Tenday Biti says farewell to Finance ministry

via A sad goodbye to Finance ministry – DailyNews Live by Tendai Biti

Wananchi, I said my farewells to the staff at the ministry of Finance.

Zimbabwe’s greatest asset is its people, when they work together as a team for the national good.

In that regard, they do not come any better than the men and women in Block B, New Government Complex.

For the last four-and-half years, it was a pleasure to work together with a team oblivious to anything but the good of the country. The higher ground norm of what was purely in the best interest of the nation.

Indeed over those years, we faced humongous challenges, let alone an economy whose inflation stood at 500 billion percent, total collapse of industrial capacity utilisation, and revenue collections of a paltry $4 million in January 2009.

We burnt the candle, each day and gradually we brought the beast of macroeconomic misalignment to a turn around.

We fought so many battles and navigated so many rapids and waterfalls, so many that a single book might not do justice to an extraordinary story of economic engineering under such stress and fragility.

What was key, and perhaps what I learnt is the obligation of working as a team. A team is bound by respect, trust and a common work ethic.

Each department knew what it had to do. Each knew the extremely high standards to be maintained. Each knew that any delay or lackadaisicalness would affect the whole.

Above all, one learnt to listen. Each human being, each team member has something to offer. The ability to listen, digest and analyse was always key. Each also accepted the importance of playing in one’s position. A well-oiled cog.

But in all this, the buck would always stop with the team leader. The team leader had to lead, had to suffer all pain and abuse, had to be strong and strong headed, had to inspire, had to be confident and had to have the vision that would lead all.

And in these years I learnt one unsavoury word that I was not normally accustomed to. The word “No”. A necessary and essential word in that world where we faced the trilemma of huge demand, high expectations and no fiscal leg room.

So I said zikomo, to a place that had been a home and to a team that had been family. Zikomo.

Going foward, the debt question is one that will continue haunting this country for a long, long time.

The country’s unvalidated sovereign debt of $10,7 billion is one of the structural binds of the economy.

This debt is 103 percent of GDP of which over 70 percent is accumulated arrears.

Zimbabwe defaulted on its international debt obligations way back in 1999.

Since then it has not been able to access cheap credit from IFIs and international capital markets.

A horrible political status quo over the years has also exacerbated the isolation from international capital markets.

In the face of political and default challenges, Zimbabwe in the last years has not been able to access capital in the form of direct overseas development assistance, foreign direct investment or cheap international credit.

Its fiscal diamond has thus been skewered and abnormal.

However, to execute a sustained programme of reconstruction, Zimbabwe has to have access to grant or concessional capital, particularly from the IFIs that is the World Bank, the African Development Bank and other international financial institutions

The kind of resources needed for gross capital formation which has never happened in this country for pretty much over forty years is huge.

Think of what needs to be done in respect of electricity, water and sanitation, the roads and dams.

A few years ago, the African Development Bank put the cost of Zimbabwe’s infrastructural needs at $14 billion in the outlook period to 2020.

Thus, politics and noise aside, Zimbabwe genuinely needs the huge capital stored in these IFIs.

It follows that the debt question is not about debt but a development question, about the enclave question and how we move beyond the same.

It is precisely because of this that we developed the Zimbabwe Accelerated Arrears, Debt and Development Strategy which in May this year resulted in the agreement between Zimbabwe and the IMF for a Staff Monitored Programme (SMP).

The agreement of May was arrived after years of internal and external manoeuvring and persuasion. In short, after a lot of hard, hard work.

It is an agreement that is so critical to this country that its integrity and execution should be preserved and honoured.

They might not know it but this will be a major, major test.

Wananchi, the momentum is gathering pace to frenetic levels of sanitising the grand theft of July 31.

We will watch the charades from sidelines knowing full well that these are desperate antics from desperate people who cheated desperately.

However, self evidently, there are desperate attempts to create fear and to emasculate the Wananchi.

They are threats to arrest everyone including our president.

For what? Little people who major in minors are on the loose. The arch angels of chaos.

We are watching them. History is watching them.

They made their move and we make ours, for one thing and one thing alone, the restoration of legitimacy to the motherland.

The cracks are there, huge, huge cracks. Watch them deepen.

Just watch. Zikomo.

COMMENTS

WORDPRESS: 34
  • comment-avatar
    Charles Chamunorwa 7 years ago

    Good report-SG

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      Kusvikazvanaka 7 years ago

      He can be the next President of Zimbabwe! Watch this space

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    VERY SAD, ZIM REALLY NEEDS THIS MAN, REGARDLESS
    OF POLITICS, HE LITERALLY SAVED ZIMBABWE FINANCIALLY.
    WELL DONE TENDAI, A GREAT 5 YEARS. bc.

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    Sad to loose someone intelligent like Biti.

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    Pity the treasury never got to see any diamond revenue.

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    Thank you for a job well done Tendai. Politics aside you are probably Zimbabwe’s best Finance Minister to date.

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    Gamuchirai Mayeka 7 years ago

    Well done Tendai, a true patriot and sharp headed. Yes we will watch the thieves stealing from the people with help from their eastern friends, our God is watching and He will not be silent for long.

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    The Future 2025 7 years ago

    Well done Tendai Biti. History will judge you for being the best Finance Minister to come out of Zim

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    Chigango 7 years ago

    Indeed, like him or not, politics or no politics, Tendai will go down in the history of our beloved country as one of its greatest sons. Thanks Tendai, may the Lord look over you and also bless all your future endeavours, personal and national!

