Baghdad Praises Its Financial Budget And Confirms: We Have Important Projects In 2024
Reconstruction and building Economy News – Baghdad Today, Friday, the Governor of Baghdad, Abdul Muttalib Al-Alawi, announced a package of projects in various sectors within the budget for the current year 2024, while confirming that the governorate’s allocations in the budget were good.
Al-Alawi said, “The financial allocations to Baghdad Governorate within the current year’s budget, 2024, are good,” explaining that “the government and the Parliamentary Finance Committee have an understanding and knowledge of the real needs and required resources in Baghdad.”
He added, "There is continuous communication with the government to meet the special needs required for the projects that will be implemented."
He pointed out that "the governorate has several important projects during the 2024 budget, including projects in the water sector and building schools and roads, as well as the construction of pedestrian bridges that will be implemented in all areas of Baghdad, the paving of main roads, and strategic projects for sewers at the four entrances to the capital, in addition to the almost completed hospitals, which are “Health centers and strategic water projects will be opened soon.”
He stressed that "all project packages will be placed on the list of priorities of Baghdad Governorate in stages of implementation, whether within last year's 2023 budget or in the 2024 budget."
Welcome everybody to the big call tonight. It is Thursday, June 6TH and you’re listening to the big call. Congratulations everyone out in big call universe that’s getting this call through the Starlink satellite system, because we are piggybacked on that. And the estimated number of participants that would hear this call tonight was estimated at 25,000,000 - 25 million. So that’s a good number Let's hope we get that many that actually hear it, either in English or their own language. And usually it happens that we're simultaneously translated into their language three seconds after I speak it. So that's pretty quick – that’s working along nicely.
So let's do this, you guys. Let me first of all, welcome everybody to the call tonight. I hope everybody is doing well and looking forward to a change with our plan B, and I'm looking forward to it, so I'll have something to say about that in my segment. In the meantime, let's go ahead and pray the call in –
All right, let's talk a little bit about where we are from an Intel point of view. Now as you guys remember from Tuesday nights call – there’s always something and something will change - and that’s kind of what we had Tuesday night. We're talking about Iraq putting their budget, 20 24 budget in the gazette yesterday, Wednesday. And of course, I thought that would be the case. Then I get a call right after the big call Tuesday night. Telling me – well - Sorry, what about we play until Saturday?
So that's what two days from now, and we put in the Gazette, and that way everybody in the Middle East will see the budget, see the rate of the Dinar in the budget, especially, it's going to be out and open. We're also hearing that June 8. As you guys know, eighth is a big number for Iraq, but also China -- they love that. They love to see that rate. It's a number that means financial prosperity and new beginnings, and it's going to be that for us too.
So the RV itself is going to start on Saturday the 8th , and the funds that we are having moving around for our accounts and the bond holders are moving on Sunday in the right locations for that.
Now what’s Interesting is bondholders. Some of them are seeing emails already and have told they should have access to their account. But it looks like – unless there is an change. It looks like we're going on a modified shotgun start with bondholders getting their funds, access to their funds on Monday morning, and we should get access to our funds as early as Monday morning based on how soon we set our appointments, and what I'm being told is first appointments would start as early as 10:30 in the morning, 10:30am on Monday.
But in order for that to happen, we need to get notified by email from Wells Fargo, and this could be Sunday night. We could get them overnight Sunday we could wake up to them Monday morning, that's very possible, and then we're able to read the email and go ahead and call and set our appointments accordingly -
So even though it's not going to be exactly the shotgun start - It's going to be close as bond holders should have access to their funds Monday morning, at 10:30 in the morning, we should have access to our funds when we set our appointments to go in for our exchanges of our currency and our redemption of zim -- All of that is lined up to start as early as 10:30 in the morning on Monday - which is the earliest start we've ever had for anticipation of exchanges – So that will be really good for us.
Otherwise, we'll get our numbers and we'll set the appointment for sometime Monday. Could be Monday, Monday evening, whatever. But it looks like the funds that are going to be needed for our accounts are going to be moved around on Sunday.
Same thing for the bondholders, all the funds they put in place on Sunday, and then they have access to it their email to say, 1030 in the morning on Monday, you can have access to your account .
So that's what we anticipate for tier three bond holders, and for us, we're expected to be notified, maybe overnight Sunday, maybe wake up to it Monday morning. Go ahead and set your appointment and then go into Exchange based on your availability and schedule on Monday or Monday afternoon
So that's what I'm looking forward to doing. We know that rates are still climbing and moving in the right direction. We know that the banks are ready for us. There is a quote, unquote cap, which is not there is a limit on the Iraqi Dinar contract rate, and I think they'll offer us that rate –
If not, you should ask for that rate. And it's substantial, it's a lot, so I'm going to ask for it. My Dinar - I don't really don’t have too much on the table - even if you're a zoom holder, even if you have blah blah blah – you’re going to be able to ask for a nice contract rate Vn Dong, but I believe you'll be able to negotiate that rate upwards a little bit, for what they first offer you so be aware of that.
