The opposition Movement for Democratic Change (MDC) has scoffed at claims by Finance and Economic Development Minister, Mthuli Ncube that the country, for the first time in years, recorded a budget surplus.
Earlier this year, Ncube revealed that the government achieved half a million dollars in surplus for the half year of 2019.
However speaking at the launch of the MDC’s alternative economic policy titled RELOAD in Harare today, former Finance Minister, Tendai Biti said the budget was based on a false premise of a “useless” Zimbabwean Dollar, which was re-introduced last month after a 10-year sabbatical as the country adopted a multi-currency system.
“There are some who are celebrating a surplus in the context of a Zimbabwe Dollar when the 2018 budget was In Us Dollars, a surplus in the context of cash accounting when normal accounting is accrual accounting.
“A surplus in the context of huge deficits in social expenditure… It’s so moronic and myopic to celebrate a surplus that is non-existent and that is expressed in money that has no value at all,” said Biti.
He added that the country has to deal with the “messy monetary policy’.
