\u0644\u062a\u0648\u0642\u0641 \u0627\u0644\u0645\u0641\u0627\u062c\u0626 \u0639\u0646 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629<\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0641\u064a \u062d\u064a\u0646 \u0644\u0645 \u064a\u0643\u0646 \u064a\u0639\u0631 \u0627\u0647\u062a\u0645\u0627\u0645\u0627 \u0644\u0627\u0635\u0648\u0627\u062a \u062f\u0633\u062a\u0648\u0631\u064a\u0629 \u0648\u0633\u064a\u0627\u062f\u064a\u0629\u060c \u0639\u0644\u0649 \u0631\u0623\u0633\u0647\u0627 \u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628 \u0648\u0627\u0644\u0645\u062c\u0644\u0633 \u0627\u0644\u0623\u0639\u0644\u0649 \u0644\u0644\u062d\u0633\u0627\u0628\u0627\u062a\u060c \u0627\u0644\u062a\u064a \u062a\u0639\u0627\u0644\u062a \u0645\u062d\u0630\u0631\u0629 \u0645\u0646 \u062a\u062f\u0627\u0639\u064a\u0627\u062a \u0647\u0630\u0647 &#8220;<strong>\u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062a\u0631\u0629<\/strong>&#8221; \u0639\u0644\u0649 \u0627\u0644\u0623\u062c\u064a\u0627\u0644 \u0627\u0644\u0642\u0627\u062f\u0645\u0629\u060c \u0648\u0639\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0628\u0646\u0643\u064a\u0629\u060c \u0648\u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0634\u0627\u0645\u0644 \u0644\u0644\u0645\u0645\u0644\u0643\u0629<sup>7<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"> \u0648\u0646\u062d\u0646 \u0641\u064a \u062e\u0636\u0645 \u0647\u0630\u0647 \u0627\u0644\u0645\u0644\u062d\u0645\u0629 \u0627\u0644\u0645\u0639\u0631\u0641\u064a\u0629 \u0627\u0644\u0634\u0627\u0626\u0643\u0629\u060c \u062c\u0627\u0621\u0646\u0627 \u0646\u0628\u0623 <strong>\u0627\u0644\u062a\u0648\u0642\u0641 \u0627\u0644\u0645\u0641\u0627\u062c\u0626 \u0644\u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0641\u064a \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0633\u0646\u0629 2027<\/strong>\u060c \u0645\u0645\u0627 \u063a\u064a\u0631 \u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0639\u0645\u0644 \u062d\u064a\u062b \u0639\u0645\u062f\u0646\u0627 \u0627\u0644\u0649 \u0627\u0628\u0631\u0627\u0632 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0648\u0627\u0644\u062d\u0642\u0627\u0626\u0642 \u0627\u0644\u062a\u064a \u062a\u0631\u0633\u0645 \u0645\u0644\u0627\u0645\u062d \u0633\u064a\u0627\u0633\u0629 \u062f\u0648\u0644\u0629 \u0627\u062e\u062a\u0627\u0631\u062a \u0631\u0647\u0646 \u0623\u0635\u0648\u0644\u0647\u0627 \u0644\u062a\u0645\u0648\u064a\u0644 \u0637\u0645\u0648\u062d \/ \u0627\u062a\u0647\u0627  \u0627\u0648 \u0637\u0645\u0648\u062d \u0634\u062e\u0635\u064a\u0627\u062a \u0641\u064a\u0647\u0627.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0633\u0646\u0631\u0649 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u062d\u0644\u064a\u0644\u0646\u0627 \u0623\u0646 <strong>\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u063a\u0631\u0628\u064a<\/strong>\u060c \u0623\u0635\u0628\u062d \u0648\u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u0633\u0628\u0648\u0642\u060c <strong>\u064a\u0639\u062a\u0645\u062f \u0628\u0634\u0643\u0644 \u0645\u0641\u0631\u0637 \u0639\u0644\u0649 &#8220;\u0645\u064f\u0635\u062f\u0650\u0631 \u0648\u0627\u062d\u062f&#8221; \u0648\u062f\u0627\u0641\u0639 \u0648\u062d\u064a\u062f (Single Payer) \u0648\u0647\u0648 \u0627\u0644\u062f\u0648\u0644\u0629<\/strong>\u060c \u062d\u064a\u062b \u062a\u0631\u062a\u0647\u0646 \u0627\u0644\u0628\u0646\u0648\u0643 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0644\u0644\u0625\u064a\u062c\u0627\u0631\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u062a\u062d\u0644\u064a\u0644 \u0647\u0630\u0627 \u0627\u0644\u062a\u0634\u0627\u0628\u0643 \u0627\u0644\u0645\u0639\u0642\u062f \u0648\u0627\u0644\u0639\u0645\u064a\u0642 \u0633\u064a\u0643\u0634\u0641 \u0631\u0628\u0645\u0627  \u0628\u0648\u0636\u0648\u062d \u0627\u0644\u0635\u0631\u0627\u0639 \u0627\u0644\u0645\u062d\u062a\u062f\u0645  \u062e\u0644\u0627\u0644 \u0627\u0644\u062d\u0645\u0644\u0627\u062a \u0627\u0644\u0627\u0646\u062a\u062e\u0627\u0628\u0627\u062a \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u064a\u0629 \u0627\u0644\u0645\u0627\u0636\u064a\u0629 \u062d\u0648\u0644 \u0644\u0645\u0646 \u0633\u062a\u0639\u0648\u062f \u0627\u0644\u0633\u064a\u0637\u0631\u0629 \u0639\u0644\u0649 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u0644\u0627\u062d\u0638 \u0627\u0644\u0643\u062b\u064a\u0631\u0648\u0646 \u0631\u0628\u0645\u0627 \u0623\u0646\u0647 \u0643\u0627\u0646 \u0623\u0643\u062b\u0631 \u0645\u0646 \u0627\u0644\u0635\u0631\u0627\u0639 \u0639\u0644\u0649 \u0631\u0626\u0627\u0633\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0646\u0641\u0633\u0647\u0627<\/strong>: \u0627\u0644\u0635\u0631\u0627\u0639 \u0643\u0627\u0646 \u0639\u0644\u0649 <strong>Single Payer<\/strong>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0644\u0641 \u0627\u0644\u0645\u0636\u0646\u064a \u0648\u0627\u0644\u0630\u064a \u0627\u0633\u062a\u063a\u0631\u0642 \u0648\u0642\u062a\u0627 \u0648\u062c\u0647\u062f\u0627\u060c \u0646\u0635\u0641\u0647 \u0643\u0627\u0646 \u062d\u0648\u0644 \u0627\u0645\u0643\u0627\u0646\u064a\u0629 \u0641\u0647\u0645 \u0627\u0644\u062e\u0644\u0627\u0641 \u0627\u0644\u0630\u064a \u0637\u0641\u0649 \u0628\u064a\u0646 \u062a\u0644\u0643 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0648<strong>\u062a\u0634\u0628\u062b \u0644\u0642\u062c\u0639 \u0628\u0641\u0643\u0631\u062a\u0647 \u0644\u0627 \u0647\u0648\u0627\u062f\u0629 \u062d\u062f \u0627\u0642\u062a\u0631\u0627\u062d\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u062d\u0643\u0648\u0645\u0627\u062a \u0627\u0644\u0642\u0627\u062f\u0645\u0629<\/strong>\u060c \u0645\u062a\u0633\u0627\u0621\u0644\u064a\u0646 \u0639\u0646 \u0627\u0644\u062a\u0642\u0627\u0637\u0639\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0627\u0643\u0631\u0648-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629\u060c \u0639\u0646 \u0643\u064a\u0641\u064a\u0629 \u062a\u0641\u0643\u064a\u0643 \u0622\u0644\u064a\u0627\u062a \u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u062c\u0647 \u063a\u064a\u0631 \u0627\u0644\u0645\u0633\u0628\u0648\u0642 \u0641\u064a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u0629\u060c \u0648\u0639\u0646 \u0627\u0633\u062a\u0634\u0631\u0627\u0641 \u0645\u0622\u0644\u0627\u062a\u0647 \u0641\u064a \u0638\u0644 \u0627\u0644\u062a\u062d\u0648\u0644\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0627\u0644\u0631\u0627\u0647\u0646\u0629&#8230; \u0648\u0641\u0642 \u0627\u0644\u062a\u0642\u0633\u064a\u0645 \u0627\u0644\u062a\u0627\u0644\u064a :<\/p>\n\n\n\n<ul class=\"wp-block-list has-medium-font-size\">\n<li>\u0623\u0648\u0644\u0627: \u0643\u064a\u0645\u064a\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629: \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0625\u0633\u0645\u0646\u062a \u0627\u0644\u0633\u064a\u0627\u062f\u064a \u0625\u0644\u0649 \u0633\u064a\u0648\u0644\u0629 \u0646\u0642\u062f\u064a\u0629 \u0641\u0648\u0631\u064a\u0629<\/li>\n\n\n\n<li>\u062b\u0627\u0646\u064a\u0627: \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0628\u064a\u0626\u064a \u0644\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0627\u0644\u0639\u0642\u0627\u0631\u064a (OPCI)<\/li>\n\n\n\n<li>\u062b\u0627\u0644\u062b\u0627 : \u0648\u0632\u064a \u0644\u0642\u062c\u0639: \u0645\u0647\u0646\u062f\u0633 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0645\u0638\u0644\u0629 \u0628\u0646\u0634\u0639\u0628\u0648\u0646\u060c \u0648\u0627\u0644\u0645\u062f\u0627\u0641\u0639 \u0627\u0644\u0634\u0631\u0633<\/li>\n\n\n\n<li>\u0631\u0627\u0628\u0639\u0627: \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0623\u0633\u0648\u062f \u0644\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062a\u0631\u0629: \u0642\u0631\u0627\u0621\u0629 \u0641\u064a \u0627\u0644\u0623\u062b\u0631 \u0627\u0644\u0645\u0627\u0644\u064a \u0648\u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a<\/li>\n\n\n\n<li>\u062e\u0627\u0645\u0633\u0627: \u0641\u0627\u062a\u0648\u0631\u0629 \u0627\u0644\u0643\u0631\u0627\u0621 \u0627\u0644\u062b\u0642\u064a\u0644\u0629: \u0639\u0646\u062f\u0645\u0627 \u062a\u0635\u0628\u062d \u0627\u0644\u062f\u0648\u0644\u0629 \u0645\u0633\u062a\u0623\u062c\u0631\u0627\u064b \u0633\u064a\u0627\u062f\u064a\u0627\u064b<\/li>\n\n\n\n<li>\u0633\u0627\u062f\u0633\u0627: \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629: \u062a\u0634\u0627\u0628\u0643 \u0645\u0639\u0642\u062f \u0628\u064a\u0646 \u0627\u0644\u062e\u0632\u064a\u0646\u0629\u060c \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f<\/li>\n\n\n\n<li>\u0633\u0627\u0628\u0639\u0627: \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2027: \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u062d\u0642\u0628\u0629 \u0648\u0645\u0641\u0627\u0631\u0642\u0629 \u0627\u0644\u062a\u062e\u0644\u064a<\/li>\n\n\n\n<li>\u062b\u0627\u0645\u0646\u0627 : \u062e\u0644\u0627\u0635\u0629 \u0648\u0627\u0633\u062a\u0634\u0631\u0627\u0641: \u0625\u0631\u062b \u062b\u0642\u064a\u0644 \u064a\u062a\u0637\u0644\u0628 \u062d\u0648\u0643\u0645\u0629 \u062c\u062f\u064a\u062f\u0629<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-purple-color has-text-color has-link-color wp-elements-1\">\u0623\u0648\u0644\u0627 : <strong>\u0643\u064a\u0645\u064a\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629: \u062a\u062d\u0648\u064a\u0644 \u0627\u0644\u0625\u0633\u0645\u0646\u062a \u0627\u0644\u0633\u064a\u0627\u062f\u064a \u0625\u0644\u0649 \u0633\u064a\u0648\u0644\u0629 \u0646\u0642\u062f\u064a\u0629 \u0641\u0648\u0631\u064a\u0629<\/strong><\/h2>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0644\u0641\u0647\u0645 \u062d\u062c\u0645 \u0627\u0644\u062a\u062d\u0648\u0644 \u0627\u0644\u062c\u0630\u0631\u064a \u0627\u0644\u0630\u064a \u0623\u062d\u062f\u062b\u062a\u0647 \u0622\u0644\u064a\u0629 &#8220;<strong>\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629<\/strong>&#8220;\u060c \u064a\u062c\u0628 \u0627\u0644\u0639\u0648\u062f\u0629 \u0625\u0644\u0649 \u0627\u0644\u0633\u064a\u0627\u0642 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0630\u064a \u0648\u0644\u062f\u062a \u0641\u064a\u0647 \u0633\u0646\u0629 2019\u060c \u0641\u064a \u0639\u0647\u062f \u062d\u0643\u0648\u0645\u0629 \u0633\u0639\u062f \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u062b\u0645\u0627\u0646\u064a\u060c \u0648\u062a\u062d\u062a \u0625\u0634\u0631\u0627\u0641 \u0648\u0632\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0622\u0646\u0630\u0627\u0643 \u0645\u062d\u0645\u062f \u0628\u0646\u0634\u0639\u0628\u0648\u0646. \u0648\u0627\u062c\u0647 \u0627\u0644\u0645\u063a\u0631\u0628 \u062d\u064a\u0646\u0647\u0627 \u0636\u063a\u0648\u0637\u0627\u064b \u0645\u062a\u0632\u0627\u064a\u062f\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0648\u062a\u0644\u0628\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0644\u0628 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u062f\u0648\u0646 \u0627\u0644\u0644\u062c\u0648\u0621 \u0627\u0644\u0645\u0641\u0631\u0637 \u0625\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629 \u0623\u0648 \u0627\u0644\u062f\u0627\u062e\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u064a \u0643\u0627\u0646\u062a \u062a\u0642\u062a\u0631\u0628 \u0645\u0646 \u0627\u0644\u062e\u0637\u0648\u0637 \u0627\u0644\u062d\u0645\u0631\u0627\u0621 \u0627\u0644\u062a\u064a \u062a\u0636\u0639\u0647\u0627 \u0648\u0643\u0627\u0644\u0627\u062a \u0627\u0644\u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u064a<sup>10<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u0628\u062f\u0623 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0639\u0644\u0649 \u0647\u0646\u062f\u0633\u0629 \u0645\u0627\u0644\u064a\u0629 \u062a\u064f\u0639\u0631\u0641 \u0628\u0640 <\/strong>&#8220;<strong>\u0627\u0644\u0628\u064a\u0639 \u0648\u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u0643\u0631\u0627\u0621<\/strong>&#8221; (<strong>Sale and Leaseback<\/strong>). \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0625\u062c\u0631\u0627\u0626\u064a\u0629\u060c \u062a\u0642\u0648\u0645 \u0627\u0644\u062f\u0648\u0644\u0629\u060c <strong>\u0645\u0645\u062b\u0644\u0629 \u0641\u064a \u0645\u062f\u064a\u0631\u064a\u0629 \u0623\u0645\u0644\u0627\u0643 \u0627\u0644\u062f\u0648\u0644\u0629 (DDE)<\/strong>\u060c \u0628\u062a\u0641\u0648\u064a\u062a \u0623\u0635\u0648\u0644 \u0639\u0642\u0627\u0631\u064a\u0629 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0648\u0630\u0627\u062a \u0642\u064a\u0645\u0629 \u0645\u0627\u0644\u064a\u0629 \u0639\u0627\u0644\u064a\u0629 \u0625\u0644\u0649 \u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0624\u0633\u0633\u0627\u062a\u064a\u064a\u0646. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u064a\u062a\u0645 \u0647\u0630\u0627 \u0627\u0644\u062a\u0641\u0648\u064a\u062a \u063a\u0627\u0644\u0628\u0627\u064b \u0644\u0635\u0627\u0644\u062d &#8220;\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0627\u0644\u0639\u0642\u0627\u0631\u064a&#8221; (OPCI)\u060c \u0648\u0647\u064a \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0645\u062a\u062e\u0635\u0635\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a\u060c \u062a\u062a\u0645\u062a\u0639 \u0628\u0625\u0639\u0641\u0627\u0621\u0627\u062a \u0636\u0631\u064a\u0628\u064a\u0629 \u0648\u0645\u0631\u0648\u0646\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0627\u0633\u0639\u0629<sup>12<\/sup><\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0648\u0628\u0645\u062c\u0631\u062f \u0646\u0642\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629\u060c <strong>\u062a\u0642\u0648\u0645 \u0627\u0644\u062f\u0648\u0644\u0629 \u0628\u062a\u0648\u0642\u064a\u0639 \u0639\u0642\u0648\u062f \u0643\u0631\u0627\u0621 \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u0645\u062f \u062a\u0645\u062a\u062f \u0639\u0627\u062f\u0629 \u0644\u0641\u062a\u0631\u0627\u062a \u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 25 \u064840 \u0633\u0646\u0629 \u0645\u0639 \u0647\u0630\u0647 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0633\u062a\u062d\u062f\u062b\u0629<sup>9<\/sup><\/strong>. \u0647\u0630\u0627 \u0627\u0644\u062a\u0631\u062a\u064a\u0628 \u0627\u0644\u062a\u0639\u0627\u0642\u062f\u064a \u064a\u062a\u064a\u062d \u0644\u0644\u062f\u0648\u0644\u0629 \u0636\u0645\u0627\u0646 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u062e\u062f\u0645\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0641\u064a \u062a\u0644\u0643 \u0627\u0644\u0645\u0628\u0627\u0646\u064a \u062f\u0648\u0646 \u0623\u064a \u0627\u0646\u0642\u0637\u0627\u0639\u060c \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u062a\u0632\u0627\u0645 \u0633\u064a\u0627\u062f\u064a \u0628\u0623\u062f\u0627\u0621 \u0633\u0648\u0645\u0629 \u0643\u0631\u0627\u0626\u064a\u0629 \u0633\u0646\u0648\u064a\u0629.