I wish I could go over the rates with you and take that I'm really not supposed to. So all I can say is it would be good to navigate that with the person at the redemption center and see what you can come up with as a viable rate to exchange to.
Be ready for very early this week, whether it be Saturday, Sunday, I don't think so, but I believe Monday is the day that we're supposed to really look at those emails and get notified, set our appointment and go what I wanted to brief you guys tonight. It was different than Tuesday nights, until I think it's going to be good for us to pay attention and take advantage of that.
But let's do this. Let's continue to believe for this. Let's pray for it, and let's pray for each other's healing
Let's pray now, Lord God, thank you for the the information we received tonight from Sue and Bob, everything that we learned on the call. Thank you for coming in everything that we're continuing to get. Thank you for everything that's been happening our lives. Thank you for the additional information that's coming in. Thank you for making this manifest to us. On Monday, we would get numbers and be able to set our appointments on Monday, because of Jesus name we pray.
A "Strategic Partnership" Between The Kurdistan Government And The International Development Bank
Time: 06/07/2024 13:59:06 Read: 1,196 times {Economic: Al-Furat News} The International Development Bank signed a partnership contract with the Kurdistan Regional Government to implement the “My Account” project, which aims to localize the salaries of regional government employees.
This important step came in conjunction with the bank’s efforts to expand in the region, as part of its strategic plan that aims to enhance its business and increase the number of its branches in the region, which currently number 3 branches.
This partnership is a major achievement within the framework of efforts aimed at spreading and strengthening the culture of electronic payment and achieving financial inclusion, in implementation of the directives of the Central Bank of Iraq.
The International Development Bank aims to continue its efforts in the field of disseminating electronic payment methods in the region, by activating more ATMs and the bank’s POS points of sale. The bank also intends to open its fourth branch in the region during the current year.
Aziz Ahmed - Deputy Director of the Office of the Prime Minister of the Kurdistan Regional Government praised the efforts of the International Development Bank and its contribution to developing the financial system of the region, by providing various facilities and financial services that contribute to achieving this purpose.
For his part, Ziad Khalaf, Chairman of the Board of Directors of the International Development Bank, stressed the importance of signing this partnership with the Kurdistan Regional Government to localize the salaries of regional government employees and provide all the facilities that contribute to achieving this goal smoothly and with great flexibility. LINK
Family Office Update: Exchange Act Form 13F – New Requirements Effective July 1, 2024 In a nutshell, Section 13(f) requires any “institutional investment manager” that exercises investment discretion over the accounts of any other person holding “section 13(f) securities”3 with an aggregate fair market value of at least US$100 million to make certain periodic filings with the Securities and Exchange Commission (SEC) on Form 13F. Section 13(f) applies to all “institutional investment managers,” regardless of whether they are registered as investment advisers under the Advisers Act.
Therefore, a family office, even if it is not required to register under the Advisers Act, may nevertheless be an “institutional investment manager” for purposes of Section 13(f), and therefore be required to make filings on Form 13F. Reporting obligation that will become effective on July 1, 2024. Each Form 13F filer will now be required to make an annual filing on Form N-PX to disclose its votes on any pay-related proposals presented to stockholders by the public companies in its investment portfolio.
Although Form 13F only requires reporting in respect of “section 13(f) securities” (as identified on the SEC’s quarterly Form 13F List), Form N-PX reporting is not limited to securities on that list, but it applies to pay-related votes cast on all securities registered under Section 12 of the Exchange Act.
Family offices that are required to file Form 13F will need to develop procedures to identify and keep a record of any pay-related proposals that are presented at their portfolio companies’ stockholder meetings – and how they cast their votes – so that they will be able to make accurate and timely filings of Form N-PX, which must be made annually by August 31 of each year, covering the filer’s say-on-pay voting record 9+ for the 12-month period ended June 30.
Form N-PX filings will be available to the public through the SEC’s website. Squire Patton BoggsSEC
An Economic Expert For Nina: Reducing The External Debt To 9 Billion Dollars And Reducing The Budget Deficit Will Be The Beginning Of Broader Economic Activities In Iraq.
Friday 07, June 2024 14:11 | Economical Number of readings: 377 Baghdad / NINA / Economic affairs expert, Raad Tawij, confirmed that the actions and achievements of the Prime Minister give flexibility to the Iraqi economy, indicating that reducing the external debt to 9 billion dollars and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities.
Tawij said in a statement to the National Iraqi News Agency ( NINA ): “The role of the Prime Minister and his work in developing infrastructure, roads and bridges, health projects, productive diplomatic relations, and his interests in communicating with different social segments, give great scope and flexibility for the Iraqi economy to move to greater extents.
He stressed . “Reducing the external debt to the lowest possible amount, approximately 9 billion dollars, and reducing the budget deficit to 63 billion dollars will be the beginning of broader economic activities, the most important of which is the road to development.”/ https://ninanews.com/Website/News/Details?Key=1131180