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Biti Scoffs At Mnangagwa's Measures To Rescue The Economy

Biti Scoffs At Mnangagwa's Measures To Rescue The Economy

Former Finance Minister Tendai Biti says new measures announced by President Emmerson Mnangagwa on Saturday night to deal with current economic challenges will not work.

Biti, who is the CCC co-vice president, describes the new measures as products of a “beer hall diatribe.” Pindula News publishes Biti’s Twitter thread below:

The regime has announced a potpourri of contradictory, self-defeating, punitive & vindictive measures with the intended aim of stopping or reversing the dramatic & rambunctious free fall of the Zimbabwean $ &the consequential inflationary spike experienced in the last two weeks.

Truth is the measures are I’ll think & reflective of a paranoid moribund incompetent regime that believes everything & everyone is an enemy & a saboteurs regime that blames everyone except itself for the humongous mess it has plunged Zim into a regime that sees shadows everywhere

The dramatic fall of the exchange rate stems from the introduction of the Zim$ when the necessary preconditions were absent. It stems from a huge mismatch between supply & demand. It stems from the failure of the Dutch auction system. It stems from a huge budget deficit monetized through the printing of money.

It stems from corruption & the billions of Zim$ being pummeled into the system from illegal deals Given this only full & unmitigated re-dollarization provides a short term solution. Anything else, including the regime’s new measure, is an absolute joke and a sheer worst of time.

Policymaking must never be allowed to be anecdotal or a product of beer hall diatribe. The new measures smack of that.

Broad sweeping statements & conclusions are made without evidence & data. Major decisions are made without analysing the legalities of the measures or their consequences on the macro or micro level.

We have always argued that this is the worst government in the history of governments & the latest measures prove that.

The key points of the new measures are as follows a) continuation of the Dutch auction system. b)Suspension of all lending by Banks. c) Suspension of major services by stockbrokers. d) Increase in Capital Gains to 40% from 20 % on shares sold in less than 270 days e) 2 % levy on US$ cash withdrawals above a $1000. f) Increase in IMMT tax on US$ transactions to 4 % & 2% on Zim $ g) Retailers & businesses allowed to charge in US$ on a willing buyer willing seller exchange rate regime. h) US$ taxes to the government now to be paid on the willing buyer willing seller exchange rate regime.

We now await the legal instruments necessary to effect the above measures. Save to say that massive litigation is inevitable. For instance, it is blatantly unlawful to ban banks from lending when it is their core business. The new taxes & proposed civil penalties are unlawful.

The truth of the matter is that Zimbabwe deserves better. It deserves new leadership. Sure, #NgaapindeHakeMukomana

More: Pindula News

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🤣🤣 1 month ago

@20 & pfuu mandiuraya. you makes me laugh guys ⚒️⚒️⚒️⚒️sando dzenyu 🙌🙌

Lt Morgan Tsvangirai 1 month ago

Nelson Chamisa and his team is the only solution to solve all the problems in Zimbabwe

HWERESHENGWE 1 month ago


@20 1 month ago

RTGS stands for Rangarirai Takadzinga Gushungo Sembwa

Pfuuu 1 month ago

R. T. G. S.

cde magobo 1 month ago

with rtgs u can't save . what kind of a currency is that??

🐵🐒 1 month ago

𝚃𝚒𝚛𝚎𝚍 𝚘𝚏 𝚊 𝚌𝚞𝚛𝚛𝚎𝚗𝚌𝚢 𝚝𝚑𝚊𝚝 𝚢𝚘𝚞 𝚌𝚊𝚗𝚗𝚘𝚝 𝚋𝚊𝚗𝚔 𝚏𝚘𝚛 𝚏𝚞𝚝𝚞𝚛𝚎 𝚞𝚜𝚎, 𝚊 𝚌𝚞𝚛𝚛𝚎𝚗𝚌𝚢 𝚝𝚑𝚊𝚝 𝚒𝚜 𝚠𝚒𝚝𝚑𝚍𝚛𝚊𝚠𝚗 𝚘𝚗 𝚊 𝚙𝚛𝚎𝚜𝚌𝚛𝚒𝚋𝚎𝚍 𝚍𝚘𝚜𝚊𝚐𝚎. 𝙽𝚔𝚘𝚜𝚒 𝚜𝚒𝚔𝚎𝚕𝚎𝚕 𝚒𝙰𝚏𝚛𝚒𝚔𝚊, 𝚖𝚊𝚕𝚞𝚙𝚑𝚊𝚔𝚊𝚗𝚢𝚒𝚜𝚠𝚎 𝚞𝚍𝚞𝚖𝚘 𝚕𝚠𝚊𝚢𝚘.


🙉🙉🙉🙉🙉 1 month ago

Nyika inotingwa nema Dofo Ayio

Gafa 1 month ago

Zero plus zero zero minus zero times zero divide by zero zero chero husiku zero kuti hapana hapana

Machiavelli 1 month ago

Hahahahaha!!!! Wazovawanzirawo futi iwewe.