<\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-2 wp-block-paragraph\"><strong>\u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a \u0644\u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u064a\u0628\u062f\u0648 \u0633\u062d\u0631\u064a\u0627\u064b \u0648\u0641\u0648\u0631\u064a\u0627\u064b:<\/strong> <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u062a\u062d\u0635\u0644 \u062e\u0632\u064a\u0646\u0629 \u0627\u0644\u062f\u0648\u0644\u0629 \u0639\u0644\u0649 \u0633\u064a\u0648\u0644\u0629 \u0646\u0642\u062f\u064a\u0629 \u0636\u062e\u0645\u0629 \u062a\u0633\u062c\u0644 \u0636\u0645\u0646 &#8220;<strong>\u0627\u0644\u0645\u062f\u0627\u062e\u064a\u0644 \u063a\u064a\u0631 \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629<\/strong>&#8220;\u060c \u0648\u062a\u062d\u062f\u064a\u062f\u0627\u064b \u0641\u064a \u062d\u0633\u0627\u0628 &#8220;<strong>\u0635\u0646\u062f\u0648\u0642 \u0625\u0639\u0627\u062f\u0629 \u062a\u0648\u0638\u064a\u0641 \u0623\u0645\u0644\u0627\u0643 \u0627\u0644\u062f\u0648\u0644\u0629&#8221; (Fonds de Remploi Domanial)<\/strong>\u060c \u0645\u0645\u0627 \u064a\u0642\u0644\u0635 <strong>\u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629<\/strong> \u0628\u0634\u0643\u0644 \u0645\u0644\u062d\u0648\u0638 <strong>\u0639\u0644\u0649 \u0627\u0644\u0648\u0631\u0642<\/strong>\u060c \u0648\u062f\u0648\u0646 \u0623\u0646 \u064a\u064f\u0633\u062c\u0644 \u0647\u0630\u0627 \u0627\u0644\u0645\u0628\u0644\u063a \u0627\u0644\u0636\u062e\u0645 \u0643\u062f\u064a\u0646 \u0639\u0627\u0645 \u0645\u0628\u0627\u0634\u0631 \u0625\u0636\u0627\u0641\u064a \u0641\u064a \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0644\u0644\u062e\u0632\u064a\u0646\u0629<sup>14<\/sup>. \u0644\u0642\u062f \u062a\u062d\u0648\u0644 \u0647\u0630\u0627 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0645\u0646 \u0645\u062c\u0631\u062f \u062d\u0633\u0627\u0628 \u062b\u0627\u0646\u0648\u064a \u0625\u0644\u0649 \u0634\u0631\u064a\u0627\u0646 \u0645\u0627\u0644\u064a \u0631\u0626\u064a\u0633\u064a\u060c \u062d\u064a\u062b \u0633\u062c\u0644 \u0641\u064a \u0639\u0627\u0645 2024 \u0648\u062d\u062f\u0647 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0628\u0644\u063a\u062a 39.78 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 (\u0628\u0632\u064a\u0627\u062f\u0629 \u0642\u062f\u0631\u0647\u0627 46% \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0639\u0627\u0645 2023)\u060c \u0645\u0646\u0647\u0627 35.27 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u062a\u0623\u062a\u062a \u062d\u0635\u0631\u064a\u0627\u064b \u0645\u0646 \u0622\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0628\u062a\u0643\u0631<sup>16<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-3\"><strong>\u0627\u0644\u062a\u0635\u0627\u0639\u062f \u0627\u0644\u0631\u0642\u0645\u064a \u0627\u0644\u0635\u0627\u0631\u0648\u062e\u064a \u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0641\u0648\u064a\u062a (2019-2026)<\/strong><\/h3>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u062a\u0634\u064a\u0631 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u062c\u0645\u0639\u0629 \u0645\u0646 \u062a\u0642\u0627\u0631\u064a\u0631 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u0642\u0627\u0631\u064a\u0631 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0644\u0645\u062f\u064a\u0631\u064a\u0629 \u0623\u0645\u0644\u0627\u0643 \u0627\u0644\u062f\u0648\u0644\u0629\u060c \u0625\u0644\u0649 \u062a\u0635\u0627\u0639\u062f \u0645\u0646\u0647\u062c\u064a \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629. \u0641\u0642\u062f \u062a\u0636\u0627\u0639\u0641\u062a \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0628\u0634\u0643\u0644 \u0644\u0627\u0641\u062a\u060c \u0648\u062a\u062d\u0648\u0644\u062a \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0645\u0646 \u0625\u062c\u0631\u0627\u0621 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0625\u0644\u0649 \u0631\u0643\u064a\u0632\u0629 \u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0648\u0627\u0632\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0643\u0631\u0648-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0645\u0645\u0644\u0643\u0629. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u064a\u0628\u0631\u0632 \u0627\u0644\u062c\u062f\u0648\u0644 \u0627\u0644\u062a\u0627\u0644\u064a \u0627\u0644\u062a\u0637\u0648\u0631 \u0627\u0644\u0632\u0645\u0646\u064a \u0648\u0627\u0644\u0645\u0627\u062f\u064a \u0644\u062d\u062c\u0645 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0645 \u0625\u0646\u062c\u0627\u0632\u0647\u0627:<\/p>\n\n\n\n<figure class=\"wp-block-table has-medium-font-size\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0640\u0629<\/strong><\/td><td><strong>\u062d\u062c\u0645 \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u0639\u0628\u0623\u0629 (\u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u062d\u062c\u0645 \u0648\u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0627\u0644\u0645\u0641\u0648\u062a\u0629<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u0623\u0628\u0631\u0632 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0645\u0642\u062a\u0646\u064a\u0629 \u0648\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641<\/strong><\/td><\/tr><tr><td>2019 &#8211; 2021<\/td><td>12.00<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0634\u0645\u0644\u062a \u062a\u0641\u0648\u064a\u062a 5 \u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a \u062c\u0627\u0645\u0639\u064a\u0629 \u0643\u0628\u0631\u0649 (CHU)<sup>13<\/sup>.<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f (CMR) \u0639\u0628\u0631 \u0635\u0646\u0627\u062f\u064a\u0642 \u0645\u062e\u0635\u0635\u0629.<\/td><\/tr><tr><td>2022<\/td><td>20.00<\/td><td class=\"has-text-align-center\" data-align=\"center\">98 \u0623\u0635\u0644\u0627\u064b \u0639\u0642\u0627\u0631\u064a\u0627\u064b \u0648\u0638\u064a\u0641\u064a\u0627\u064b \u0645\u0646 \u0627\u0644\u0645\u0644\u0643 \u0627\u0644\u062e\u0627\u0635 \u0644\u0644\u062f\u0648\u0644\u0629<sup>13<\/sup>.<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0625\u062f\u0627\u0631\u0627\u062a\u060c \u0643\u0644\u064a\u0627\u062a\u060c \u0648\u0645\u0631\u0627\u0641\u0642 \u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0641\u0627\u0626\u062f\u0629 \u0645\u0624\u0633\u0633\u0627\u062a \u0639\u0645\u0648\u0645\u064a\u0629.<\/td><\/tr><tr><td>2023<\/td><td>25.44<\/td><td class=\"has-text-align-center\" data-align=\"center\">175 \u0623\u0635\u0644\u0627\u064b \u0639\u0642\u0627\u0631\u064a\u0627\u064b (\u0645\u0628\u0627\u0646\u064a \u0625\u062f\u0627\u0631\u064a\u0629\u060c \u0648\u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a)<sup>13<\/sup>.<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0625\u064a\u062f\u0627\u0639 \u0648\u0627\u0644\u062a\u062f\u0628\u064a\u0631 (CDG)\u060c \u0648\u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f (CMR)<sup>1<\/sup>.<\/td><\/tr><tr><td>2024<\/td><td>35.27<\/td><td class=\"has-text-align-center\" data-align=\"center\">592 \u0623\u0635\u0644\u0627\u064b \u0639\u0642\u0627\u0631\u064a\u0627\u064b\u060c \u0634\u0645\u0644\u062a \u0642\u0637\u0627\u0639\u0627\u062a \u0627\u0644\u0635\u062d\u0629\u060c \u0627\u0644\u0639\u062f\u0644\u060c \u0648\u0627\u0644\u062a\u0639\u0644\u064a\u0645<sup>17<\/sup>.<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0627\u0646\u0636\u0645\u0627\u0645 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0648\u0637\u0646\u064a \u0644\u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a (CNSS) \u0644\u0644\u0639\u0645\u0644\u064a\u0629<sup>15<\/sup>.<\/td><\/tr><tr><td>2025<\/td><td>40.10<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0628\u0644\u0648\u063a \u0627\u0644\u0630\u0631\u0648\u0629 \u0644\u062a\u063a\u0637\u064a\u0629 \u0639\u062c\u0632 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0648\u0627\u0644\u0628\u0646\u064a\u0627\u062a \u0627\u0644\u062a\u062d\u062a\u064a\u0629<sup>18<\/sup>.<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0647\u064a\u0645\u0646\u0629 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a\u064a\u0629 \u0634\u0628\u0647 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629<sup>2<\/sup>.<\/td><\/tr><tr><td>2026 (\u0645\u0628\u0631\u0645\u062c)<\/td><td>20.00<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u062a\u0631\u0627\u062c\u0639 \u0645\u0628\u0631\u0645\u062c \u0636\u0645\u0646 \u0627\u0644\u0628\u0631\u0645\u062c\u0629 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a\u0629 \u0627\u0644\u062b\u0644\u0627\u062b\u064a\u0629<sup>18<\/sup>.<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0627\u0633\u062a\u0639\u062f\u0627\u062f \u0645\u0628\u0631\u0645\u062c \u0644\u0644\u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u062a\u062f\u0631\u064a\u062c\u064a \u0644\u0644\u0622\u0644\u064a\u0629.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u064a\u064f\u0638\u0647\u0631 \u0647\u0630\u0627 \u0627\u0644\u062a\u0633\u0644\u0633\u0644 \u0627\u0644\u0632\u0645\u0646\u064a \u0623\u0646 <strong>\u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0642\u062f \u062a\u0636\u0627\u0639\u0641 \u0628\u0634\u0643\u0644 \u0644\u0627\u0641\u062a \u062e\u0644\u0627\u0644 \u0648\u0644\u0627\u064a\u0629 \u062d\u0643\u0648\u0645\u0629 \u0639\u0632\u064a\u0632 \u0623\u062e\u0646\u0648\u0634<\/strong> (2021-2026)\u060c \u062d\u064a\u062b \u0634\u0643\u0644\u062a \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u0645\u0627 \u064a\u0642\u0627\u0631\u0628 90% \u0645\u0646 \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0645\u062f\u064a\u0631\u064a\u0629 \u0623\u0645\u0644\u0627\u0643 \u0627\u0644\u062f\u0648\u0644\u0629 \u0641\u064a \u0628\u0639\u0636 \u0627\u0644\u0633\u0646\u0648\u0627\u062a<sup>13<\/sup>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0628\u0644 \u0625\u0646 \u0633\u0646\u0629 2022 \u0648\u062d\u062f\u0647\u0627 \u0634\u0647\u062f\u062a \u062a\u062d\u0642\u064a\u0642 \u0645\u062f\u064a\u0631\u064a\u0629 \u0623\u0645\u0644\u0627\u0643 \u0627\u0644\u062f\u0648\u0644\u0629 \u0644\u0646\u0633\u0628\u0629 \u0625\u0646\u062c\u0627\u0632 \u0628\u0644\u063a\u062a 1332% \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0647\u062f\u0641 \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a \u0627\u0644\u0645\u062d\u062f\u062f \u0641\u064a \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong>\u060c \u0628\u0641\u0636\u0644 \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u062d\u0635\u0631\u0627\u064b\u060c \u0645\u0639 \u062a\u0639\u0628\u0626\u0629 \u0631\u0635\u064a\u062f \u0639\u0642\u0627\u0631\u064a \u0634\u0627\u0633\u0639 \u0628\u0644\u063a \u062d\u0648\u0627\u0644\u064a 5.47 \u0645\u0644\u064a\u0648\u0646 \u0647\u0643\u062a\u0627\u0631 \u062a\u062d\u062a \u0625\u0634\u0631\u0627\u0641 \u0627\u0644\u0645\u062f\u064a\u0631\u064a\u0629<sup>16<\/sup>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-purple-color has-text-color has-link-color wp-elements-4\">\u062b\u0627\u0646\u064a\u0627 : <strong>\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0628\u064a\u0626\u064a \u0644\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0627\u0644\u0639\u0642\u0627\u0631\u064a (OPCI)<\/strong><\/h2>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0644\u0636\u0645\u0627\u0646 \u0646\u062c\u0627\u062d \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0645\u0639\u0642\u062f\u0629\u060c <strong>\u0643\u0627\u0646 \u0644\u0632\u0627\u0645\u0627\u064b \u062a\u0648\u0641\u064a\u0631 \u0625\u0637\u0627\u0631 \u0642\u0627\u0646\u0648\u0646\u064a \u0648\u0645\u0627\u0644\u064a \u064a\u0633\u0647\u0644 \u0627\u0646\u062a\u0642\u0627\u0644 \u0627\u0644\u0623\u0635\u0648\u0644<\/strong> \u0648\u064a\u0648\u0641\u0631 \u0625\u0639\u0641\u0627\u0621\u0627\u062a \u0636\u0631\u064a\u0628\u064a\u0629 \u062a\u062d\u0641\u0632 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0639\u0644\u0649 \u0636\u062e \u0627\u0644\u0645\u0644\u0627\u064a\u064a\u0631. <strong>\u0647\u0646\u0627 \u0628\u0631\u0632 \u062f\u0648\u0631 &#8220;\u0647\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0627\u0644\u0639\u0642\u0627\u0631\u064a&#8221; (OPCI)<\/strong>\u060c <strong>\u0648\u062a\u062d\u062f\u064a\u062f\u0627\u064b \u0635\u0646\u0641 (SPI-RFA) \u0623\u064a &#8220;\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u0630\u0627\u062a \u0642\u0648\u0627\u0639\u062f \u0627\u0644\u062a\u0633\u064a\u064a\u0631 \u0627\u0644\u0645\u062e\u0641\u0641\u0629&#8221;<\/strong>\u060c <strong>\u0648\u0627\u0644\u0645\u0648\u062c\u0647\u0629 \u062d\u0635\u0631\u064a\u0627\u064b \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0624\u0647\u0644\u064a\u0646<sup>13<\/sup><\/strong>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f (CMR) \u0643\u0627\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0631\u0627\u0626\u062f \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629. \u0628\u062d\u062b\u0627\u064b \u0639\u0646 \u0639\u0648\u0627\u0626\u062f \u0622\u0645\u0646\u0629 \u062a\u0641\u0648\u0642 \u0645\u0627 \u062a\u0642\u062f\u0645\u0647 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a\u0629 \u0644\u062a\u063a\u0637\u064a\u0629 \u0639\u062c\u0632\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u060c \u0642\u0627\u0645 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0628\u062a\u0623\u0633\u064a\u0633 6 \u0635\u0646\u0627\u062f\u064a\u0642 (OPCI) \u0645\u062e\u0635\u0635\u0629 \u0644\u0627\u062d\u062a\u0636\u0627\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629<sup>13<\/sup>. \u0623\u0648\u0644 \u0647\u0630\u0647 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u062d\u0635\u0644 \u0639\u0644\u0649 \u062a\u0623\u0634\u064a\u0631\u0629 \u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u0629 \u0644\u0633\u0648\u0642 \u0627\u0644\u0631\u0633\u0627\u0645\u064a\u0644 <strong>(AMMC) \u0641\u064a \u0634\u062a\u0646\u0628\u0631 2021<\/strong>\u060c \u0648\u0627\u0633\u062a\u062d\u0648\u0630 \u0639\u0644\u0649 5 \u0623\u0635\u0648\u0644 \u0641\u064a 4 \u0645\u062f\u0646 \u0645\u063a\u0631\u0628\u064a\u0629 (\u0645\u0646\u0647\u0627 <strong>\u0627\u0644\u0645\u0633\u062a\u0634\u0641\u0649 \u0627\u0644\u062c\u0627\u0645\u0639\u064a \u0628\u0648\u062c\u062f\u0629<\/strong>\u060c \u06484 \u0643\u0644\u064a\u0627\u062a \u0637\u0628 \u0648\u0635\u064a\u062f\u0644\u0629 \u0641\u064a \u0637\u0646\u062c\u0629\u060c \u0623\u0643\u0627\u062f\u064a\u0631\u060c <strong>\u0648\u062c\u062f\u0629<\/strong>\u060c \u0648\u0641\u0627\u0633)\u060c \u0628\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0646\u0627\u0647\u0632\u062a 1.5 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u062a\u0648\u0627\u0644\u062a \u0628\u0639\u062f \u0630\u0644\u0643 \u062a\u0623\u0633\u064a\u0633\u0627\u062a \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0643\u0628\u0631\u0649 \u0627\u0644\u062a\u064a \u062d\u0645\u0644\u062a \u0623\u0633\u0645\u0627\u0621 \u062a\u0639\u0643\u0633 \u0637\u0628\u064a\u0639\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0636\u0645\u0647\u0627\u060c \u0645\u062b\u0644 \u0635\u0646\u062f\u0648\u0642 &#8220;<strong>CMR O Stone<\/strong>&#8221; \u0648\u0635\u0646\u062f\u0648\u0642 &#8220;<strong>Perenne Stone SPI-RFA<\/strong>&#8220;\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0645 \u062a\u0641\u0648\u064a\u0636 \u0625\u062f\u0627\u0631\u062a\u0647\u0627 \u0644\u0634\u0631\u0643\u0627\u062a \u062a\u062f\u0628\u064a\u0631 \u0645\u062a\u062e\u0635\u0635\u0629 \u0645\u062b\u0644 &#8220;<strong>Ajarinvest<\/strong>&#8221; (<strong>\u0627\u0644\u062a\u0627\u0628\u0639\u0629 \u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0625\u064a\u062f\u0627\u0639 \u0648\u0627\u0644\u062a\u062f\u0628\u064a\u0631 CDG<\/strong>) \u0648\u0634\u0631\u0643\u0629 &#8220;<strong>REIM Partners<\/strong>&#8220;<sup>13<\/sup>. \u0648\u062a\u0643\u0634\u0641 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062f\u0642\u064a\u0642\u0629 \u0623\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u0635\u0641\u0648\u064a\u0629 (<strong>Valeur liquidative<\/strong>) \u0644\u0647\u0630\u0647 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0642\u062f \u0638\u0644\u062a \u0641\u064a \u0627\u0631\u062a\u0641\u0627\u0639 \u0645\u0633\u062a\u0645\u0631\u060c \u062d\u064a\u062b \u062a\u0639\u0643\u0633 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0625\u064a\u062c\u0627\u0631\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0644\u062a\u0632\u0645 \u0627\u0644\u062f\u0648\u0644\u0629 \u0628\u062f\u0641\u0639\u0647\u0627<sup>28<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0643\u0645\u0627 \u0648\u0627\u0643\u0628 \u0627\u0644\u0645\u0634\u0631\u0639 \u0627\u0644\u0636\u0631\u064a\u0628\u064a \u0647\u0630\u0647 \u0627\u0644\u062f\u064a\u0646\u0627\u0645\u064a\u0629 \u0628\u062a\u0642\u062f\u064a\u0645 \u062a\u062d\u0641\u064a\u0632\u0627\u062a \u0633\u062e\u064a\u0629. <strong>\u0641\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0646\u0635 \u0639\u0644\u0649 \u0645\u0646\u062d \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0648\u0647\u064a\u0626\u0627\u062a (OPCI) \u0625\u0639\u0641\u0627\u0621\u0627\u062a \u0636\u0631\u064a\u0628\u064a\u0629 \u0645\u0647\u0645\u0629<\/strong>\u060c <strong>\u0648\u062a\u062e\u0641\u064a\u0636\u0627\u062a \u062a\u0635\u0644 \u0625\u0644\u0649 40% \u0639\u0644\u0649 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0627\u0644\u0645\u0648\u0632\u0639\u0629<\/strong>\u060c \u0634\u0631\u064a\u0637\u0629 \u0627\u0644\u062a\u0632\u0627\u0645\u0647\u0627 \u0628\u0641\u062a\u062d \u0631\u0623\u0633\u0645\u0627\u0644\u0647\u0627 \u0644\u0644\u0639\u0645\u0648\u0645 \u0628\u0646\u0633\u0628 \u0645\u062d\u062f\u062f\u0629\u060c \u0648\u0647\u0648 \u0645\u0627 \u0633\u0627\u0647\u0645 \u0641\u064a \u062a\u0633\u0631\u064a\u0639 \u0648\u062a\u064a\u0631\u0629 \u0636\u062e \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0645\u0646 \u0637\u0631\u0641 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a 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\u0627\u0644\u0631\u0624\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639<\/strong>\u060c \u0648\u062a\u0642\u0627\u0637\u0639\u0647\u0627 \u0645\u0639 \u0623\u062f\u0648\u0627\u0631 \u0648\u0632\u0631\u0627\u0621 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u0628\u064a\u0646. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u062a\u062c\u062f\u0631 \u0627\u0644\u0625\u0634\u0627\u0631\u0629 \u0647\u0646\u0627 \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629\u060c \u0648\u0631\u063a\u0645 \u0625\u0637\u0644\u0627\u0642\u0647\u0627 \u0631\u0633\u0645\u064a\u0627\u064b \u0641\u064a \u0639\u0647\u062f \u0627\u0644\u0648\u0632\u064a\u0631 <strong>\u0645\u062d\u0645\u062f \u0628\u0646\u0634\u0639\u0628\u0648\u0646<\/strong> (2018-2021) \u0627\u0644\u0630\u064a \u0648\u0641\u0631 \u0644\u0647\u0627 &#8220;<strong>\u0627\u0644\u0645\u0638\u0644\u0629 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0648\u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629<\/strong>&#8221; \u0643\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0644\u0638\u0631\u0641\u064a\u0629 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0636\u0627\u063a\u0637\u0629\u060c \u0625\u0644\u0627 \u0623\u0646 <strong>\u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639 \u0643\u0627\u0646 \u0645\u0647\u0646\u062f\u0633\u0647\u0627 \u0627\u0644\u062a\u0642\u0646\u064a \u0648\u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0628\u0635\u0641\u062a\u0647 &#8220;\u0645\u062f\u064a\u0631 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629&#8221; \u0622\u0646\u0630\u0627\u0643<\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0641\u0642\u062f <strong>\u0623\u0634\u0631\u0641 \u0644\u0642\u062c\u0639 \u0645\u0646 \u0645\u0637\u0628\u062e\u0647 \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0639\u0644\u0649 \u0647\u0646\u062f\u0633\u0629 \u0627\u0644\u062f\u0641\u0639\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u0645\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u0623\u0648\u0627\u062e\u0631 \u0633\u0646\u0629 2019<\/strong>\u060c \u0648\u0627\u0644\u062a\u064a \u0634\u0645\u0644\u062a \u062a\u0641\u0648\u064a\u062a 5 \u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a \u062c\u0627\u0645\u0639\u064a\u0629  \u0628\u0642\u064a\u0645\u0629 5 \u0645\u0644\u0627\u064a\u064a\u0631 \u062f\u0631\u0647\u0645 \u0644\u0635\u0627\u0644\u062d \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f<sup>13<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0648\u062d\u064a\u0646 \u063a\u0627\u062f\u0631 \u0628\u0646\u0634\u0639\u0628\u0648\u0646 \u0645\u0646\u0635\u0628\u0647 \u0644\u064a\u062a\u0648\u0644\u0649 \u0645\u0647\u0627\u0645 \u062f\u0628\u0644\u0648\u0645\u0627\u0633\u064a\u0629 \u0648\u0645\u0627\u0644\u064a\u0629 \u0623\u062e\u0631\u0649\u060c \u0644\u0645 \u064a\u0639\u062a\u0628\u0631 \u0644\u0642\u062c\u0639 \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 &#8220;\u0625\u0631\u062b\u0627\u064b \u062b\u0642\u064a\u0644\u0627\u064b&#8221; \u0644\u0644\u062a\u0647\u0631\u0628 \u0645\u0646\u0647<\/strong>\u060c \u0628\u0644 \u062a\u0628\u0646\u0627\u0647\u0627 \u0628\u0634\u0643\u0644 \u0643\u0627\u0645\u0644. \u0648\u0628\u0645\u062c\u0631\u062f \u062a\u0631\u0642\u064a\u062a\u0647 \u0625\u0644\u0649 \u0645\u0646\u0635\u0628 &#8220;\u0627\u0644\u0648\u0632\u064a\u0631 \u0627\u0644\u0645\u0646\u062a\u062f\u0628 \u0627\u0644\u0645\u0643\u0644\u0641 \u0628\u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629&#8221; \u0641\u064a \u062d\u0643\u0648\u0645\u0629 \u0623\u062e\u0646\u0648\u0634\u060c <strong>\u0627\u062a\u0633\u0645 \u062e\u0637\u0627\u0628\u0647 \u0628\u0627\u0644\u0628\u0631\u0627\u063a\u0645\u0627\u062a\u064a\u0629 \u0627\u0644\u0634\u062f\u064a\u062f\u0629 \u0648\u0627\u0644\u062f\u0641\u0627\u0639 \u0627\u0644\u0645\u0633\u062a\u0645\u064a\u062a \u0639\u0646 \u0634\u0631\u0639\u064a\u0629 \u0648\u0646\u062c\u0627\u0639\u0629 \u0647\u0630\u0627 \u0627\u0644\u0627\u062e\u062a\u064a\u0627\u0631<\/strong>\u060c \u0641\u0639\u0645\u0644 \u0639\u0644\u0649 \u062a\u0648\u0633\u064a\u0639 \u0646\u0637\u0627\u0642\u0647 \u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u0633\u0628\u0648\u0642.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0623\u0645\u0627\u0645 \u0627\u0644\u0644\u062c\u0627\u0646 \u0627\u0644\u0628\u0631\u0644\u0645\u0627\u0646\u064a\u0629\u060c \u0648\u0641\u064a \u0645\u0648\u0627\u062c\u0647\u0629 \u0627\u0646\u062a\u0642\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u0639\u0627\u0631\u0636\u0629 \u0627\u0644\u062a\u064a \u0648\u0635\u0641\u062a \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0628\u0623\u0646\u0647\u0627 &#8220;<strong>\u062e\u0648\u0635\u0635\u0629 \u0645\u0642\u0646\u0639\u0629<\/strong>&#8221; \u0623\u0648 &#8220;<strong>\u0628\u064a\u0639 \u0644\u0645\u0645\u062a\u0644\u0643\u0627\u062a \u0627\u0644\u0634\u0639\u0628<\/strong>&#8220;\u060c \u0643\u0627\u0646 \u0631\u062f \u0644\u0642\u062c\u0639 \u062d\u0627\u0633\u0645\u0627\u064b\u060c \u0635\u0631\u064a\u062d\u0627\u064b\u060c \u0648\u0645\u0624\u0637\u0631\u0627\u064b \u0628\u0645\u0646\u0637\u0642 \u0645\u0627\u0644\u064a \u0628\u0631\u0627\u063a\u0645\u0627\u062a\u064a: &#8220;<strong>\u0647\u0630\u0647 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u0623\u0641\u0636\u0644 \u0628\u0643\u062b\u064a\u0631 \u0645\u0646 \u0627\u0644\u062e\u0648\u0635\u0635\u0629. \u0623\u0646\u0635\u062d \u0643\u0644 \u0645\u0646 \u0633\u064a\u062e\u0644\u0641\u0646\u064a \u0628\u0645\u0648\u0627\u0635\u0644\u0629 \u0627\u0644\u0644\u062c\u0648\u0621 \u0625\u0644\u064a\u0647\u0627\u060c \u0644\u0623\u0646\u0647\u0627 \u0622\u0644\u064a\u0629 \u0645\u0631\u0646\u0629 \u062a\u0646\u062a\u062c \u0642\u064a\u0645\u0629 \u0645\u0636\u0627\u0641\u0629<\/strong>&#8220;<sup>13<\/sup>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0648\u0642\u062f <strong>\u0646\u0641\u0649 \u0628\u0634\u062f\u0629 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u062e\u0648\u0635\u0635\u0629<\/strong>\u060c \u0645\u0624\u0643\u062f\u0627\u064b \u0623\u0646 \u0627\u0644\u062e\u0648\u0635\u0635\u0629 \u0644\u0647\u0627 \u0625\u0637\u0627\u0631\u0647\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0627\u0644\u0645\u0639\u0642\u062f \u0648\u0644\u0648\u0627\u0626\u062d\u0647\u0627 \u0627\u0644\u062a\u064a \u064a\u0635\u0648\u062a \u0639\u0644\u064a\u0647\u0627 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\u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u064a\u0633\u0627\u0647\u0645 \u0641\u064a \u062a<strong>\u0641\u0643\u064a\u0643 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a<\/strong> \u0648\u064a\u0631\u0647\u0646\u0647 \u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0635\u0644\u0628\u0629<sup>37<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-9\"><strong>\u0633\u0631\u0627\u0628 \u062a\u0642\u0644\u064a\u0635 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a<\/strong><\/h3>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0627\u0644\u0647\u062f\u0641 \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u060c \u0648\u0644\u0643\u0646\u0647 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u060c \u0644\u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0643\u0627\u0646 \u0627\u0644\u062a\u062d\u0643\u0645 \u0641\u064a \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a \u0627\u0644\u0631\u0633\u0645\u064a \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0635\u0648\u0631\u0629 \u0627\u0644\u0645\u063a\u0631\u0628 \u0643\u0645\u0644\u0627\u0630 \u0622\u0645\u0646 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0648\u0627\u0644\u062a\u0632\u0627\u0645\u0647 \u0627\u0644\u0635\u0627\u0631\u0645 \u0628\u0627\u0644\u0627\u0646\u0636\u0628\u0627\u0637 \u0627\u0644\u0645\u0627\u0644\u064a \u0623\u0645\u0627\u0645 \u0648\u0643\u0627\u0644\u0627\u062a \u0627\u0644\u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646\u064a \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0648\u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649<sup>38<\/sup><\/strong>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u064a\u0648\u0636\u062d \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u0642\u0627\u0631\u0646 \u0644\u0644\u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a\u060c \u0643\u0645\u0627 \u062a\u0648\u062b\u0642\u0647 \u0627\u0644\u062f\u0631\u0627\u0633\u0627\u062a \u0627\u0644\u0645\u0627\u0643\u0631\u0648-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0631\u0635\u062f &#8220;<strong>\u0623\u0643\u0633\u0641\u0648\u0631\u062f \u0625\u064a\u0643\u0648\u0646\u0648\u0645\u064a\u0643\u0633<\/strong>&#8221; \u0648\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u062f\u0648\u0644\u064a\u060c \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u0639\u0645\u064a\u0642\u0629 \u0628\u064a\u0646 <strong>\u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0645\u064f\u0639\u0644\u0646<\/strong> \u0641\u064a \u0648\u062b\u0627\u0626\u0642 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 <strong>\u0648\u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u062d\u0642\u064a\u0642\u064a (\u0627\u0644\u0647\u064a\u0643\u0644\u064a)<\/strong> \u0625\u0630\u0627 \u0645\u0627 \u062a\u0645 \u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0627\u0644\u0645\u062f\u0627\u062e\u064a\u0644 \u0627\u0644\u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0629 \u0648\u063a\u064a\u0631 \u0627\u0644\u0645\u062a\u0643\u0631\u0631\u0629 \u0644\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629:<\/p>\n\n\n\n<figure class=\"wp-block-table has-medium-font-size\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u0627\u0644\u0633\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/strong><\/td><td><strong>\u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a \u0627\u0644\u0645\u064f\u0639\u0644\u0646 (\u0643\u0646\u0633\u0628\u0629 \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0627\u0644\u062e\u0627\u0645)<\/strong><\/td><td><strong>\u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u062d\u0642\u064a\u0642\u064a (\u0641\u064a \u062d\u0627\u0644 \u0627\u0633\u062a\u0628\u0639\u0627\u062f \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629)<\/strong><\/td><td><strong>\u0627\u0644\u0641\u0627\u0631\u0642 (\u0627\u0644\u0639\u0628\u0621 \u0627\u0644\u0645\u062e\u0641\u064a \u0628\u0646\u0642\u0627\u0637 \u0645\u0626\u0648\u064a\u0629 \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u062f\u0627\u062e\u0644\u064a)<\/strong><\/td><\/tr><tr><td>2024<\/td><td>3.8 %<sup>38<\/sup><\/td><td>~ 5.5 % &#8211; 6.0 %<\/td><td>~ 2.0 \u0646\u0642\u0637\u0629 \u0645\u0626\u0648\u064a\u0629<\/td><\/tr><tr><td>2025<\/td><td>3.5 %<sup>38<\/sup><\/td><td>5.8 %<sup>18<\/sup><\/td><td>2.3 \u0646\u0642\u0637\u0629 \u0645\u0626\u0648\u064a\u0629<\/td><\/tr><tr><td>2026<\/td><td>3.4 %<\/td><td>4.5 %<\/td><td>1.1 \u0646\u0642\u0637\u0629 \u0645\u0626\u0648\u064a\u0629<\/td><\/tr><tr><td>2027 (\u0645\u0634\u0631\u0648\u0639)<\/td><td>3.0 %<sup>40<\/sup><\/td><td>4.1 %<\/td><td>0.8 \u0646\u0642\u0637\u0629 \u0645\u0626\u0648\u064a\u0629<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u064a\u0628\u0631\u0632 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0637\u064a\u0627\u062a \u0627\u0644\u0642\u0627\u0637\u0639\u0629 \u0623\u0646 &#8220;<strong>\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629<\/strong>&#8221; \u0633\u0645\u062d\u062a \u0644\u0644\u062e\u0632\u064a\u0646\u0629 \u0628\u062a\u0641\u0627\u062f\u064a \u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0645\u0628\u0627\u0634\u0631\u0629 \u062a\u0639\u0627\u062f\u0644 \u062d\u0648\u0627\u0644\u064a 8.5 \u0646\u0642\u0627\u0637 \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0627\u0644\u062e\u0627\u0645 \u0628\u0634\u0643\u0644 \u062a\u0631\u0627\u0643\u0645\u064a \u0645\u0646\u0630 \u0627\u0646\u0637\u0644\u0627\u0642 \u0627\u0644\u0639\u0645\u0644\u064a\u0629<sup>14<\/sup>. \u0648\u0644\u0648 \u062a\u0645 \u062a\u0645\u0648\u064a\u0644 \u0647\u0630\u0647 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0627\u0644\u0636\u062e\u0645\u0629 \u0639\u0628\u0631 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u064a\u0646\u0629 \u0623\u0648 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u062b\u0646\u0627\u0626\u064a\u0629\u060c \u0644\u0643\u0627\u0646 \u062d\u062c\u0645 \u0627\u0644\u062f\u064a\u0646 \u0627\u0644\u0639\u0627\u0645 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0644\u0644\u062e\u0632\u064a\u0646\u0629 \u0642\u062f \u0646\u0627\u0647\u0632 75% \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0627\u0644\u062e\u0627\u0645\u060c \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0627\u0644\u062a\u0631\u0648\u064a\u062c \u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631\u0647\u0627 \u0641\u064a \u062d\u062f\u0648\u062f 66.6% \u0625\u0644\u0649 67.7%<sup>14<\/sup>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-10\"><strong>\u062a\u062f\u062e\u0644 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a (FMI) \u0648\u062a\u0635\u062d\u064a\u062d \u0627\u0644\u0645\u0639\u0627\u0644\u062c\u0629 \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629<\/strong><\/h3>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0644\u0645 \u064a\u0645\u0631 \u0647\u0630\u0627 \u0627\u0644\u062a\u0645\u0648\u064a\u0647 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a \u0627\u0644\u0645\u062a\u0642\u0646 \u062f\u0648\u0646 \u0623\u0646 \u064a\u062b\u064a\u0631 \u0627\u0646\u062a\u0628\u0627\u0647 \u062d\u0631\u0627\u0633 \u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u062f\u0648\u0644\u064a<\/strong>. \u0641\u0642\u062f \u0623\u0628\u062f\u0649 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a (<strong>FMI<\/strong>) \u0648\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u062f\u0648\u0644\u064a \u062a\u062d\u0641\u0638\u0627\u062a \u0635\u0631\u064a\u062d\u0629 \u0625\u0632\u0627\u0621 \u0625\u062f\u0631\u0627\u062c \u0647\u0630\u0647 \u0627\u0644\u0645\u062f\u0627\u062e\u064a\u0644 \u0636\u0645\u0646 &#8220;<strong>\u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0639\u0627\u062f\u064a\u0629<\/strong>&#8221; \u0644\u0644\u062f\u0648\u0644\u0629. \u0648\u0641\u064a \u0645\u0639\u0627\u0644\u062c\u062a\u0647 \u0627\u0644\u0625\u062d\u0635\u0627\u0626\u064a\u0629 \u0627\u0644\u062f\u0642\u064a\u0642\u0629 \u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0645\u063a\u0631\u0628\u060c \u0644\u0627 \u0633\u064a\u0645\u0627 \u0641\u064a \u062a\u0642\u0627\u0631\u064a\u0631 \u0645\u0634\u0627\u0648\u0631\u0627\u062a \u0627\u0644\u0645\u0627\u062f\u0629 \u0627\u0644\u0631\u0627\u0628\u0639\u0629 \u0644\u0639\u0627\u0645 2026\u060c <strong>\u0642\u0631\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0625\u0639\u0627\u062f\u0629 \u062a\u0635\u0646\u064a\u0641 \u0647\u0630\u0647 \u0627\u0644\u0645\u062f\u0627\u062e\u064a\u0644 \u0628\u0634\u0643\u0644 \u062c\u0630\u0631\u064a<\/strong><sup>7<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0639\u062a\u0628\u0627\u0631\u0647\u0627 &#8220;<strong>\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0639\u0627\u062f\u064a\u0629<\/strong>&#8221; (\u0648\u0647\u0648 \u062a\u0635\u0646\u064a\u0641 \u064a\u062d\u0633\u0646 \u0627\u0635\u0637\u0646\u0627\u0639\u064a\u0627\u064b \u0627\u0644\u0631\u0635\u064a\u062f \u0627\u0644\u0639\u0627\u062f\u064a \u0644\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0648\u064a\u0648\u062d\u064a \u0628\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0645\u0648\u0627\u0631\u062f \u0627\u0644\u0630\u0627\u062a\u064a\u0629 \u0644\u0644\u062f\u0648\u0644\u0629)\u060c <strong>\u0627\u0639\u062a\u0628\u0631\u0647\u0627 \u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0646\u0642\u062f \u0627\u0644\u062f\u0648\u0644\u064a &#8220;\u0627\u0642\u062a\u0637\u0627\u0639\u0627\u064b \u0645\u0646 \u0635\u0627\u0641\u064a \u062d\u064a\u0627\u0632\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u063a\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629&#8221;<\/strong> (diminution des acquisitions nettes d&#8217;actifs non financiers). <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0648\u0631\u063a\u0645 \u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a <strong>\u0644\u0627 \u064a\u0644\u063a\u064a \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0625\u064a\u062c\u0627\u0628\u064a \u0627\u0644\u0645\u0628\u0627\u0634\u0631<\/strong> \u0639\u0644\u0649 \u062e\u0641\u0636 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0643\u0644\u064a\u060c <strong>\u0625\u0644\u0627 \u0623\u0646\u0647 \u064a\u0631\u0633\u0644 \u0625\u0634\u0627\u0631\u0629 \u0642\u0648\u064a\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u062f\u0627\u062e\u064a\u0644 \u0647\u064a \u0646\u062a\u064a\u062c\u0629 \u0644\u0628\u064a\u0639 \u0623\u0635\u0648\u0644 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u062a\u0645\u062b\u0644 &#8220;\u062b\u0631\u0648\u0629 \u0627\u0644\u0623\u062c\u064a\u0627\u0644&#8221;<\/strong>\u060c \u0648\u0647\u064a \u0628\u0637\u0628\u064a\u0639\u062a\u0647\u0627 \u0645\u062f\u0627\u062e\u064a\u0644 \u063a\u064a\u0631 \u0645\u062a\u0643\u0631\u0631\u0629 (Non-recurrent revenues) \u0644\u0627 \u064a\u0645\u0643\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u064a\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0649 \u0627\u0644\u0637\u0648\u064a\u0644.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0639\u0644\u0627\u0648\u0629 \u0639\u0644\u0649 \u0630\u0644\u0643\u060c <strong>\u062d\u0630\u0631 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0645\u0646 \u0623\u0646 \u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0639\u0627\u0645\u0629<\/strong> \u0639\u0628\u0631 \u0623\u062f\u0648\u0627\u062a \u0623\u0648 \u0635\u0646\u0627\u062f\u064a\u0642 \u0645\u062e\u0635\u0635\u0629 (Ad hoc vehicles) \u064a\u0639\u0642\u062f \u0645\u0646 \u0645\u0633\u0623\u0644\u0629 \u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0645\u0642\u062a\u0631\u0636 \u0627\u0644\u0646\u0647\u0627\u0626\u064a\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0627\u0644\u062a\u0642\u0644\u064a\u0644 \u0645\u0646 \u0627\u0644\u062a\u0642\u062f\u064a\u0631 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629 (Sovereign risk exposure) \u0627\u0644\u062a\u064a \u062a\u062a\u062d\u0645\u0644\u0647\u0627 \u0627\u0644\u062f\u0648\u0644\u0629 \u0643\u0636\u0627\u0645\u0646 \u0623\u062e\u064a\u0631 \u0644\u0643\u0644 \u0647\u0630\u0647 \u0627\u0644\u0647\u064a\u0643\u0644\u0629<sup>7<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0643\u0645\u0627 \u0623\u0634\u0627\u0631 \u0627\u0644\u0645\u062c\u0644\u0633 \u0627\u0644\u0623\u0639\u0644\u0649 \u0644\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0641\u064a \u0627\u0644\u0645\u063a\u0631\u0628\u060c \u0628\u0631\u0626\u0627\u0633\u0629 <strong>\u0627\u0644\u0633\u064a\u062f\u0629 \u0632\u064a\u0646\u0628 \u0627\u0644\u0639\u062f\u0648\u064a<\/strong>\u060c \u0641\u064a \u0648\u0642\u062a \u0645\u0628\u0643\u0631 \u0645\u0646\u0630 \u0639\u0627\u0645 2020\u060c \u0625\u0644\u0649 \u0623\u0646 <strong>\u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u062a\u062a\u0634\u0627\u0628\u0647 \u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0629 \u0645\u0639 \u062a\u0631\u062a\u064a\u0628\u0627\u062a \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0627\u0644\u0625\u064a\u062c\u0627\u0631\u064a (Cr\u00e9dit-bail)<\/strong>\u060c \u0648\u0647\u0648 \u0645\u0627 \u064a\u0641\u0631\u0636 <strong>\u062a\u0635\u0646\u064a\u0641\u0647\u0627 \u0643\u0646\u0648\u0639 \u0645\u0646 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u062a\u0631\u0629<\/strong> \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0625\u062e\u0636\u0627\u0639\u0647\u0627 \u0644\u0646\u0641\u0633 \u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629 \u0648\u0627\u0644\u0645\u0633\u0627\u0621\u0644\u0629 \u0627\u0644\u062a\u064a \u062a\u062e\u0636\u0639 \u0644\u0647\u0627 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0627\u0644\u0645\u0628\u0627\u0634\u0631\u0629<sup>8<\/sup>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-purple-color has-text-color has-link-color wp-elements-11\">\u062e\u0627\u0645\u0633\u0627: <strong>\u0641\u0627\u062a\u0648\u0631\u0629 \u0627\u0644\u0643\u0631\u0627\u0621 \u0627\u0644\u062b\u0642\u064a\u0644\u0629: \u0639\u0646\u062f\u0645\u0627 \u062a\u0635\u0628\u062d \u0627\u0644\u062f\u0648\u0644\u0629 \u0645\u0633\u062a\u0623\u062c\u0631\u0627\u064b \u0633\u064a\u0627\u062f\u064a\u0627\u064b<\/strong><\/h2>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u062a\u0643\u0645\u0646 \u0627\u0644\u062e\u0637\u0648\u0631\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 \u0644\u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629<\/strong>\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u064f\u0634\u0643\u0644 \u0627\u0644\u0645\u0623\u062e\u0630 \u0627\u0644\u0631\u0626\u064a\u0633\u064a \u0644\u0644\u0646\u0642\u0627\u062f \u0648\u0627\u0644\u062e\u0628\u0631\u0627\u0621\u060c <strong>\u0641\u064a \u0627\u0644\u062a\u062d\u0648\u0644 \u0627\u0644\u0647\u064a\u0643\u0644\u064a \u0627\u0644\u0630\u064a \u062a\u0641\u0631\u0636\u0647 \u0639\u0644\u0649 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0629<\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0641\u0627\u0644\u0645\u0628\u0627\u0644\u063a \u0627\u0644\u0645\u062d\u0635\u0644\u0629 \u062a\u064f\u0635\u0631\u0641 \u0645\u0631\u0629 \u0648\u0627\u062d\u062f\u0629 \u0643\u062d\u0642\u0646 \u0633\u064a\u0648\u0644\u0629 \u0633\u0631\u064a\u0639\u0629<\/strong> (One-off revenues) \u0644\u062a\u063a\u0637\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0623\u0648 \u0646\u0641\u0642\u0627\u062a \u062c\u0627\u0631\u064a\u0629\u060c <strong>\u0628\u064a\u0646\u0645\u0627 \u062a\u062a\u062d\u0648\u0644 \u0627\u0644\u062f\u0648\u0644\u0629 \u0625\u0644\u0649 \u0645\u0633\u062a\u0623\u062c\u0631 \u0645\u0644\u0632\u0645 \u0628\u0623\u062f\u0627\u0621 \u0633\u0648\u0645\u0629 \u0643\u0631\u0627\u0626\u064a\u0629 \u0635\u0627\u0631\u0645\u0629 \u0644\u0641\u062a\u0631\u0627\u062a \u062a\u0645\u062a\u062f \u062d\u062a\u0649 40 \u0633\u0646\u0629<\/strong>\u060c \u062f\u0648\u0646 \u0625\u0645\u0643\u0627\u0646\u064a\u0629 \u0644\u0644\u062a\u0645\u0644\u0635 \u0623\u0648 \u0625\u0639\u0627\u062f\u0629 \u0627\u0644\u062c\u062f\u0648\u0644\u0629 \u0643\u0645\u0627 \u064a\u062d\u062f\u062b \u0645\u0639 \u0627\u0644\u062f\u064a\u0648\u0646 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629<sup>9<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u062e\u0631\u062c \u0648\u0627\u0644\u064a \u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628\u060c <strong>\u0627\u0644\u0633\u064a\u062f \u0639\u0628\u062f \u0627\u0644\u0644\u0637\u064a\u0641 \u0627\u0644\u062c\u0648\u0627\u0647\u0631\u064a<\/strong>\u060c \u0627\u0644\u0645\u0639\u0631\u0648\u0641 \u0628\u0635\u0631\u0627\u062d\u062a\u0647 \u0648\u0627\u0633\u062a\u0642\u0644\u0627\u0644\u064a\u062a\u0647 \u0639\u0646 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0627\u0644\u0638\u0631\u0641\u064a\u0629\u060c \u0644\u064a\u062f\u0642 \u0646\u0627\u0642\u0648\u0633 \u0627\u0644\u062e\u0637\u0631 \u0628\u0648\u0636\u0648\u062d \u0634\u062f\u064a\u062f. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0641\u064a \u062a\u0642\u0627\u0631\u064a\u0631 \u0648\u062a\u0635\u0631\u064a\u062d\u0627\u062a \u0645\u062a\u062a\u0627\u0644\u064a\u0629 \u0623\u0645\u0627\u0645 \u0627\u0644\u0635\u062d\u0627\u0641\u0629 \u0648\u0627\u0644\u0628\u0631\u0644\u0645\u0627\u0646\u060c <strong>\u0623\u0634\u0627\u0631 \u0627\u0644\u062c\u0648\u0627\u0647\u0631\u064a \u0625\u0644\u0649 \u0623\u0646 \u0643\u0644\u0641\u0629 \u0627\u0644\u0643\u0631\u0627\u0621 \u0627\u0644\u062a\u064a \u062a\u0624\u062f\u064a\u0647\u0627 \u0627\u0644\u062f\u0648\u0644\u0629 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a\u064a\u064a\u0646 \u0642\u062f \u0628\u0644\u063a\u062a \u0628\u0627\u0644\u0641\u0639\u0644 \u062d\u0648\u0627\u0644\u064a 7 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0631\u0647\u0645 \u0633\u0646\u0648\u064a\u0627\u064b \u0641\u064a \u0623\u0641\u0642 2025<sup>7<\/sup><\/strong>. \u0647\u0630\u0627 \u0627\u0644\u0631\u0642\u0645 \u0627\u0644\u0636\u062e\u0645 \u0644\u0627 \u064a\u0645\u062b\u0644 \u0645\u062c\u0631\u062f \u0646\u0641\u0642\u0629 \u0639\u0627\u0628\u0631\u0629 \u064a\u0645\u0643\u0646 \u062a\u062c\u0627\u0648\u0632\u0647\u0627\u060c \u0628\u0644 \u0647\u0648 \u0639\u0628\u0621 \u0645\u0627\u0644\u064a \u0645\u062a\u0643\u0631\u0631 \u0648\u0635\u0644\u0628 \u064a\u062c\u0628 \u0625\u062f\u0631\u0627\u062c\u0647 \u0636\u0645\u0646 \u0646\u0641\u0642\u0627\u062a \u0627\u0644\u062a\u0633\u064a\u064a\u0631 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0644\u0644\u062e\u0632\u064a\u0646\u0629 \u0644\u0639\u0642\u0648\u062f \u0642\u0627\u062f\u0645\u0629<sup>44<\/sup>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0648\u062a\u0634\u064a\u0631 \u062a\u0642\u062f\u064a\u0631\u0627\u062a \u0628\u0639\u0636 \u0627\u0644\u0628\u0627\u062d\u062b\u064a\u0646 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064a\u0646 \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0641\u0627\u062a\u0648\u0631\u0629 \u0645\u0631\u0634\u062d\u0629 \u0644\u0644\u0627\u0631\u062a\u0641\u0627\u0639<\/strong> \u0644\u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 7.9 \u06489.48 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0631\u0647\u0645 \u0633\u0646\u0648\u064a\u0627\u064b\u060c \u0645\u0639 \u0627\u0643\u062a\u0645\u0627\u0644 \u062a\u0641\u0639\u064a\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0623\u062e\u064a\u0631\u0629 \u0648\u062a\u0645\u062f\u062f \u0627\u0644\u0622\u0644\u064a\u0629 \u0644\u062a\u0634\u0645\u0644 \u0623\u0635\u0648\u0644\u0627\u064b \u062c\u062f\u064a\u062f\u0629.