HARARE – Former Finance Minister Tendai Biti and the opposition MDC Alliance vice president has dismissed the 2022 National Budget presentation made by Treasury boss Mthuli Ncube as a “ritualistic formality.”
Ncube delivered a ZWL$927.3 budget with a GDP growth projection of 5.5% in 2022 and total revenue collections projected at ZWL$850.8 billion (16.8% of GDP). In a Twitter thread in response to Ncube’s budget presentation, Biti said:
That Budget presentation was made by a man just going through a ritualistic formality. It was a sordid exercise in mediocrity, mendacity & lackadaisity.
A lacklustre & vacuous presentation bereft 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.
A brave approach was needed to deal with exchange rate distortions & multiple pricing system. Truth is de-dollarization has failed dismally.
The failure to address the structural issues around currency, the auction rate, deficits, corruption & the debt question makes the budget irrelevant.
We have always argued that the class of 2018 is the worst Government in the history of Governments. We respectfully submit that the 2021 Budget is proof beyond reasonable doubt of this contention.