Former Finance Minister Tendai Biti has predicted that “2023 will be a rough and tough year for working families” citing that inflation will be worsened by government mismanagement of the exchange rate and “unrestrained spending”.
Zimbabwe is currently experiencing skyrocketing inflation compounded by the financial crisis as the Zimbabwean dollar continues to crumble against the US dollar.
Biti believes that the situation will worsen and he accuses the Zanu-PF government of mismanaging the economy.
“2023 will be a rough and tough year for working families in Zimbabwe. Inflation will remain in hyperinflation mode driven by the total mismanagement of the exchange rate, unrestrained government spending , the printing of money by the Reserve Bank of Zimbabwe and corruption.
“End year, the Zimbabwean dollar was trading at ZW$1200 to US$1. The rate will continue to slide driven by huge import demands ,money printing and lack of confidence in the ZW$. For all intents and purposes de -dollarization has failed and Zimbabwe is largely a US$ cash economy.
“As we have argued in Parliament, output will shrink due to excessive lending rates of 200%, the crippling power supply, over regulation and the unstable exchange rate. Zimbabwe’s growth will therefore be less than 1%.
“The failure to address the sovereign debt crises is an absolute shame. The debt crisis is placing a development premium on Zimbabwe as same is unable to access huge amounts of capital seating with the IFIs. Genuine structural reforms are required which are way beyond Zanu-PF.”
The main opposition Citizens Coalition for Change Vice President who served as Finance Minister of Zimbabwe from 2009 to 2013 added:
“Most importantly a new Transformation Consensus is required that will focus on recalibrating the political polity to come up with a new social contract and secondly attend to the developmental and social deficit.
“Like the Asian Tigers , Singapore, Taiwan etc Zim must find a way of bypassing the Industrial Revolution and fast trekking itself into the 22nd Century.
“Put simply, how do we build a US$200 billion economy in the next ten years with a per capita income of US$6000.This is the Great New Zimbabwe Dream. It will happen sooner rather than later,” Biti argued.
We need new Zimbabwe
Uuuuuuum.
Well at least TB goes straight for the jugular. Says it like it is. No finger pointing at masanctions blah blah blah…
Nanette Allmark accepting $40k from the junta remains unjustifiable thats another way of paralyzing the already bleeding economy
Whatever you say about the economy I believe you the best brains we have for running country finances
Kudzanai Tarisai this is obvious in Zimbabwe!
But I need to ask, how is he the best ” brains for running finances”??
Ncagu Sbhamusogodo KaSibungusodaka he got a chance to to run it and he proved his capability beyond any reasonable doubt . He gave smile from the smallest and poorest to the oldest and richest . There was visible life for the masses during his finance running tenure
Kudzanai Tarisai was it not the work of the GNU!
Because the country is not run but 1 ministry or minister!
Also the reserve governor is also in the mix as he is responsible for monetary police of the country!
So it should be the work of the economic cluster ministries
But during that period all that you mentioned above was just cosmetic
The country’ s GDP was poor
The BOP was very negative
In conclusion, a country need a system that is functional not individuals or we can be clouded by propaganda!
Ncagu Sbhamusogodo KaSibungusodaka I do not understand much of economics. In my line of trade results are more important. All I remember is during his tenure stomachs where full even of the poorest. Schools upgraded even around the poor suburbs. Hospitals improved all was visibly ohky we leaved our dreams mire cars were bought by individuals even teachers could afford.
Kudzanai Tarisai that was the work of the Government of national unity under the global agreement not 1 person mate!
Ncagu Sbhamusogodo KaSibungusodaka what changed it after gnu everything went opposite direction on steroids.
I believe the highest office should hv the wisdom of talent identification. Yes it’s a collective effort but with talented pool of wisdom . Great example is chasi and the current energy minister you can visibily feel and see the difference talent identification very crucial. A leader is a leader result oriented leader cab steer things to happiness not mthuli nzara and more terminology with hunger for the mass going deeper to the bone
Kudzanai Tarisai you are partially right!
But the problem is Mnangagwa and Zanupf the rest is auxiliary
So even if Mthuli is replaced nothing will change
Ncagu Sbhamusogodo KaSibungusodaka it will change if they bring someone with people at heart
Zithini lezinja zeZanu makunjena mxxxxxxxxxxxm izikhohlakali zodoti
That is obviously clear, it does need predictions!
Zimbabwe is a failed state!