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0644\u0644\u062a\u062f\u0644\u064a\u0644 \u0639\u0644\u0649 \u0636\u062e\u0627\u0645\u0629 \u0647\u0630\u0627 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a\u060c <strong>\u064a\u0643\u0641\u064a \u0623\u0646 \u0646\u0639\u0644\u0645 \u0623\u0646 7 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0631\u0647\u0645 \u062a\u0641\u0648\u0642 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0627\u0644\u0645\u062e\u0635\u0635\u0629 \u0644\u0639\u062f\u0629 \u0642\u0637\u0627\u0639\u0627\u062a \u0648\u0632\u0627\u0631\u064a\u0629 \u062d\u064a\u0648\u064a\u0629 \u0645\u062c\u062a\u0645\u0639\u0629\u060c \u0648\u062a\u0648\u0627\u0632\u064a \u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0628\u0646\u0627\u0621 \u0648\u062a\u062c\u0647\u064a\u0632 \u0639\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a \u0627\u0644\u0625\u0642\u0644\u064a\u0645\u064a\u0629<\/strong>. \u0625\u0646\u0647\u0627 \u0643\u0644\u0641\u0629 \u0645\u0624\u062c\u0644\u0629 \u062a\u062a\u062d\u0645\u0644\u0647\u0627 \u0627\u0644\u0623\u062c\u064a\u0627\u0644 \u0627\u0644\u0642\u0627\u062f\u0645\u0629\u060c \u0648\u0627\u0644\u062a\u064a \u0633\u062a\u062c\u062f \u0646\u0641\u0633\u0647\u0627 \u0645\u0644\u0632\u0645\u0629 \u0628\u062f\u0641\u0639 \u0625\u064a\u062c\u0627\u0631\u0627\u062a \u0628\u0627\u0647\u0638\u0629 \u0644\u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a \u0648\u062c\u0627\u0645\u0639\u0627\u062a \u0628\u064f\u0646\u064a\u062a \u0641\u064a \u0627\u0644\u0645\u0627\u0636\u064a\u060c \u0645\u0645\u0627 \u064a\u0642\u0644\u0635 \u0628\u0634\u0643\u0644 \u062e\u0637\u064a\u0631 \u0627\u0644\u062d\u064a\u0632 \u0627\u0644\u0645\u0627\u0644\u064a (Fiscal space) \u0627\u0644\u0645\u062a\u0627\u062d \u0644\u0644\u062d\u0643\u0648\u0645\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u0645\u0634\u0627\u0631\u064a\u0639 \u062c\u062f\u064a\u062f\u0629 \u0623\u0648 \u0645\u0648\u0627\u062c\u0647\u0629 \u0623\u0632\u0645\u0627\u062a \u0637\u0627\u0631\u0626\u0629<sup>7<\/sup>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0648\u064a\u0639\u062a\u0628\u0631 \u0647\u0630\u0627 \u0627\u0644\u0645\u0646\u0637\u0642\u060c \u0628\u062d\u0633\u0628 \u0645\u0646\u062a\u0642\u062f\u064a\u0647\u060c \u0625\u0646\u0641\u0627\u0642\u0627\u064b \u0644\u062b\u0631\u0648\u0629 \u0627\u0644\u0623\u062c\u064a\u0627\u0644 \u0627\u0644\u0642\u0627\u062f\u0645\u0629 \u0648\u062a\u0642\u0644\u064a\u0635\u0627\u064b \u0644\u0642\u062f\u0631\u062a\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629<sup>39<\/sup>.<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-purple-color has-text-color has-link-color wp-elements-12\">\u0633\u0627\u062f\u0633\u0627: <strong>\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629: \u062a\u0634\u0627\u0628\u0643 \u0645\u0639\u0642\u062f \u0628\u064a\u0646 \u0627\u0644\u062e\u0632\u064a\u0646\u0629\u060c \u0627\u0644\u0628\u0646\u0648\u0643\u060c \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f<\/strong><\/h2>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u062a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u062a\u062f\u0627\u0639\u064a\u0627\u062a \u0627\u0644\u0633\u0644\u0628\u064a\u0629 \u0644\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u062d\u062f\u0648\u062f \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u062a\u0645\u0633 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0634\u0627\u0645\u0644 \u0644\u0644\u0645\u0645\u0644\u0643\u0629 \u0628\u0623\u0633\u0631\u0647.<strong> \u0625\u0646 \u0647\u0646\u062f\u0633\u0629 \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u062e\u0644\u0642\u062a \u062a\u0631\u0627\u0628\u0637\u0627\u064b \u062d\u064a\u0648\u064a\u0627\u064b\u060c \u0648\u0645\u062e\u0627\u0637\u0631 \u0646\u0638\u0627\u0645\u064a\u0629 (Systemic risk) \u063a\u064a\u0631 \u0645\u0633\u0628\u0648\u0642\u0629<\/strong>\u060c<strong> \u0628\u064a\u0646 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0628\u0646\u0643\u064a\u060c \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f\u060c \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-13\"><strong>\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f: \u0627\u0644\u0628\u062d\u062b \u0639\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0641\u064a \u0638\u0644 \u0627\u0644\u0639\u062c\u0632 \u0627\u0644\u0647\u064a\u0643\u0644\u064a<\/strong><\/h3>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0643\u0627\u0646 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u0644\u062a\u0642\u0627\u0639\u062f (<strong>CMR<\/strong>) \u0623\u0648\u0644 \u0648\u0623\u0643\u0628\u0631 \u0627\u0644\u0645\u0646\u062e\u0631\u0637\u064a\u0646 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0641\u064a \u0638\u0644 \u0645\u0639\u0627\u0646\u0627\u062a\u0647 \u0645\u0646 \u0639\u062c\u0632 \u062a\u0642\u0646\u064a \u0647\u064a\u0643\u0644\u064a \u0648\u062a\u0622\u0643\u0644 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a\u0647 (\u0627\u0644\u062a\u064a \u0628\u0644\u063a\u062a \u0645\u0633\u062a\u0648\u064a\u0627\u062a \u062d\u0631\u062c\u0629 \u062a\u062a\u0637\u0644\u0628 \u0625\u0635\u0644\u0627\u062d\u0627\u064b \u062c\u0630\u0631\u064a\u0627\u064b \u0648\u0645\u0624\u0644\u0645\u0627\u064b \u0644\u0645 \u064a\u0643\u062a\u0645\u0644 \u0628\u0639\u062f)\u060c \u0648\u062c\u062f \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0641\u064a &#8220;\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629&#8221; \u0645\u0644\u0627\u0630\u0627\u064b \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0627\u064b \u0645\u063a\u0631\u064a\u0627\u064b \u0648\u0636\u0631\u0648\u0631\u064a\u0627\u064b \u0644\u0636\u0645\u0627\u0646 \u0633\u064a\u0648\u0644\u062a\u0647<sup>13<\/sup>. \u0641\u0645\u0639\u062f\u0644\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062f\u0627\u062e\u0644\u064a <strong>(IRR<\/strong>) \u0627\u0644\u062a\u064a \u062a\u0648\u0641\u0631\u0647\u0627 \u0647\u0630\u0647 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629 \u062a\u062a\u0631\u0627\u0648\u062d \u062d\u0648\u0644 5.5% \u0625\u0644\u0649 6%\u060c \u0648\u0647\u0648 \u0639\u0627\u0626\u062f \u0645\u0631\u062a\u0641\u0639 \u0648\u0645\u0636\u0645\u0648\u0646 \u064a\u0641\u0648\u0642 \u0628\u0643\u062b\u064a\u0631 \u0645\u0627 \u062a\u0642\u062f\u0645\u0647 \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u064a\u0646\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0646\u0642\u062f\u064a\u0629<sup>45<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0648\u0644 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a \u0641\u064a \u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u0645\u0627\u0644\u064a \u0623\u062f\u0649 \u0625\u0644\u0649 \u062a\u063a\u064a\u064a\u0631 \u062c\u0630\u0631\u064a \u0641\u064a \u0628\u0646\u064a\u0629 \u0623\u0635\u0648\u0644 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f<\/strong>. \u0641\u0642\u062f \u0627\u0631\u062a\u0641\u0639\u062a \u062d\u0635\u0629 \u0627\u0644\u0639\u0642\u0627\u0631 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u0645\u062f\u0646\u064a\u0629 \u0645\u0646 \u0645\u0633\u062a\u0648\u0649 \u0634\u0628\u0647 \u0645\u0646\u0639\u062f\u0645 (0%) \u0641\u064a 2019 \u0625\u0644\u0649 \u0642\u0631\u0627\u0628\u0629 10.7% \u0641\u064a \u0646\u0647\u0627\u064a\u0629 2025\u060c \u0644\u062a\u0634\u0643\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0628\u062f\u064a\u0644\u0627\u064b \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u064b \u0644\u0644\u0633\u0646\u062f\u0627\u062a<sup>7<\/sup>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0644\u0643\u0646 \u0627\u0644\u062e\u0637\u0631 \u064a\u0643\u0645\u0646 \u0641\u064a \u0645\u0633\u0623\u0644\u0629 &#8220;\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0639\u0646\u062f \u0627\u0644\u062e\u0631\u0648\u062c&#8221; (Exit liquidity)\u061b \u0641\u0625\u0630\u0627 \u0627\u062d\u062a\u0627\u062c\u062a \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0625\u0644\u0649 \u062a\u0633\u064a\u064a\u0644 \u0623\u0635\u0648\u0644\u0647\u0627 \u0628\u0633\u0631\u0639\u0629 \u0644\u062f\u0641\u0639 \u0627\u0644\u0645\u0639\u0627\u0634\u0627\u062a\u060c \u0641\u0625\u0646 \u0628\u064a\u0639 \u062d\u0635\u0635 \u0641\u064a (OPCI) \u0644\u064a\u0633 \u0628\u0627\u0644\u0633\u0647\u0648\u0644\u0629 \u0648\u0627\u0644\u0633\u0631\u0639\u0629 \u0627\u0644\u062a\u064a \u064a\u062a\u0645 \u0628\u0647\u0627 \u0628\u064a\u0639 \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u064a\u0646\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629<sup>7<\/sup><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-14\"><strong>\u0627\u0646\u0643\u0634\u0627\u0641 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0628\u0646\u0643\u064a \u0648\u062a\u0623\u062b\u064a\u0631 &#8220;\u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629&#8221; (Crowding-out Effect)<\/strong><\/h3>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0644\u0645 \u062a\u0642\u0645 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0623\u0648 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 (\u0645\u062b\u0644 CDG \u0648 CNSS) \u0628\u062a\u0645\u0648\u064a\u0644 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u0647\u0630\u0647 \u0645\u0646 \u0623\u0645\u0648\u0627\u0644\u0647\u0627 \u0627\u0644\u0630\u0627\u062a\u064a\u0629 \u0648\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a\u0647\u0627 \u0641\u0642\u0637\u060c \u0628\u0644 \u0644\u062c\u0623\u062a \u0628\u0643\u062b\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0645\u0646 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0628\u0646\u0643\u064a<\/strong> \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0633\u062a\u062d\u0648\u0627\u0630\u0647\u0627 \u0639\u0644\u0649 \u0623\u0635\u0648\u0644 \u0627\u0644\u062f\u0648\u0644\u0629. \u0648\u062a\u0643\u0634\u0641 \u0627\u0644\u0645\u0639\u0637\u064a\u0627\u062a \u0627\u0644\u0645\u0648\u062b\u0642\u0629 \u0623\u0646 \u0627\u0644\u0627\u0646\u0643\u0634\u0627\u0641 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a (Total exposure) \u0644\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u0629 \u0639\u0644\u0649 \u0647\u064a\u0626\u0627\u062a \u0627\u0644\u062a\u0648\u0638\u064a\u0641 \u0627\u0644\u062c\u0645\u0627\u0639\u064a \u0627\u0644\u0639\u0642\u0627\u0631\u064a (OPCI) \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0642\u062f \u062a\u062c\u0627\u0648\u0632 \u0633\u0642\u0641 107 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0631\u0647\u0645 \u0628\u0646\u0647\u0627\u064a\u0629 \u0645\u0627\u064a 2026.<\/p>\n\n\n\n<p class=\"has-vivid-red-color has-text-color has-link-color has-medium-font-size wp-elements-15 wp-block-paragraph\"><strong>\u0647\u0630\u0627 \u0627\u0644\u0648\u0636\u0639 \u0627\u0644\u0645\u062d\u0627\u0633\u0628\u064a \u062e\u0644\u0642 \u0623\u062b\u0631\u0627\u064b \u0645\u0632\u062f\u0648\u062c\u0627\u064b \u0648\u0645\u0642\u0644\u0642\u0627\u064b \u0639\u0644\u0649 \u0628\u0646\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"has-medium-font-size\"><strong>\u0623\u062b\u0631 \u0627\u0644\u0645\u0632\u0627\u062d\u0645\u0629 \u0648\u062a\u062c\u0641\u064a\u0641 \u0627\u0644\u0633\u064a\u0648\u0644\u0629:<\/strong> \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0628\u0646\u0643\u064a\u0629 \u0627\u0644\u0647\u0627\u0626\u0644\u0629 \u0627\u0644\u062a\u064a \u0648\u064f\u062c\u0647\u062a \u0644\u062a\u0645\u0648\u064a\u0644 \u0647\u0630\u0647 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 (\u0648\u0628\u0627\u0644\u062a\u0627\u0644\u064a \u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u062c\u0632 \u0627\u0644\u062f\u0648\u0644\u0629 \u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u0628\u0627\u0634\u0631)\u060c \u0623\u062f\u062a \u0625\u0644\u0649 \u0627\u0645\u062a\u0635\u0627\u0635 \u0627\u0644\u0631\u0633\u0627\u0645\u064a\u0644 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642. \u0648\u0642\u062f \u062d\u0630\u0631 \u0628\u0646\u0643 \u0627\u0644\u0645\u063a\u0631\u0628 \u0648\u0627\u0644\u0645\u062d\u0644\u0644\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0648\u0646 \u0645\u0646 \u0623\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0648\u0644 \u0627\u0644\u0645\u0643\u062b\u0641 \u0641\u064a \u062a\u0648\u062c\u064a\u0647 \u0631\u0624\u0648\u0633 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u064a\u062a\u0633\u0628\u0628 \u0641\u064a &#8220;<strong>\u062a\u062c\u0641\u064a\u0641 \u0633\u064a\u0648\u0644\u0629 \u0633\u0648\u0642 \u0627\u0644\u0631\u0633\u0627\u0645\u064a\u0644<\/strong>&#8220;\u060c \u0648\u064a\u0636\u0639\u0641 \u0627\u0644\u0637\u0644\u0628 \u0627\u0644\u0637\u0628\u064a\u0639\u064a \u0639\u0644\u0649 \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u064a\u0646\u0629 \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629\u060c \u0628\u0644 \u0648\u064a\u062d\u062f \u0645\u0646 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u062a\u0627\u062d\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u062e\u0627\u0635<sup>12<\/sup>. <strong>\u0648\u0628\u0630\u0644\u0643\u060c \u062a\u0635\u0628\u062d \u0627\u0644\u062f\u0648\u0644\u0629 \u0648\u0645\u0624\u0633\u0633\u0627\u062a\u0647\u0627 \u0647\u064a &#8220;\u0627\u0644\u0632\u0628\u0648\u0646 \u0627\u0644\u0623\u0648\u0644&#8221; \u0648\u0627\u0644\u0645\u062d\u062a\u0643\u0631 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0628\u0646\u0643\u064a\u0629<sup>48<\/sup><\/strong>.