But unfortunately it's true. maZero ega ega. Akawandisa futi

Tiffany 💓 1 month ago

Our dream has been hijacked by this regime...ED tsano wema mega deals zero maresults pamasvomhu dhololo hanzi 10 plus 4 equals 40 ingakura sei economy yacho......🤔🤔

John Chibadura 1 month ago

How many taxes a Zimbabwean is paying the regime. So in simple words, there is no cash home
2. Housing tax if in a company accomodations
4. VAT
5. 2% tax on USD withdrawals
6. 4% IMMT on USD transactions
7. 2% IMMT on rtgs$ transactions
8. Duty when importing
9. Spot fine on roads
10. Tollgate fees
Look guys, do you see us Zimbabweans prospering under this **** regime with such **** policies

Machiavelli 1 month ago

@John Chikabudura, you forgot the ubiquitous ZRP tailgate fees at every roadblock

John Chibadura 1 month ago

Zimbabwe is going to the smith regime when our fathers were being taxed for having a hut a and a dog. It is quite shocking to hear from a whole president increasing tax so as to capture inflation

Asalif 1 month ago

kana akaita Commerce chaiyo knows the definition of a bank simple where is banking without lending and interest

Chihera Wepamoyo 1 month ago

Ndanga ndichida kucomenta but chirungu chandivhara

Mafirakureva 1 month ago

@Chihera, Join ED and Jenarari. At least iwewe chirungu bedzi chisipo. Vakuru avo, chirungu hapana, common sense = zero economics, haticharaura. Hunhu chaiwo, chiregai. Patriotism hapanawo futi.

Dr Hercules 1 month ago

Let's wait and see

Patriotic One 1 month ago

Haaaa vana Liberty kushayawo zvokutaura, asi wararira mangayi?

Liberty 1 month ago

Tendai Biti has never wished Zimbabwe to be on her fit as long as he is not in the gvt. If mukomana does not include him in his gvt. he will do the same. he is selfish ...simple

Machiavelli 1 month ago

@Liberty unlike your nom de guerre, you are a slave to tyranny. Biti isn't job-hunting in ED's coterie. He is just pointing out the inconsistency and paucity of rational thinking in fiscal and monetary policies under ZANU.

What kind of "ginyanomics" is that when a whole president emasculates banks from foing what they are supposed to do- i.e. lending money?

Anonymous 1 month ago

haaa blind loyalty yakaoma, but kunesu hedu vasina kuenda kuchikoro but tichirima mbambaira kumusha tinotoziva kuti munda wembambaira ukapindwa na pongwe makutomuisa kana ma sunflower... kwete kuramba makangotsima nembambaira... just change these old guys

Stallion 1 month ago

Ayiaah zvairi nhamo yehuro kutakura musoro isina njere . Zvavakamboti ndikakonewa zvemari ndidzingeyi manje ndochii but zviri nani vabuda pachena kuti gore rinouya sarudzo ndeyako kuvhotera kuyenda kugehena here or kuparadhiso . Your vote is your voice . mubooth hamuna camera vhotera paunoda zvekunzi haukwanisi kuisa x ndezvakudhara

Jah🇿🇼Tsvarie-07 1 month ago

Let the boy come in
Ngaapinde hake mukomana...

bishu 1 month ago

zvaapo ngezvekuti weruzhinji tosongana pamarket. ma connected oramba achiwana US pa RBZ . subsidy "kuvene venyika"

Two Boy 1 month ago

The government contradicts itself.

We cannot have a market determined exchange rate ( between buyers and sellers) at the same RBZ sets official exchange rates via the so-called Dutch system.

The market exchange rate is very much near the black market. Are not shooting ourselves.

Lord Antithesis 1 month ago

e biggest problem with the gvt is that it lacks ideas(not mentioning ideals)and that stems from a narrow minded analysis of current affairs on a global and local the determination to force march the whole nation back to the forests of chimoo and nyadzonya and to govern from that militaristic perspective we are now in the 21st century let's govern and live from that globalist perspective.

ED 1 month ago

diatribe, potpourri, punitive, vindictive, rambunctious , moribund , saboteurs,humongous , pummeled, anecdotal , blatantly.....
Chero ndashaya kuti urikuti chii.. pamberi neZanu Pf✊

zimcitizen 1 month ago

Ndosaka uri **** kana usingazivi those simple terms how then can you efficiently run a country's economy. Bvuma wakoniwa.

VYBZ KARTEL 1 month ago

uri**** nezanu Na charamba wako
CCC is the definition of bright future

ED anosur* pfeee 1 month ago

stitching the anus to prevent diarrhea. Nhaka a mixed bag of bad decisions made by disillusioned old men who've lost contact with what is actually on the ground. Kufoira ndokuziva ini, ma**** ndomaziva.
#Ngaapinde haku mukomana.

Zuze 1 month ago

Manyowa haarapwe nekunama musuri

totito 1 month ago

kkkk kunama ****

Dirigsme 1 month ago

I've no clue what the measures intend to achieve & can not argue empirically. Neither can I agree or disagree with my learned friend(sic) the bullish Tendayi Biti. But being of very slender academic resume all I can spiritually say & with an aura of abundant confidence is that the perennial and infinitive economic problems we have and continue to face can be eliminated in less than a few seconds. That is if the present gvt gives way to a set of new brooms who are not linked anyway to Zanu and the dreadful Marxist school of indoctrination that goes by the moniker Chitepo School of Ideology. Simultaneously we need a leader or leaders who do not take guidance and /or advice from black belt charlatans such as George Charamba.

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