TENDAI BITI Profile picture
Constitutional Lawyer. Author.Minister of Finance Zimbabwe (2009-2013) Citizens Coalition for Change.
Chitandachinemago Profile picture Tripple K Profile picture ChrisDzoma Profile picture 3 subscribed
Jun 16, 2023 8 tweets 4 min read
1)Yesterday Professor Tony Hawkins and I spoke at the Africa CEO Roundtable. I submitted that the Zim crises had been characterized by regular cycles of Fiscal Implosion the latest being the May 2023 meltdown . These implosions had in fact become institutionalized confirming .. ImageImage 2) …Zim is State in Permanent Crises. At the root of the Fiscal Implosion is a regime that can’t live within its means. Therefore at any given time the economic crises has been caused by an expansionary fiscal policy that has created huge budgeted deficits monitized through .. Image
May 12, 2023 8 tweets 3 min read
1) The defining feature of all failed incompetent regimes is the capacity for adhocratic incoherent panicky decisions.The latest policy announcements by the Ministry of Finance are a leviathan manifestation of the crises of leadership arresting Zim. Image 2) Four measures have been announced namely 1) removal of duty on basic imports 2)assumption of RBZ debt 3)removal of Export Surrender Requirements 4) pre announced envelope on FX auction With respect these measures will not halt the collapse of the ZWL$ nor reverse the meltdown Image
Nov 24, 2022 8 tweets 4 min read
1)Zimbabwe is in the middle of a structural economic crises characterized by poverty ,disequilibrium, high inflation,an exchange rate crises& total collapse of public services.For the third time in 20 years Zim is in the middle of yet another self induced recession created by .. Image 2)…high borrowing costs ,relentless inflation & a squeeze on government payments to contractors. The seismic headwinds required boldness honesty &brinkmanship Sadly the #Budget2023 presented today was a banal self serving ritual in narcissism&power retention excesses , months Image
Aug 12, 2022 9 tweets 2 min read
1)There are 4 issues central to agriculture finance which will be addressed First is ensuring that land is a bankable asset. We have made it clear that all farmers must be granted title which they can use as collateral. Without title land remains dead capital with use value only 2)With land that can be hypothecated farmers can be funded through the bank sector. Remember before 2000,74 % of banking lending was to agriculture.Second agriculture subsidies need to be revisited .Zim must abandon the current Command Agriculture model that creates dependency
Jul 28, 2022 9 tweets 2 min read
1) The Minister of Finance has presented his 2022 mid term review & budget statement . It was painful to indulge in an hour of a pointless,tired monologue .An absolute damp squib.A huge opportunity was missed to address fundamental disequilibrium in the economy centered around … 2) 7 key issues that are 1) hyperinflation 2) exchange rate collapse 3) collapse in public sector wages 4) collapse of the social sector 5) low out put 6) deficit financing & the national debt 7) tax reform .Sadly the gvt missed a glorious opportunity of addressing key issues
Jul 27, 2022 6 tweets 3 min read
1) Tomorrow the Minister of Finance presents a mid term review and a Supplementary Budget . The Review comes in the backdrop of an economy arrested by headwinds contradictions&policy distortions. It comes in environment dominated by hyperinflation, exchange rate collapse &poverty 2) The Review must address the issue of money creation so key to the crises of over accumulation that has taken Zim back to 2008. It must address issue of a falling Zim $ &a collapsed exchange rate It must address collapsed public sector wages that has crippled the public sector
Jul 26, 2022 11 tweets 3 min read
1)On @UN World Day Against Drowning it is clear that Mr Mnangwagwa & his Central Bank Governor Panonetsa John Mangudhla remain resolute in their quest to see Zim totally drown Today s launch of their gold coin is a case in point. 2)Like everything else they touch the gold coin will fail .Like everything they pursue coin will be an instrument of arbitrage &extraction .For starters it will not control or restrain inflation, exchange rate collapse or money supply.Broad money needs to be controlled at source
May 8, 2022 11 tweets 7 min read
1)The regime has announced a potpourri of contradictory, self defeating , punitive & vindictive measures with the intended aim of stopping or reversing the dramatic& rambacious free fall of the Zimbabwean $ &the consequential inflationary spike experienced in the last two weeks 2)Truth is the measures are I’ll thought& reflective of a paranoid moribund incompetent regime that believes everything&everyone is an enemy&a saboteurA regime that blames everyone except itself for the humongous mess it has plunged Zim intoA regime that sees shadows everywhere
Mar 10, 2021 12 tweets 3 min read
In the afternoon I pulled down a tweet made in connection with ProfMaduku’s interpretation of section 96(2) of the constitution.The context of that tweet is explained below. Clearly in my banter with Lovemore , whom I have known for over 20 years & worked with very closely ... ...in the law , in the struggle & in personal spaces I overlooked the huge extent of the fragile national question marginalization alienation and exclusion of certain communities in Zimbabwe.I have lived with this discrimination & exclusion throughout my life. I have recently ..
Mar 8, 2021 8 tweets 4 min read
1)We have spent a few days in the Chiredzi #Chilonga area visiting & listening to compatriots in Chiredzi South&East.We have met with ordinary citizens, community leaders&traditional leadersWe have travelled huge distances to places such as Chikombedzi,Malipati Boli,Gonarezhou 2)We have seen & heard from a tortured, insecure &angry citizen in the Shangani communities so dominant in this part of the Lowveld.This is a community that has suffered displacements twice beforeIn the 60sthey were removed from the Hippo Valley area to make way for sugar estates
Jun 21, 2020 5 tweets 1 min read
1) The House that Emmerson built is a ramshackle hotbed of misrule mis governance &repression characterized by four definitioning anchors of failure. Ist is economic misrule & lack of craft competence . Emmerson has taken Zim to depths of economic melt down & poverty unheard of . 2)Thanks to policy missteps the economy has been plunged into a huge recession characterized by hyperinflation, zero productivity & poverty .More than anything else the mismanagement of the exchange rate&runaway FX rates have defined Emmerson s criminal incompetence & nakedness
May 2, 2020 4 tweets 3 min read
1.The reported deployment of Zim troops in Mozambique represents further reproduction of illegalities&I’ll thought actions by the regime . Assuming there is an urgent military situation in #CaboDelgado surely the region collectively must act.A meeting of @SADC_News must be held 2.The #SADC Organ on Defense &Security should surely have met.This kind of unilateralism which we saw during the #DRC civil is foolish &costly &against basic tenets of international law Wars are protracted &costly.The involvement of the region was precondition to any involvement
Jan 10, 2020 7 tweets 3 min read
1) The power situation can be resolved immediately by any decent caring & competent gvt . As a matter of urgency the regime should scrap the fuel subsidy to #Sakunda & #Trafigura & use that to guarantee importation of at least 400 MW of energy . 2) Secondly @ZetdcOfficial must levy & collect charges in US$ to guarantee permanent imports .If this is done it’s only fair & logical that energy consumers must also levy their labor ,services & goods in US$. Thirdly there must a be a scientific &systematic push to green energy
May 31, 2019 5 tweets 2 min read
1 )The wheels have come off.Massive prices hikes mean that inflation will jump to 500% this month.The parallel exchange rate will hit 1:9 in the next few days. There is a shortage of everything particularly fuel , drugs &electricity . Emmerson has taken us back to the Stone Age 2) Having spend a few days quizzing Emmerson s lot in Parliament it’s quite clear that the country is doomed . The whole bunch are cruel clueless quislings.When a goat is found on the 20 th Floor of a building, the question is not how to get it down but how it got there ?