<\/li>\n\n\n\n<li class=\"has-medium-font-size\"><strong>\u0627\u0644\u062a\u0631\u0643\u0632 \u0627\u0644\u0646\u0638\u0627\u0645\u064a \u0644\u0644\u0645\u062e\u0627\u0637\u0631 (Concentration of risk):<\/strong> \u0623\u0635\u0628\u062d \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0627\u0644\u064a \u0627\u0644\u0645\u063a\u0631\u0628\u064a\u060c \u0648\u0628\u0634\u0643\u0644 \u063a\u064a\u0631 \u0645\u0633\u0628\u0648\u0642\u060c \u064a\u0639\u062a\u0645\u062f \u0628\u0634\u0643\u0644 \u0645\u0641\u0631\u0637 \u0639\u0644\u0649 &#8220;<strong>\u0645\u064f\u0635\u062f\u0650\u0631 \u0648\u0627\u062d\u062f<\/strong>&#8221; (<strong>Single Payer<\/strong>: <strong>\u0648\u0647\u0630\u0627 \u0645\u0627 \u064a\u0643\u0634\u0641 \u0627\u0644\u0635\u0631\u0627\u0639 \u0627\u0644\u0645\u062d\u062a\u062f\u0645 \u0639\u0644\u0649 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0643\u062b\u0631 \u0645\u0646 \u0631\u0626\u0627\u0633\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0646\u0641\u0633\u0647\u0627<\/strong>)&#8230; \u0641\u0627\u0644\u0628\u0646\u0648\u0643 \u062a\u064f\u0642\u0631\u0636 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0648\u0647\u064a\u0626\u0627\u062a (OPCI) \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0631\u0627\u0647\u0645\u060c \u0648\u0647\u0630\u0647 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u062a\u0639\u062a\u0645\u062f \u062d\u0635\u0631\u064a\u0627\u064b \u0641\u064a \u0633\u062f\u0627\u062f \u0642\u0631\u0648\u0636\u0647\u0627 \u0648\u062f\u0641\u0639 \u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u0645\u062a\u0642\u0627\u0639\u062f\u064a\u0646 \u0639\u0644\u0649 &#8220;\u0627\u0644\u0625\u064a\u062c\u0627\u0631\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629&#8221; \u0627\u0644\u062a\u064a \u062a\u062f\u0641\u0639\u0647\u0627 \u0627\u0644\u062f\u0648\u0644\u0629. \u0648\u0625\u0630\u0627 \u062a\u0639\u0631\u0636\u062a \u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u062f\u0648\u0644\u0629 \u0644\u0623\u064a \u0635\u062f\u0645\u0629 \u0645\u0627\u0643\u0631\u0648-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 (\u062c\u0641\u0627\u0641 \u062d\u0627\u062f\u060c \u0623\u0632\u0645\u0629 \u0637\u0627\u0642\u0629\u060c \u0631\u0643\u0648\u062f \u0639\u0627\u0644\u0645\u064a) \u062c\u0639\u0644\u062a\u0647\u0627 \u062a\u062a\u0639\u062b\u0631 \u0641\u064a \u0623\u062f\u0627\u0621 \u0647\u0630\u0647 \u0627\u0644\u0625\u064a\u062c\u0627\u0631\u0627\u062a \u0627\u0644\u0628\u0627\u0644\u063a\u0629 7 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0631\u0647\u0645 \u0633\u0646\u0648\u064a\u0627\u064b\u060c \u0641\u0625\u0646 \u0630\u0644\u0643 \u0633\u064a\u0646\u0639\u0643\u0633 \u0641\u0648\u0631\u0627\u064b \u0648\u0628\u0634\u0643\u0644 \u0645\u062a\u0633\u0644\u0633\u0644 \u0639\u0644\u0649 \u0642\u062f\u0631\u0629 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0639\u0644\u0649 \u0627\u0644\u0648\u0641\u0627\u0621 \u0628\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a\u0647\u0627\u060c \u0648\u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0639\u062b\u0631 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0628\u0646\u0643\u064a\u0629 \u0627\u0644\u0628\u0627\u0644\u063a\u0629 107 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0631\u0647\u0645\u060c \u0645\u0645\u0627 \u064a\u0631\u0628\u0637 \u0645\u0635\u064a\u0631 \u0627\u0644\u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0628\u0646\u0643\u064a \u0648\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u0642\u0627\u0639\u062f \u0628\u0635\u0644\u0627\u0628\u0629 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u062f\u0648\u0644\u0629 \u0641\u064a \u062d\u0644\u0642\u0629 \u0645\u063a\u0644\u0642\u0629 \u0645\u0646 \u0627\u0644\u0645\u062e\u0627\u0637\u0631.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-purple-color has-text-color has-link-color wp-elements-16\">\u0633\u0627\u0628\u0639\u0627 : <strong>\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2027: \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u062d\u0642\u0628\u0629 \u0648\u0645\u0641\u0627\u0631\u0642\u0629 \u0627\u0644\u062a\u062e\u0644\u064a<\/strong><\/h2>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0623\u0645\u0627\u0645 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0627\u0644\u0645\u062a\u0635\u0627\u0639\u062f\u0629\u060c \u0648\u0627\u0644\u0636\u063a\u0648\u0637 \u063a\u064a\u0631 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0645\u0646 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a 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\u062a\u0648\u0644\u062a \u0645\u0647\u0627\u0645\u0647\u0627 \u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 2026\u060c \u0642\u0631\u0627\u0631\u0627\u064b \u062d\u0627\u0633\u0645\u0627\u064b \u0648\u062a\u0627\u0631\u064a\u062e\u064a\u0627\u064b: <strong>\u0627\u0644\u062a\u062e\u0644\u064a \u0627\u0644\u0646\u0647\u0627\u0626\u064a \u0648\u0627\u0644\u0645\u0628\u0643\u0631 \u0639\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 &#8220;\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629&#8221; \u0643\u0645\u0648\u0631\u062f \u0644\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0628\u062f\u0621\u0627\u064b \u0645\u0646 \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0633\u0646\u0629 2027<sup>20<\/sup>.<\/strong><\/p>\n\n\n\n<p class=\"has-text-color has-link-color has-medium-font-size wp-elements-17 wp-block-paragraph\" style=\"color:#24648a\"><strong>\u0648\u0647\u0646\u0627 \u062a\u0628\u0631\u0632 \u0627\u0644\u0645\u0641\u0627\u0631\u0642\u0629 \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0627\u0644\u0623\u0643\u062b\u0631 \u0625\u062b\u0627\u0631\u0629 \u0644\u0644\u0627\u0647\u062a\u0645\u0627\u0645\u061b \u0641\u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639\u060c \u0627\u0644\u0630\u064a \u0635\u0631\u062d \u0633\u0627\u0628\u0642\u0627\u064b \u0648\u0628\u062b\u0642\u0629 \u0628\u0623\u0646\u0647 &#8220;\u064a\u0646\u0635\u062d \u0645\u0646 \u0633\u064a\u062e\u0644\u0641\u0647 \u0628\u0645\u0648\u0627\u0635\u0644\u0629 \u0627\u0644\u0644\u062c\u0648\u0621 \u0644\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629&#8221;<sup>13<\/sup>\u060c \u0644\u0645 \u064a\u062e\u0644\u0641\u0647 \u0623\u062d\u062f\u060c \u0628\u0644 \u062a\u0645 \u062a\u0639\u064a\u064a\u0646\u0647 \u0647\u0648 \u0634\u062e\u0635\u064a\u0627\u064b \u0644\u064a\u0635\u0628\u062d &#8220;\u0648\u0632\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0646\u062c\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629&#8221; \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629<sup>5<\/sup>. \u0644\u064a\u0643\u0648\u0646 \u0628\u0630\u0644\u0643 \u0647\u0648 \u0627\u0644\u0645\u0634\u0631\u0641 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0639\u0644\u0649 \u0627\u0644\u0625\u064a\u0642\u0627\u0641 \u0627\u0644\u0641\u0648\u0631\u064a \u0644\u0644\u0622\u0644\u064a\u0629 \u0627\u0644\u062a\u064a \u062f\u0627\u0641\u0639 \u0639\u0646\u0647\u0627 \u0628\u0634\u0631\u0627\u0633\u0629\u060c \u0641\u064a \u062a\u0631\u0627\u062c\u0639 \u062a\u0641\u0631\u0636\u0647 \u0625\u0643\u0631\u0627\u0647\u0627\u062a \u0627\u0644\u0648\u0627\u0642\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0639\u0644\u0649 \u062d\u0633\u0627\u0628 \u0627\u0644\u0642\u0646\u0627\u0639\u0627\u062a \u0627\u0644\u0633\u0627\u0628\u0642\u0629.<\/strong><\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0643\u0627\u0646 \u0645\u0646 \u0627\u0644\u0645\u0628\u0631\u0645\u062c \u0633\u0644\u0641\u0627\u064b \u0641\u064a \u0648\u062b\u0627\u0626\u0642 \u0627\u0644\u0628\u0631\u0645\u062c\u0629 \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0627\u062a\u064a\u0629 \u0627\u0644\u062b\u0644\u0627\u062b\u064a\u0629 (2026-2028) \u0623\u0646 \u062a\u062a\u0631\u0627\u062c\u0639 \u0647\u0630\u0647 \u0627\u0644\u0645\u062f\u0627\u062e\u064a\u0644 \u062a\u062f\u0631\u064a\u062c\u064a\u0627\u064b \u0644\u062a\u0628\u0644\u063a 15 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0641\u064a 2027 \u0644\u062a\u0646\u062a\u0647\u064a \u062a\u0645\u0627\u0645\u0627\u064b \u0641\u064a 2028. \u0644\u0643\u0646 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0642\u0631\u0631\u062a \u062d\u0631\u0642 \u0627\u0644\u0645\u0631\u0627\u062d\u0644 \u0648\u0648\u0642\u0641 \u0627\u0644\u0639\u0645\u0644 \u0628\u0627\u0644\u0622\u0644\u064a\u0629 \u0633\u0646\u0629 2027\u060c <strong>\u0645\u0642\u062f\u0645\u0629 \u0647\u0630\u0627 \u0627\u0644\u0625\u064a\u0642\u0627\u0641 \u0643\u0642\u0631\u0627\u0631 \u064a\u0639\u0632\u0632 &#8220;\u0627\u0644\u0633\u064a\u0627\u062f\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629&#8221; \u0648\u064a\u0646\u0647\u064a \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u0627\u0644\u062d\u0644\u0648\u0644 \u0627\u0644\u062a\u0631\u0642\u064a\u0639\u064a\u0629<\/strong><sup>7<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u064a\u0636\u0639 \u0647\u0630\u0627 \u0627\u0644\u0642\u0631\u0627\u0631 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0623\u0645\u0627\u0645 \u062a\u062d\u062f\u064d \u0645\u0647\u0648\u0644 \u0648\u0645\u0639\u0627\u062f\u0644\u0629 \u0634\u0628\u0647 \u0645\u0633\u062a\u062d\u064a\u0644\u0629<\/strong>: \u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u062a\u0639\u0648\u064a\u0636 \u0641\u0642\u062f\u0627\u0646 \u0645\u062f\u0627\u062e\u064a\u0644 \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a\u0629 \u062a\u0631\u0627\u0648\u062d\u062a \u0628\u064a\u0646 25 \u0648 40 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0633\u0646\u0648\u064a\u0627\u064b (\u0623\u064a \u0645\u0627 \u064a\u0639\u0627\u062f\u0644 \u062a\u0642\u0631\u064a\u0628\u0627\u064b 2 \u0625\u0644\u0649 2.3 \u0646\u0642\u0637\u0629 \u0645\u0646 \u0627\u0644\u0646\u0627\u062a\u062c \u0627\u0644\u062f\u0627\u062e\u0644\u064a \u0627\u0644\u062e\u0627\u0645) \u0645\u0639 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0627\u0644\u0635\u0627\u0631\u0645 \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0630\u0627\u062a\u0647 \u0628\u062a\u0639\u0647\u062f\u0627\u062a &#8220;\u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629&#8221;\u061f<sup>18<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u064a\u0633\u062a\u0639\u0631\u0636 \u0627\u0644\u062c\u062f\u0648\u0644 \u0627\u0644\u062a\u0627\u0644\u064a \u062d\u062c\u0645 \u0627\u0644\u0623\u0639\u0628\u0627\u0621 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629 \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0644\u062a\u0632\u0645 \u0628\u0647\u0627 \u0627\u0644\u062f\u0648\u0644\u0629 \u0641\u064a \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2027\u060c \u0641\u064a \u063a\u064a\u0627\u0628 \u0645\u062f\u0627\u062e\u064a\u0644 &#8220;\u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629&#8221;:<\/p>\n\n\n\n<figure class=\"wp-block-table has-medium-font-size\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u0627\u0644\u0625\u062c\u0631\u0627\u0621 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a \u0636\u0645\u0646 PLF 2027<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0633\u0646\u0648\u064a\u0629 \u0627\u0644\u0625\u0636\u0627\u0641\u064a\u0629 (\u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>\u0627\u0644\u0641\u0626\u0629 \u0627\u0644\u0645\u0633\u062a\u0647\u062f\u0641\u0629 \u0648\u0627\u0644\u0645\u0644\u0627\u062d\u0638\u0627\u062a<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0625\u0635\u0644\u0627\u062d \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0639\u0644\u0649 \u0627\u0644\u062f\u062e\u0644 (IR)<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.50<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0625\u0639\u0641\u0627\u0621 \u0627\u0644\u0623\u062c\u0648\u0631 \u0627\u0644\u0635\u0627\u0641\u064a\u0629 \u0623\u0642\u0644 \u0645\u0646 10,000 \u062f\u0631\u0647\u0645 \u0648\u062a\u062e\u0641\u064a\u0641 \u0627\u0644\u0639\u0628\u0621 \u0639\u0646 87% \u0645\u0646 \u0627\u0644\u0623\u062c\u0631\u0627\u0621<sup>49<\/sup>.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0627\u0644\u0632\u064a\u0627\u062f\u0629 \u0641\u064a \u0645\u0639\u0627\u0634\u0627\u062a \u0627\u0644\u062a\u0642\u0627\u0639\u062f<\/td><td class=\"has-text-align-right\" data-align=\"right\">10.00<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0631\u0641\u0639 \u0627\u0644\u0645\u0639\u0627\u0634 \u0627\u0644\u0623\u062f\u0646\u0649 \u0645\u0646 1,000 \u0625\u0644\u0649 1,700 \u062f\u0631\u0647\u0645\u060c \u0648\u0645\u0636\u0627\u0639\u0641\u0629 \u0645\u0639\u0627\u0634\u0627\u062a \u0630\u0648\u064a \u0627\u0644\u062d\u0642\u0648\u0642 (\u0627\u0644\u0623\u0631\u0627\u0645\u0644).<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0631\u0641\u0639 \u0627\u0644\u062f\u0639\u0645 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a \u0627\u0644\u0645\u0628\u0627\u0634\u0631<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.00<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0631\u0641\u0639 \u0627\u0644\u062d\u062f \u0627\u0644\u0623\u062f\u0646\u0649 \u0644\u0644\u062f\u0639\u0645 \u0644\u0644\u0623\u0633\u0631 \u0627\u0644\u0647\u0634\u0629 \u0645\u0646 500 \u0625\u0644\u0649 600 \u062f\u0631\u0647\u0645 \u0634\u0647\u0631\u064a\u0627\u064b.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u062a\u0643\u0644\u0641\u0629 \u062e\u062f\u0645\u0629 \u0627\u0644\u062f\u064a\u0646 (\u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0648\u0627\u0644\u0623\u0635\u0648\u0644)<\/td><td class=\"has-text-align-right\" data-align=\"right\">115.30<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u064a\u0645\u062b\u0644 \u0639\u0628\u0626\u0627\u064b \u064a\u0648\u0645\u064a\u0627\u064b \u064a\u0642\u0627\u0631\u0628 316 \u0645\u0644\u064a\u0648\u0646 \u062f\u0631\u0647\u0645 \u0639\u0644\u0649 \u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u062f\u0648\u0644\u0629.<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0646\u0641\u0642\u0627\u062a \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0644\u0644\u062f\u0648\u0644\u0629<\/td><td class=\"has-text-align-right\" data-align=\"right\">825.60<\/td><td class=\"has-text-align-center\" data-align=\"center\">\u0628\u0632\u064a\u0627\u062f\u0629 \u0642\u062f\u0631\u0647\u0627 8.4% \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0639\u0627\u0645 2026.