Former finance minister Tendai Biti ‘rubbishes’ Mthuli Ncube’s budget

Former Finance Minister Tendai Biti has rubbished the 2022 National Budget presented by Finance Minister Mthuli Ncube to parliament yesterday.

Biti says the Budget presentation was made by a man just going through a ritualistic formality, and that it was a sordid exercise in mediocrity , mendacity & lackadaisity.

He adds that it was a lacklustre & vacuous presentation berefit of substance or form. “One totally oblivious to the structural challenges facing Zimbabwe.

“As we argued before Zim faces humongous structural challenges which will not be resolved by imposing punitive taxes that punish working people brave approach was needed to deal with exchange rate distortions & multiple pricing system. Truth is de-dollarization has failed dismally,” he says.

Speaking earlier on Biti said the fact of matter is that the Budget will skirt fundamentals that need to be addressed.

He said without structural reforms that include a debt strategy this economy will remain stuck.

He adds that the failure to address the structural issues around currency ,the auction rate, deficits, corruption & the debt question makes the budget irrelevant.

“The illicit takeover of RBZ s legacy debts ,3 years after the RBZ Debt assumption Bill is criminal.RBZ is haven for crime & deficits,” he says.

Zwnews