{"id":70008,"date":"2022-11-25T13:31:00","date_gmt":"2022-11-25T11:31:00","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-2023-national-budget-is-anti-people"},"modified":"2022-11-25T15:58:39","modified_gmt":"2022-11-25T13:58:39","slug":"biti-says-2023-national-budget-is-anti-people","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/biti-says-2023-national-budget-is-anti-people","title":{"rendered":"Biti Says 2023 National Budget Is Anti-people"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>CCC vice president, Tendai Biti, has said Finance and Economic Development Minister Mthuli should have dollarised the economy, instead of announcing a Zimbabwe dollar-indexed 2023 national budget.<\/p>\n

On Thursday, Ncube proposed a ZWL$4.5 trillion budget, which Biti, a former Finance Minister, said ought to have been indexed in US dollars. He said:<\/p>\n

A very cruel budget when you consider the increase in VAT to 15%, but I think the fundamental problem is that with inflation of 268% and the fact that most government revenues are now pegged in US dollars, this budget to be meaningful, ought to have been indexed in US dollars.<\/p>\n

In our view, he should simply have announced a US$4 billion budget. If you look at the figures, it is a $4.2 trillion budget, which translates to US$4 billion at an exchange rate of the used USD1 to ZW$100.<\/p>\n

The failure to pay civil servants in US dollars is a complete disaster. He has reduced the rate of IMET tax from 4% on US dollars to 2%.<\/p>\n

He just needed to scrap the intermediate money transfer altogether, but as you can see, it is an anti-people budget.<\/p>\n

Biti said the budget is anti-people and is premised on wrong and faulty assumptions. He said:<\/p>\n

We find it a very anti-people budget premised on very faulty assumptions that the country will have a good rainfall season and solid international commodity prices; his (Ncube\u2019s) assumption is that we will have power (electricity) next year, which is all wrong assumptions and faulty.<\/p>\n

We already know the challenges of power (electricity), the global challenge that almost all economies are in shrinkage. It\u2019s a pipe dream.<\/p>\n

In simple terms, this should have been a budget in USDs, he should have dollarised the budget, and he should have floated ZW$. Ncube should have reduced the interest rate from 200% to 20%.<\/p>\n

Biti argued that Ncube should have removed export surrender requirements and the foreign currency auction system.<\/p>\n

He also warned the VAT increase will cause price increases as the tax component is unprogressive and affects both the rich and poor.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. CCC vice president, Tendai Biti, has said Finance and Economic Development Minister Mthuli should have dollarised the economy, instead of announcing a Zimbabwe dollar-indexed 2023 national budget. On Thursday, Ncube proposed a ZWL$4.5 trillion budget, which Biti, a former Finance Minister, said ought to have been indexed in US dollars. He said: […]<\/p>\n","protected":false},"author":84,"featured_media":70007,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12],"tags":[12910,1493,2189,194,6780,1164,19],"class_list":{"0":"post-70008","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-homepage-english","10":"category-policy","11":"tag-2023-national-budget","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-budget","15":"tag-national-budget","16":"tag-tendai-biti","17":"tag-zimbabwe"},"yoast_head":"\nBiti Says 2023 National Budget Is Anti-people - zimbabwe<\/title>\n<meta name=\"description\" content=\"CCC vice president, Tendai Biti, has said Finance and Economic Development Minister Mthuli should have dollarised the ec ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-2023-national-budget-is-anti-people\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biti Says 2023 National Budget Is Anti-people\" \/>\n<meta property=\"og:description\" content=\"CCC vice president, Tendai Biti, has said Finance and Economic Development Minister Mthuli should have dollarised the ec ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-2023-national-budget-is-anti-people\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-25T11:31:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-25T13:58:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/11\/postQueueImg_1669370475.27.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"796\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-2023-national-budget-is-anti-people\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/biti-says-2023-national-budget-is-anti-people\",\"name\":\"Biti Says 2023 National Budget Is Anti-people - 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