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0648\u0644\u0633\u062f \u0647\u0630\u0647 \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u0647\u0627\u0626\u0644\u0629\u060c \u064a\u0634\u064a\u0631 \u062a\u062d\u0644\u064a\u0644 \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0644\u0639\u0627\u0645 2027\u060c \u0648\u0641\u0642\u0627\u064b \u0644\u062e\u0628\u0631\u0627\u0621 &#8220;\u0623\u0643\u0633\u0641\u0648\u0631\u062f \u0625\u064a\u0643\u0648\u0646\u0648\u0645\u064a\u0643\u0633&#8221; (<strong>Oxford Economics<\/strong>)\u060c \u0625\u0644\u0649 \u0623\u0646 \u062d\u0643\u0648\u0645\u0629 \u0627\u0644\u0645\u0646\u0635\u0648\u0631\u064a \u062a\u0631\u0627\u0647\u0646 \u0628\u0634\u0643\u0644 \u0634\u0628\u0647 \u0643\u0627\u0645\u0644 \u0648\u0645\u062e\u0627\u0637\u0631 \u0639\u0644\u0649 <strong>\u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u062c\u0628\u0627\u0626\u064a\u0629<\/strong> \u0627\u0644\u0645\u0637\u0644\u0642\u0629<sup>40<\/sup>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u064a\u0639\u062a\u0645\u062f \u0627\u0644\u0645\u0634\u0631\u0648\u0639 \u0639\u0644\u0649 \u0642\u0641\u0632\u0629 \u063a\u064a\u0631 \u0645\u0633\u0628\u0648\u0642\u0629 \u0641\u064a \u0627\u0644\u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0636\u0631\u064a\u0628\u064a\u0629<\/strong>\u060c \u0627\u0644\u062a\u064a \u064a\u062a\u0648\u0642\u0639 \u0623\u0646 \u062a\u0642\u0641\u0632 \u0645\u0646 \u062d\u0648\u0627\u0644\u064a 325 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0645\u0628\u0631\u0645\u062c\u0629 \u0641\u064a 2026 \u0625\u0644\u0649 385 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0641\u064a 2027<sup>20<\/sup>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0643\u0645\u0627 \u062a\u0639\u0648\u0644 \u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0639\u0644\u0649 <strong>\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0636\u0631\u064a\u0628\u064a\u0629 \u0635\u0627\u0631\u0645\u0629<\/strong>\u060c \u0645\u0646\u0647\u0627 \u0631\u0641\u0639 \u0646\u0633\u0628\u0629 \u0627\u0644\u0636\u0631\u064a\u0628\u0629 \u0639\u0644\u0649 \u0627\u0644\u0634\u0631\u0643\u0627\u062a (IS) \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0643\u0628\u0627\u0631 \u0645\u0633\u062a\u0648\u0631\u062f\u064a \u0648\u0645\u0648\u0632\u0639\u064a \u0627\u0644\u0645\u062d\u0631\u0648\u0642\u0627\u062a \u0625\u0644\u0649 40%\u060c \u0648<strong>\u062a\u0648\u0633\u064a\u0639 \u0627\u0644\u0648\u0639\u0627\u0621 \u0627\u0644\u0636\u0631\u064a\u0628\u064a \u0644\u064a\u0634\u0645\u0644 \u0627\u0644\u0642\u0637\u0627\u0639 \u063a\u064a\u0631 \u0627\u0644\u0645\u0647\u064a\u0643\u0644<\/strong>\u060c <strong>\u0648\u0645\u0648\u0627\u0635\u0644\u0629 \u0627\u0644\u062a\u0641\u0643\u064a\u0643 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\u0628\u0639\u0646\u0627\u064a\u0629 \u0641\u0627\u0626\u0642\u0629 \u0644\u062a\u0641\u0627\u062f\u064a \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0631\u0633\u0645\u064a\u0629<\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0644\u0642\u062f \u062a\u0645 \u0627\u0633\u062a\u0647\u0644\u0627\u0643 \u062c\u0632\u0621 \u0643\u0628\u064a\u0631 \u0645\u0646 &#8220;\u0627\u0644\u0631\u0623\u0633\u0645\u0627\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a&#8221; \u0627\u0644\u062a\u0627\u0631\u064a\u062e\u064a \u0644\u0644\u062f\u0648\u0644\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0646\u0641\u0642\u0627\u062a \u062c\u0627\u0631\u064a\u0629 \u0648\u0645\u0634\u0627\u0631\u064a\u0639 \u0641\u0648\u0631\u064a\u0629<\/strong>\u060c \u0645\u0639 \u062a\u0631\u062d\u064a\u0644 \u0643\u0644\u0641\u0629 \u0647\u0630\u0627 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 (\u0639\u0644\u0649 \u0634\u0643\u0644 \u0625\u064a\u062c\u0627\u0631\u0627\u062a \u0633\u064a\u0627\u062f\u064a\u0629 \u063a\u064a\u0631 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0641\u0627\u0648\u0636) \u0625\u0644\u0649 \u0627\u0644\u062d\u0643\u0648\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u0639\u0627\u0642\u0628\u0629 \u0648\u0627\u0644\u0623\u062c\u064a\u0627\u0644 \u0627\u0644\u0642\u0627\u062f\u0645\u0629 \u0644\u0639\u0642\u0648\u062f \u0637\u0648\u064a\u0644\u0629\u060c \u0645\u0645\u0627 \u064a\u0642\u0644\u0635 \u0633\u064a\u0627\u062f\u062a\u0647\u0627 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0642\u062f\u0631\u062a\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0645\u0646\u0627\u0648\u0631\u0629.<\/p>\n\n\n\n<p class=\"has-text-color has-link-color has-medium-font-size wp-elements-19 wp-block-paragraph\" style=\"color:#1d5372\"><strong>\u0645\u0639 \u0627\u0631\u062a\u0642\u0627\u0621 \u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639 \u0625\u0644\u0649 \u0645\u0646\u0635\u0628 \u0648\u0632\u064a\u0631 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0646\u062c\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0634\u0643\u064a\u0644\u0629 \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629 \u0644\u0623\u0643\u062a\u0648\u0628\u0631 2026\u060c \u0633\u062a\u0643\u0648\u0646 \u0645\u0647\u0645\u062a\u0647 \u0627\u0644\u0623\u0648\u0644\u0649 \u0648\u0627\u0644\u0623\u0639\u0642\u062f \u0647\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0622\u062b\u0627\u0631 \u0627\u0644\u0627\u0631\u062a\u062f\u0627\u062f\u064a\u0629 \u0644\u0644\u0633\u064a\u0627\u0633\u0627\u062a \u0627\u0644\u062a\u064a \u0623\u0634\u0631\u0641 \u0634\u062e\u0635\u064a\u0627\u064b \u0639\u0644\u0649 \u0647\u0646\u062f\u0633\u062a\u0647\u0627 \u0648\u062a\u0648\u0633\u064a\u0639\u0647\u0627<sup>12<\/sup><\/strong>. <\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\">\u0648\u062a\u062d\u0645\u0644 \u0625\u0636\u0627\u0641\u0629 \u0645\u0635\u0637\u0644\u062d &#8220;<strong>\u0627\u0644\u0646\u062c\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629<\/strong>&#8221; \u0625\u0644\u0649 \u062d\u0642\u064a\u0628\u062a\u0647 \u0627\u0644\u0648\u0632\u0627\u0631\u064a\u0629 \u062f\u0644\u0627\u0644\u0629 \u0633\u064a\u0627\u0633\u064a\u0629 \u0643\u0628\u0631\u0649\u061b \u0641\u0647\u064a <strong>\u0625\u0642\u0631\u0627\u0631 \u0636\u0645\u0646\u064a \u0628\u0623\u0646 \u0627\u0644\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0642\u0627\u062f\u0645\u0629 \u0644\u0627 \u062a\u062a\u0637\u0644\u0628 \u0641\u0642\u0637 &#8220;\u0625\u064a\u062c\u0627\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629&#8221; \u0628\u0623\u064a \u062b\u0645\u0646\u060c \u0628\u0644 \u062a\u0631\u0634\u064a\u062f \u0627\u0644\u0625\u0646\u0641\u0627\u0642\u060c \u0648\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u062b\u0631 \u0627\u0644\u0641\u0639\u0644\u064a \u0644\u0643\u0644 \u062f\u0631\u0647\u0645 \u064a\u064f\u0635\u0631\u0641 \u0645\u0646 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0639\u0627\u0645<\/strong>.<\/p>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>\u0625\u0646 \u062a\u0648\u0642\u0641 \u0645\u0633\u0627\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u0641\u064a 2027 \u064a\u0636\u0639 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0623\u0645\u0627\u0645 \u0645\u0631\u0622\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u0629<\/strong>. \u0633\u064a\u0643\u0648\u0646 \u0644\u0632\u0627\u0645\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u0644 \u0645\u0646 \u0627\u0633\u062a\u0633\u0647\u0627\u0644 &#8220;<strong>\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0628\u0627\u0644\u0627\u0633\u062a\u0646\u0632\u0627\u0641 \u0627\u0644\u0639\u0642\u0627\u0631\u064a<\/strong>&#8221; \u0625\u0644\u0649 \u062e\u0644\u0642 \u062b\u0631\u0648\u0629 \u062d\u0642\u064a\u0642\u064a\u0629 \u0645\u0633\u062a\u062f\u0627\u0645\u0629\u060c \u062a\u0633\u0646\u062f\u0647\u0627 \u0642\u0627\u0639\u062f\u0629 \u0636\u0631\u064a\u0628\u064a\u0629 \u0639\u0627\u062f\u0644\u0629 \u0648\u0645\u0646\u0627\u062e \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0645\u0646\u062a\u062c\u060c \u0644\u062a\u062c\u0646\u0628 \u062a\u062d\u0648\u0644 \u0637\u0645\u0648\u062d &#8220;<strong>\u0627\u0644\u062f\u0648\u0644\u0629 \u0627\u0644\u0627\u062c\u062a\u0645\u0627\u0639\u064a\u0629<\/strong>&#8221; \u0645\u0646 \u0645\u0634\u0631\u0648\u0639 \u0648\u0637\u0646\u064a \u0631\u0627\u0626\u062f\u060c \u0625\u0644\u0649 \u0639\u0628\u0621 \u0647\u064a\u0643\u0644\u064a \u063a\u064a\u0631 \u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u0645\u0648\u064a\u0644 \u064a\u0647\u062f\u062f \u0627\u0644\u062a\u0648\u0627\u0632\u0646\u0627\u062a \u0627\u0644\u0645\u0627\u0643\u0631\u0648-\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0644\u0644\u0645\u0645\u0644\u0643\u0629.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Sources des citations<\/strong><\/h4>\n\n\n\n<ol class=\"wp-block-list\">\n<li>147 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629.. \u0627\u0644\u0645\u063a\u0631\u0628 \u064a\u0648\u0633\u0651\u0639 \u062e\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0628\u062a\u0643\u0631, <a href=\"https:\/\/sahafatbladi.com\/177887\/morocco-innovative-public-financing\/maroc\/\">https:\/\/sahafatbladi.com\/177887\/morocco-innovative-public-financing\/maroc\/<\/a><\/li>\n\n\n\n<li>167 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u062d\u0635\u064a\u0644\u0629 \u00ab \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u00bb \u0645\u0646\u0630 2019\u2026 \u0648\u0627\u0644\u062d\u0643\u0648\u0645\u0629, <a href=\"https:\/\/alyaoum24.com\/2054402.html\">https:\/\/alyaoum24.com\/2054402.html<\/a><\/li>\n\n\n\n<li>\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0645\u0628\u062a\u0643\u0631\u0629 \u0623\u0645 \u0643\u0644\u0641\u0629 \u0645\u0624\u062c\u0644\u0629\u061f 167 \u0645\u0644\u064a\u0627\u0631 \u062f\u0631\u0647\u0645 \u062a\u062f\u062e\u0644 \u062e\u0632\u064a\u0646\u0629 \u0627\u0644\u062f\u0648\u0644\u0629 \u0648\u0623\u0633\u0626\u0644\u0629, <a href=\"https:\/\/www.hibazoom.com\/article-217453\/\">https:\/\/www.hibazoom.com\/article-217453\/<\/a><\/li>\n\n\n\n<li>\u0627\u0644\u0633\u064a\u062f \u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639 \u064a\u0642\u062f\u0651\u0645 \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2026 \u0623\u0645\u0627\u0645 \u0644\u062c\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629, <a href=\"https:\/\/www.finances.gov.ma\/ar\/Pages\/%D9%85%D8%B3%D8%AA%D8%AC%D8%AF%D8%A9.aspx?fiche=7415\">https:\/\/www.finances.gov.ma\/ar\/Pages\/%D9%85%D8%B3%D8%AA%D8%AC%D8%AF%D8%A9.aspx?fiche=7415<\/a><\/li>\n\n\n\n<li>\u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639 \u0639\u0644\u0649 \u0631\u0623\u0633 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629.. \u0648\u0627\u0644\u0646\u062c\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0639\u0646\u0648\u0627\u0646, <a href=\"https:\/\/le12.ma\/%D9%81%D9%88%D8%B2%D9%8A-%D9%84%D9%82%D8%AC%D8%B9-%D8%B9%D9%84%D9%89-%D8%B1%D8%A3%D8%B3-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%88%D8%A7%D9%84%D9%85%D8%A7\/\">https:\/\/le12.ma\/%D9%81%D9%88%D8%B2%D9%8A-%D9%84%D9%82%D8%AC%D8%B9-%D8%B9%D9%84%D9%89-%D8%B1%D8%A3%D8%B3-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D9%88%D8%A7%D9%84%D9%85%D8%A7\/<\/a><\/li>\n\n\n\n<li>\u0641\u0648\u0632\u064a \u0644\u0642\u062c\u0639.. \u0645\u0646 \u062a\u062f\u0628\u064a\u0631 \u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u062f\u0648\u0644\u0629 \u0625\u0644\u0649 \u0642\u064a\u0627\u062f\u0629 \u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629, <a href=\"https:\/\/pam.ma\/fr\/%D9%81%D9%88%D8%B2%D9%8A-%D9%84%D9%82%D8%AC%D8%B9-%D9%85%D9%86-%D8%AA%D8%AF%D8%A8%D9%8A%D8%B1-%D9%85%D9%8A%D8%B2%D8%A7%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%A5%D9%84%D9%89\/\">https:\/\/pam.ma\/fr\/%D9%81%D9%88%D8%B2%D9%8A-%D9%84%D9%82%D8%AC%D8%B9-%D9%85%D9%86-%D8%AA%D8%AF%D8%A8%D9%8A%D8%B1-%D9%85%D9%8A%D8%B2%D8%A7%D9%86%D9%8A%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%A5%D9%84%D9%89\/<\/a><\/li>\n\n\n\n<li>Financements innovants. La fin des recettes, mais pas de la facture, <a href=\"https:\/\/medias24.com\/2026\/08\/14\/financements-innovants-la-fin-des-recettes-mais-pas-de-la-facture-1740045\/\">https:\/\/medias24.com\/2026\/08\/14\/financements-innovants-la-fin-des-recettes-mais-pas-de-la-facture-1740045\/<\/a><\/li>\n\n\n\n<li>L&#8217;ex\u00e9cution du Budget de l&#8217;Etat de l&#8217;ann\u00e9e 2019 &#8211; Cour des comptes, <a href=\"https:\/\/www.courdescomptes.ma\/wp-content\/uploads\/2023\/01\/Rapport-budget-de-lEtat-2019.pdf\">https:\/\/www.courdescomptes.ma\/wp-content\/uploads\/2023\/01\/Rapport-budget-de-lEtat-2019.pdf<\/a><\/li>\n\n\n\n<li>\u0627\u0644\u062f\u0648\u0644\u0629 \u062a\u0628\u064a\u0639 \u0645\u062d\u0627\u0643\u0645\u0647\u0627 \u0648\u0645\u0633\u062a\u0634\u0641\u064a\u0627\u062a\u0647\u0627 \u062b\u0645 \u062a\u0643\u062a\u0631\u064a\u0647\u0627 \u0628\u0627\u0644\u0645\u0644\u064a\u0627\u0631\u0627\u062a.. \u0645\u0646 \u0631\u0628\u062d \u0645\u0646, <a href=\"https:\/\/maghrebtimes.ma\/2026\/11\/02\/%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%AA%D8%A8%D9%8A%D8%B9-%D9%85%D8%AD%D8%A7%D9%83%D9%85%D9%87%D8%A7-%D9%88%D9%85%D8%B3%D8%AA%D8%B4%D9%81%D9%8A%D8%A7%D8%AA%D9%87%D8%A7-%D8%AB%D9%85-%D8%AA%D9%83\/\">https:\/\/maghrebtimes.ma\/2026\/11\/02\/%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A9-%D8%AA%D8%A8%D9%8A%D8%B9-%D9%85%D8%AD%D8%A7%D9%83%D9%85%D9%87%D8%A7-%D9%88%D9%85%D8%B3%D8%AA%D8%B4%D9%81%D9%8A%D8%A7%D8%AA%D9%87%D8%A7-%D8%AB%D9%85-%D8%AA%D9%83\/<\/a><\/li>\n\n\n\n<li>\u0623\u0633\u0637\u0648\u0631\u0629 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u064f\u0628\u062a\u0643\u0631\u0629 &#8211; Nichan.ma .. \u0646\u0640\u0640\u064a\u0640\u0634\u0640\u0640\u0640\u0627\u0646, <a href=\"https:\/\/nichan.ma\/318110\/\">https:\/\/nichan.ma\/318110\/<\/a><\/li>\n\n\n\n<li>La dette cach\u00e9e du Maroc &#8211; Presse-toi \u00e0 gauche, <a href=\"https:\/\/www.pressegauche.org\/La-dette-cachee-du-Maroc\">https:\/\/www.pressegauche.org\/La-dette-cachee-du-Maroc<\/a><\/li>\n\n\n\n<li>quand les OPCI ass\u00e8chent la liquidit\u00e9 du march\u00e9 des capitaux, <a href=\"https:\/\/boursenews.ma\/article\/marches\/OPCI-bourse-marche-taux\">https:\/\/boursenews.ma\/article\/marches\/OPCI-bourse-marche-taux<\/a><\/li>\n\n\n\n<li>En