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Zimbabwe's Economy A Complete Disaster - Biti

Zimbabwe's Economy A Complete Disaster - Biti

Former Finance Minister Tendai Biti said that Zimbabwe’s economy is a complete disaster characterised by sharp price increases and rising inflation.

Zimbabwe is experiencing surging inflation, with the prices of basic grocery items such as cooking oil, sugar, mealie meal and bread rising exponentially.

Biti, who is CCC deputy president, was speaking during a Twitter Space titled Uncensored with Mzala Tom on the State of the economy of Zimbabwe: Challenges of State Capture and Corruption. He said:

It’s a complete disaster, I want to start with inflation, I want you to go and read the IMF article 4 report that came out on the 8th of April 2022, it’s a shocking document because normally the IMF is nice to Government because it wants to do business on them.

The IMF says our inflation in 2020 was 837 per cent, if we say it, they will say the opposition is speaking.

Thus, a terrible figure, the IMF also says the growth rate, 2019- 2020 Zimbabwe’s economy shrunk by 11.7 per cent and the IMF uses the word Zimbabwe has been in a deep recession.

Happening in 2022 is nothing compared to 2020, things are terrible, if you go into a supermarket right now, a packet of meat is ZWL$26 000, a bottle of cooking fat is US$7, bread has gone up, our fuel is the most expensive in the World, a bottle of Mazoe is over US$5, sugar has gone up, prices are raping our people in Zimbabwe.

Biti claimed that inflation has gone up 80 per cent in the last two weeks alone. He said:

In 2008 we had inflation because the economy was overheating, we had a crisis of over accumulation, too much money chasing too few goods, what is the inflation at the end of the day.

Inflation is the existence of too much paper money, broad money, the government said last week we control reserve money, we keep reserve money at zero, but the reserve money is not the challenge. The challenge is M3 broad money.

According to Investopedia, M3 is a collection of the money supply that includes M2 money as well as large time deposits, institutional money market funds, short-term repurchase agreements, and larger liquid funds.

M3 is closely associated with larger financial institutions and corporations than with small businesses and individuals.

M2 is a measure of the money supply that includes cash, checking deposits, and easily-convertible near money.

More: CITE

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muchembere 1 month ago

they take poor people for fools

GVT 1 month ago

M1 M2 M3 😇

Machiavelli 1 month ago

@Asalif 🙏🏾🙏🏾🙏🏾

Asalif 1 month ago

@Machiavelli thank you for the explanation because our learned compatriots like @ Blue didn't understand were it's going and coming from that is why he reserved his nasty facts on this one he commented somewhere where Messrs Biti was not even mentioned in the article

Machiavelli 1 month ago

Let me simplify
M1 = All notes and coins.
M2 = M1 + company and individual overdrafts, donor support facilities + other external remittances
M3 = M2 + government borrowings including treasury bills, and other Reserve Bank interventions to borrow money on behalf of government. This M3 is known as broad money supply.

Asalif 1 month ago

😅😅😅😅😅 even @ Blue who sees himself as a fundi is quite you should keep quiet when fundis like Messrs Biti are talking

Chamisa junior 1 month ago

Minister of finance Tendai biti not vana Mtuli.2023 Vote CCC Chamisa Muoffice


Dr Gire 1 month ago

Zvirikunziiko na Biti wema self-help projects 😊😊😊

Japajapa 1 month ago

Zvamaverenga ndozvaari kutaura

Chimboti Pizza 1 month ago

Inini hangu anovhotera ZANU next year ndikurova nebhandi😠

605... 1 month ago

why saying anobowa ... justify yourself

Dirigsme 1 month ago

@Chipoi kana neniwo anondibhowa ndazoita kutofona kubvunza kuti M2 or M3 chii. It's simple financial terms meaning vote for change in 2023 so that tisaite M1. Mahwani!

Gafa 1 month ago

@Chipoi kkkk benzi haridi chikafu chiri fresh

Da truth 1 month ago

Ngumahuru ine basa Gore rino kunorapa vapengo vose ,chipoi iyeyu ,blue mabhora ,Vybz Kartel,neumwe isati yamyuka pa platform pano . Welcome on board signorittas Chitima Vhembo ndo Pindula vanhu kwavo Mboko chaidzo vanorizena nhema vana blue balls varipano tinokugamuchirai nemufaro pachirongwa nhasi tirikwenyu pa Pindula .

chipoi 1 month ago

ma comments a biti anobowa.

Chimboti Pizza 1 month ago

@Chipoi izvo zvazvako asi kunzwa wanzwa.
Vote CCC for change

Da Truth 1 month ago

Anonakidza ndeapi nhema ,,,ok tirikubudirira kudarika south Africa ,Dubai, America,tirberi hamuwoni bondii redu rine value kudarika Cypriot pound ne British pound riri kuchemerwa nema vanhu pasi rosekubva zvatakaisa ,,,,,,,,,,,,, e mhirikwema k7ngwa varikungoti Bondi,Bondi, Bondi vanoda Bondi chete hamuoni ma zhong akapiwa 2.8 billion yemuno aka mhanya nayo China kkkkkkkkkk

605... 1 month ago

let's endure Zimbabweans we will end this with elections which will remove all corruption, sunctions .. Zimbabwe will be free again it's getting closer

vote for change of party

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