Couv&#8217;. Financements innovants, n\u00e9cessit\u00e9 budg\u00e9taire et opacit\u00e9, <a href=\"https:\/\/www.lavieeco.com\/argent\/en-couv-financements-innovants-necessite-budgetaire-et-opacite-reglementaire\/\">https:\/\/www.lavieeco.com\/argent\/en-couv-financements-innovants-necessite-budgetaire-et-opacite-reglementaire\/<\/a><\/li>\n\n\n\n<li>Maroc : le trompe-l&#8217;\u0153il de la dette derri\u00e8re la vente des b\u00e2timents, <a href=\"https:\/\/twala.info\/fr\/fil-actualite\/maroc-vente-batiments-publics-dette-financements\/\">https:\/\/twala.info\/fr\/fil-actualite\/maroc-vente-batiments-publics-dette-financements\/<\/a><\/li>\n\n\n\n<li>Recettes domaniales : la mon\u00e9tisation du patrimoine de l&#8217;\u00c9tat, <a href=\"https:\/\/ledesk.ma\/datadesk\/recettes-domaniales-la-monetisation-du-patrimoine-de-letat-devenue-ligne-budgetaire-permanente\/\">https:\/\/ledesk.ma\/datadesk\/recettes-domaniales-la-monetisation-du-patrimoine-de-letat-devenue-ligne-budgetaire-permanente\/<\/a><\/li>\n\n\n\n<li>Consulter : Rapport d&#8217;activit\u00e9 de la Direction des Domaines de l&#8217;Etat, <a href=\"https:\/\/www.finances.gov.ma\/Publication\/dde\/2025\/R.Act_2024_DDE_Fr.pdf\">https:\/\/www.finances.gov.ma\/Publication\/dde\/2025\/R.Act_2024_DDE_Fr.pdf<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/leseco.ma\/business\/financements-innovants-trois-institutionnels-au-coeur-de-leffervescence.html\">https:\/\/leseco.ma\/business\/financements-innovants-trois-institutionnels-au-coeur-de-leffervescence.html<\/a><\/li>\n\n\n\n<li>Cessions-bail : le gisement s&#8217;\u00e9puise en 2028, 2,3 points de PIB \u00e0, <a href=\"https:\/\/ledesk.ma\/datadesk\/cessions-bail-le-gisement-sepuise-en-2028-23-points-de-pib-a-remplacer\/\">https:\/\/ledesk.ma\/datadesk\/cessions-bail-le-gisement-sepuise-en-2028-23-points-de-pib-a-remplacer\/<\/a><\/li>\n\n\n\n<li>Financements innovants: cession de 175 b\u00e2timents fonctionnels de l, <a href=\"https:\/\/fr.le360.ma\/economie\/financements-innovants-cession-de-175-batiments-fonctionnels-de-letat-pour-254-milliards-de-dirhams_SEFIKZBGEZFFZEMQA7E47KHJGI\/\">https:\/\/fr.le360.ma\/economie\/financements-innovants-cession-de-175-batiments-fonctionnels-de-letat-pour-254-milliards-de-dirhams_SEFIKZBGEZFFZEMQA7E47KHJGI\/<\/a><\/li>\n\n\n\n<li>apr\u00e8s 109 milliards de dirhams mobilis\u00e9s, l&#8217;\u00c9tat pr\u00e9pare la sortie, <a href=\"https:\/\/lnt.ma\/financements-innovants-apres-109-milliards-de-dirhams-mobilises-letat-prepare-la-sortie\/\">https:\/\/lnt.ma\/financements-innovants-apres-109-milliards-de-dirhams-mobilises-letat-prepare-la-sortie\/<\/a><\/li>\n\n\n\n<li>RAPPORT D&#8217;EXECUTION BUDGETAIRE ET DE CADRAGE, <a href=\"https:\/\/www.finances.gov.ma\/Publication\/db\/2025\/REBCMT-PLF2027VF.pdf\">https:\/\/www.finances.gov.ma\/Publication\/db\/2025\/REBCMT-PLF2027VF.pdf<\/a><\/li>\n\n\n\n<li>20 milliards de dirhams \u00e0 mobiliser en 2026, avant un repli progressif, <a href=\"https:\/\/boursenews.ma\/article\/marches\/financements-innovants-budget-2026\">https:\/\/boursenews.ma\/article\/marches\/financements-innovants-budget-2026<\/a><\/li>\n\n\n\n<li>Les recettes domaniales atteignent des niveaux exceptionnels &#8211; Le360, <a href=\"https:\/\/fr.le360.ma\/economie\/les-recettes-domaniales-atteignent-des-niveaux-exceptionnels_PS5WZRYX2FCRZAM5FB3SXPCXKM\/\">https:\/\/fr.le360.ma\/economie\/les-recettes-domaniales-atteignent-des-niveaux-exceptionnels_PS5WZRYX2FCRZAM5FB3SXPCXKM\/<\/a><\/li>\n\n\n\n<li>Les financements innovants boostent les recettes domaniales, <a href=\"https:\/\/www.lavieeco.com\/argent\/budget\/les-financements-innovants-boostent-les-recettes-domaniales\/\">https:\/\/www.lavieeco.com\/argent\/budget\/les-financements-innovants-boostent-les-recettes-domaniales\/<\/a><\/li>\n\n\n\n<li>Direction des Domaines de l&#8217;Etat, <a href=\"https:\/\/www.finances.gov.ma\/Publication\/dde\/2023\/RAPPORRT_ACTIVITE_%20DDE_2022.pdf\">https:\/\/www.finances.gov.ma\/Publication\/dde\/2023\/RAPPORRT_ACTIVITE_%20DDE_2022.pdf<\/a><\/li>\n\n\n\n<li>Rapport annuel sur la stabilit\u00e9 f inanci\u00e8re &#8211; BANK AL-MAGHRIB, <a href=\"https:\/\/www.bkam.ma\/content\/download\/848253\/9167875\/RSF%202025.pdf\">https:\/\/www.bkam.ma\/content\/download\/848253\/9167875\/RSF%202025.pdf<\/a><\/li>\n\n\n\n<li>Rapport annuel sur la stabilit\u00e9 financi\u00e8re &#8211; BANK AL-MAGHRIB, <a href=\"https:\/\/www.bkam.ma\/content\/download\/829173\/9038530\/RSF+2024.pdf\">https:\/\/www.bkam.ma\/content\/download\/829173\/9038530\/RSF+2024.pdf<\/a><\/li>\n\n\n\n<li>Publication de la valeur liquidative exceptionnelle de l&#8217;OPCI, <a href=\"https:\/\/medias24.com\/financiere_com\/2512\/comfi_ajarinvest-publication-de-la-valeur-liquidative-exceptionnelle-de-lopci-perenne-stone-spi-rfa-au-titre-de-larrete-du-29092026\">https:\/\/medias24.com\/financiere_com\/2512\/comfi_ajarinvest-publication-de-la-valeur-liquidative-exceptionnelle-de-lopci-perenne-stone-spi-rfa-au-titre-de-larrete-du-29092026<\/a><\/li>\n\n\n\n<li>Reim Partners : Publication des valeurs liquidatives des OPCI g\u00e9r\u00e9s, <a href=\"https:\/\/medias24.com\/financiere_com\/173\/comfi_Publication_des_valeurs_liquidatives_des_OPCI_geres_par_la_societe_de_gestion_REIM_Partners\">https:\/\/medias24.com\/financiere_com\/173\/comfi_Publication_des_valeurs_liquidatives_des_OPCI_geres_par_la_societe_de_gestion_REIM_Partners<\/a><\/li>\n\n\n\n<li>Reim Partners : Valeurs liquidatives des OPCI au 30 juin 2026, <a href=\"https:\/\/medias24.com\/financiere_com\/1671\/comfi_reim-partners-valeurs-liquidatives-des-opci-au-30-juin-2026\">https:\/\/medias24.com\/financiere_com\/1671\/comfi_reim-partners-valeurs-liquidatives-des-opci-au-30-juin-2026<\/a><\/li>\n\n\n\n<li>CODE GENERAL DES IMPOTS 2026, <a href=\"https:\/\/www.finances.gov.ma\/Publication\/dgi\/2025\/CGI-2026-FR.pdf\">https:\/\/www.finances.gov.ma\/Publication\/dgi\/2025\/CGI-2026-FR.pdf<\/a><\/li>\n\n\n\n<li>NOTE CIRCULAIRE N\u00b0 733 RELATIVE AUX DISPOSITIONS, <a href=\"https:\/\/www.finances.gov.ma\/Publication\/dgi\/2023\/NoteCirculaireN733-2023.pdf\">https:\/\/www.finances.gov.ma\/Publication\/dgi\/2023\/NoteCirculaireN733-2023.pdf<\/a><\/li>\n\n\n\n<li>\u0644\u0642\u062c\u0639: \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 \u0644\u064a\u0633\u062a \u062e\u0648\u0635\u0635\u0629 \u0648\u0627\u0644\u062d\u0643\u0648\u0645\u0629 \u0623\u0646\u0641\u0642\u062a 7 \u0645\u0644\u0627\u064a\u064a\u0631 \u062f\u0631\u0647\u0645, <a href=\"https:\/\/kawalisserif.com\/2025\/10\/31\/%D9%84%D9%82%D8%AC%D8%B9-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A8%D8%AA%D9%83%D8%B1%D8%A9-%D9%84%D9%8A%D8%B3%D8%AA-%D8%AE%D9%88%D8%B5%D8%B5%D8%A9-%D9%88%D8%A7\/\">https:\/\/kawalisserif.com\/2025\/10\/31\/%D9%84%D9%82%D8%AC%D8%B9-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A8%D8%AA%D9%83%D8%B1%D8%A9-%D9%84%D9%8A%D8%B3%D8%AA-%D8%AE%D9%88%D8%B5%D8%B5%D8%A9-%D9%88%D8%A7\/<\/a><\/li>\n\n\n\n<li>\u0644\u0642\u062c\u0639 \u064a\u0641\u062d\u0645 \u0627\u0644\u0645\u0639\u0627\u0631\u0636\u0629 \u0648\u064a\u0643\u0634\u0641 \u0643\u0644 \u0634\u064a\u0621 \u0639\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0645\u0628\u062a\u0643\u0631\u0629 (\u0641\u064a\u062f\u064a\u0648), <a href=\"https:\/\/www.achkayen.com\/653043\/.html\">https:\/\/www.achkayen.com\/653043\/.html<\/a><\/li>\n\n\n\n<li>\u0644\u0642\u062c\u0639 \u064a\u0643\u0634\u0641 \u0623\u0645\u0627\u0645 \u0644\u062c\u0646\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u0641\u0627\u0635\u064a\u0644 \u0627\u0633\u062a\u0639\u062f\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u063a\u0631\u0628 \u0644\u0645\u0648\u0646\u062f\u064a\u0627\u0644 2030, <a href=\"https:\/\/barlamane.com\/%D9%84%D9%82%D8%AC%D8%B9-%D9%8A%D9%83%D8%B4%D9%81-%D8%A3%D9%85%D8%A7%D9%85-%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%81%D8%A7%D8%B5%D9%8A%D9%84-%D8%A7%D8%B3%D8%AA\/\">https:\/\/barlamane.com\/%D9%84%D9%82%D8%AC%D8%B9-%D9%8A%D9%83%D8%B4%D9%81-%D8%A3%D9%85%D8%A7%D9%85-%D9%84%D8%AC%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D9%81%D8%A7%D8%B5%D9%8A%D9%84-%D8%A7%D8%B3%D8%AA\/<\/a><\/li>\n\n\n\n<li>Bank Al Maghrib : ce que r\u00e9v\u00e8le le rapport 2025 sur l&#8217;\u00e9conomie, <a href=\"https:\/\/www.lebrief.ma\/bank-al-maghrib-revele-rapport-2025-100160690\/\">https:\/\/www.lebrief.ma\/bank-al-maghrib-revele-rapport-2025-100160690\/<\/a><\/li>\n\n\n\n<li>\u0623\u0642\u0635\u0628\u064a \u064a\u0646\u062a\u0642\u062f \u0645\u0634\u0631\u0648\u0639 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 2026 \u0648\u064a\u062d\u0630\u0631 \u0645\u0646 \u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0645\u0628\u062a\u0643\u0631\u0629, <a href=\"https:\/\/diez24.com\/%D8%A3%D9%82%D8%B5%D8%A8%D9%8A-%D9%8A%D9%86%D8%AA%D9%82%D8%AF-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-2026-%D9%88%D9%8A%D8%AD%D8%B0\/\">https:\/\/diez24.com\/%D8%A3%D9%82%D8%B5%D8%A8%D9%8A-%D9%8A%D9%86%D8%AA%D9%82%D8%AF-%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-2026-%D9%88%D9%8A%D8%AD%D8%B0\/<\/a><\/li>\n\n\n\n<li>NOTE DE PRESENTATION, <a href=\"https:\/\/www.finances.gov.ma\/Publication\/db\/2026\/note-presentation_Fr.pdf\">https:\/\/www.finances.gov.ma\/Publication\/db\/2026\/note-presentation_Fr.pdf<\/a><\/li>\n\n\n\n<li>Dette publique : la carte bleue de nos enfants &#8211; EcoActu.ma, <a href=\"https:\/\/ecoactu.ma\/dette-publique-la-carte-bleue-de-nos-enfants\/\">https:\/\/ecoactu.ma\/dette-publique-la-carte-bleue-de-nos-enfants\/<\/a><\/li>\n\n\n\n<li>Oxford Economics juge tenable le pari fiscal du budget 2027 &#8211; Le Desk, <a href=\"https:\/\/ledesk.ma\/datadesk\/oxford-economics-juge-tenable-le-pari-fiscal-du-budget-2027\/\">https:\/\/ledesk.ma\/datadesk\/oxford-economics-juge-tenable-le-pari-fiscal-du-budget-2027\/<\/a><\/li>\n\n\n\n<li>Financements innovants : une manne de pr\u00e8s de 150 MMDH, <a href=\"https:\/\/leseco.ma\/business\/financements-innovants-une-manne-de-pres-de-150-mmdh-appelee-a-disparaitre.html\">https:\/\/leseco.ma\/business\/financements-innovants-une-manne-de-pres-de-150-mmdh-appelee-a-disparaitre.html<\/a><\/li>\n\n\n\n<li>Rapport sur l&#8217;ex\u00e9cution du budget de l&#8217;\u00c9tat &#8211; 2109 -Synth\u00e8se-, <a href=\"https:\/\/www.courdescomptes.ma\/wp-content\/uploads\/2023\/01\/Synthese-Rapport-Budget-de-l-Etat-2019.pdf\">https:\/\/www.courdescomptes.ma\/wp-content\/uploads\/2023\/01\/Synthese-Rapport-Budget-de-l-Etat-2019.pdf<\/a><\/li>\n\n\n\n<li>Discipline budg\u00e9taire : la Cour des comptes pr\u00e9cise sa doctrine, <a href=\"https:\/\/leseco.ma\/maroc\/discipline-budgetaire-la-cour-des-comptes-precise-sa-doctrine.html\">https:\/\/leseco.ma\/maroc\/discipline-budgetaire-la-cour-des-comptes-precise-sa-doctrine.html<\/a><\/li>\n\n\n\n<li>Financements innovants: 109 milliards de dirhams mobilis\u00e9s, mais, <a href=\"https:\/\/fr.le360.ma\/economie\/financements-innovants-109-milliards-de-dirhams-mobilises-mais-un-declin-inevitable_Y7YWMYYMBNF3HJJY2XIGR2SPHU\/\">https:\/\/fr.le360.ma\/economie\/financements-innovants-109-milliards-de-dirhams-mobilises-mais-un-declin-inevitable_Y7YWMYYMBNF3HJJY2XIGR2SPHU\/<\/a><\/li>\n\n\n\n<li>Interrogations autour de la reprise de 5 CHU par la CMR &#8211; M\u00e9dias24, <a href=\"https:\/\/medias24.com\/2019\/11\/07\/interrogations-autour-de-la-reprise-de-5-chu-par-la-cmr-5930\/\">https:\/\/medias24.com\/2019\/11\/07\/interrogations-autour-de-la-reprise-de-5-chu-par-la-cmr-5930\/<\/a><\/li>\n\n\n\n<li>Les caisses de retraite marocaines d\u00e9tiennent 37,3 milliards de, <a href=\"https:\/\/barlamane.com\/fr\/les-caisses-de-retraite-marocaines-detiennent-373-milliards-de-dollars-de-reserves-encore-majoritairement-defensives\/\">https:\/\/barlamane.com\/fr\/les-caisses-de-retraite-marocaines-detiennent-373-milliards-de-dollars-de-reserves-encore-majoritairement-defensives\/<\/a><\/li>\n\n\n\n<li>Immorente et Aradei en bourse : niveaux techniques et rendement, <a href=\"https:\/\/medias24.com\/2025\/09\/22\/immorente-et-aradei-en-bourse-niveaux-techniques-et-rendement-au-centre-des-regards\/\">https:\/\/medias24.com\/2025\/09\/22\/immorente-et-aradei-en-bourse-niveaux-techniques-et-rendement-au-centre-des-regards\/<\/a><\/li>\n\n\n\n<li>L&#8217;\u00c9tat devient le premier client du secteur bancaire &#8211; M\u00e9dias24, <a href=\"https:\/\/medias24.com\/2026\/07\/26\/letat-devient-le-premier-client-du-secteur-bancaire-1730507\/\">https:\/\/medias24.com\/2026\/07\/26\/letat-devient-le-premier-client-du-secteur-bancaire-1730507\/<\/a><\/li>\n\n\n\n<li>PLF 2027 : la g\u00e9n\u00e9rosit\u00e9 \u00e0 cr\u00e9dit ? &#8211; EcoActu.ma, <a href=\"https:\/\/ecoactu.ma\/plf-2027-la-generosite-a-credit\/\">https:\/\/ecoactu.ma\/plf-2027-la-generosite-a-credit\/<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>\u0648\u062c\u062f\u0629 &; \u0639\u0628\u062f\u0627\u0644\u0639\u0627\u0644\u064a \u0627\u0644\u062c\u0627\u0628\u0631\u064a \u0641\u064a \u0627\u0644\u0623\u0631\u0648\u0642\u0629 \u0627\u0644\u0647\u0627\u062f\u0626\u0629 \u0644\u0648\u0632\u0627\u0631\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u062d\u064a \u0634\u0627\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0627\u0635\u0645\u0629 \u0627\u0644\u0631\u0628\u0627\u0637\u060c \u0648\u062e\u0644\u0641 \u0627\u0644\u0623\u0631\u0642\u0627\u0645 \u0627\u0644\u0631\u0633\u0645\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062a\u062d\u062f\u062b \u0639\u0646 \u0635\u0645\u0648\u062f \u0627\u0633\u062a\u062b\u0646\u0627\u0626\u064a \u0644\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0645\u063a\u0631\u0628\u064a \u0623\u0645\u0627\u0645 \u0627\u0644\u0635\u062f\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u062a\u0627\u0644\u064a\u0629\u060c \u062a\u062f\u0648\u0631 \u0631\u062d\u0649 \u0648\u0627\u062d\u062f\u0629 \u0645\u0646 \u0623\u0639\u0642\u062f \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0647\u0646\u062f\u0633\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0623\u0643\u062b\u0631\u0647\u0627 \u0625\u062b\u0627\u0631\u0629 \u0644\u0644\u0645\u0641\u0627\u0631\u0642\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u064a\u0629 \u0641\u064a \u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0645\u063a\u0631\u0628 \u0627\u0644\u062d\u062f\u064a\u062b. \u0639\u0644\u0649\u2026 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