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    it shall come to pass 7 years ago

    Thivery,deception,thuggery,lies are never virtues for nation building. This nation belongs to no-one but God. God is not blind, neither is he deaf. He shall surely have the lasting word.
    Thank you Tendai for a job well done. What you did guys was to sow good seeds over government institutions; they shall surely germinate; and you might reap the joy of watering them to bountiful crops! Zikomo Wananchi

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    boyboy 7 years ago

    mayb its tym Biti takes over frm baba Tsvangirayi n fight 4 ur liberation. We r prepared 2 go 2 d bushes 4 d freedom of ur pple frm dese old monsters

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      eztechplc 7 years ago

      He is still to be natured….akarohwa anoenda kuna Bennett uyo

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    Yes the clock has started ticking, as of today all those Zunupf supporters who were rolling all over the stadium celebrating the swearing in of Mugabe are in for a bad shock, things will happen to deteriorate so fast they won’t
    Know what hit them, turn the clock back to pre 2008

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    zimbo 7 years ago

    what a true gentleman.Even at the darkest of times I always believed and still believe that there are honourable men and women in Zimbabwe.God bless Zimbabwe and her people.

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    eztechplc 7 years ago

    You certainly misfired on some of the contents of this message Tendai. What benefit does it do to me as ordinary Zimbabwean to know the big debt; particularly given the country’s incapacity to pay? You should have told Zimbabwean during you campaign, emphasizing that guys, you have 2 options, to vote MDC or to face collapse……but for now, this very important information only causes panic, forces companies to make irresponsible financial decisions that leads to january 2009.

    Be human Tendai. You being out of government does not mean you must be inhuman to Zimbabweans, 70% of which failed to get a change due to the manipulation of results. Desist from causing pandemonium

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    Simon 7 years ago

    Tendai you are son of zimbabwe and you really did you job well considering environment you were under. Had things been normal and you had diamond revenue inflows to the treasury we would have been booming now. We hope to see you back soon. Now lets see what the thieves have to offer soon it will be november/dec time and a budget report and plans for next year are due. May their migraine begin!!!!!!!

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    chasura 7 years ago

    Thank you minister u are one out of a million.the best finance minister ever..be blessed .Zimbabwe really needs focussed man like you ,Tsvangirai ,Chamisa and Matinenga

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    Tendai, makorokoto ! Take time to reflect…now its time for leadership. I believe you are the only one with the will, passion and determination.
    Good job well done in your ministry….big shoes to fill for the next MOF…

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    zvichanaka rimwe gore 7 years ago

    Well done Tendai. I remember you were being labelled the black sheep back in 2008 when you refused to be part of the GNU. Morgan was saying you were the stumbling block and he was keen on going into the GNU. You were right never go into bed and sup with Zanu pf. They are full of chicanery, cunning and deceptive. This has left Morgan with an egg on his face. This is why the VERY old man praised morgan because he rendered him legitimacy at a time when he was increasingly becoming isolated. Morgan went on to make serious gaffes by womanizing. In any progressive
    Movement leadership has to change in order to achieve the ideals of the struggle. Zanu has long failed at this , i see no reason why morgan must pass on the baton as he has demonstrated his lack of tact. He even said that if he loses presidential elections he will step down. Why is he now flip flopping

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    Rock stone 7 years ago

    This is a political war against economical war but it takes a long time for a volcanic eruption lets watch the space well done& goodbye (T.B)

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    Duncan Griffiths 7 years ago

    History will label this man as a true hero of Zimbabwe who risked life and limb (I do not use these words lightly) to do his utmost for his country. What he achieved in post was nothing short of amazing.
    Re EZTECHPLC comments above Biti’s observations on the economy are true and no more or less what the IFIs and ICMs know already and will base their decisions accordingly no doubt. The only companies who will invest in Zim at this time are shady to say the least eg Diamonds and other natural resources. The Zimbabwe economy will have little or no share in that.

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    Shame 7 years ago

    Adios Amigo.
    Go quietly.
    You are the reason why no diamond money went into the fiscus. Your obsession with honouring IMF debts was the source of fear of giving you anything. If anything the breton woods institutions owe Africa more than they are owed, and should not be paid a dimme.Where did UK and America, founders of IMF and World Bank get all the money from when every other country had nothing? Was it not from african slave trade? Was it not from theft of Africa’s mineral resources? Was it not from colonial African farms? And they even have thetemerity to give loans to africa? Africas money? Look at you Tendai and your obsession with going to bed with IMF. A shame thats hat you are. A hyna night ridden by these IMF witches is part of the imperialism witchcraft machine.Some heroworship you for saving the zim economy? Surely from what? Effects of sacnctions procured by MacMorgan TsvanCry your party’s leader. I find it hillarious to applaud a man patching holes to a bucket he has perforated himself. That is tomfoolery stuff.

    The civil servants bid you adios! Kindly tell yourself to please lock the door behind you and not to, infact, never ever return.
    Adios Muchacho

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    soothsayer 7 years ago

    Thank you very much Tendai,words are too feeble to express my gratitude,you did a splendid job in the face of demagogues,political “tsotsis’. Thank you T.B may the almighty God bless you abundantly.

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    Proud Zimbabwean 7 years ago

    Thank you Tendai for your service to Zimbabwe as Minister of Finance. Those who know and have followed the work you have done recognise a good man when they see one. We would be proud to have you as our President. Please never give up – we the people need leaders like you. God Bless you and your family.

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    Dave Van Rensburg 7 years ago

    Sir, it is men like you who make me very proud to be a Zimbabwean.

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    tafataona 7 years ago

    Iri ndiro Gamba romachokwadi rambai makabatana naSave tinozviziva kuti makawina asi makabirwa nekushaya rutsigiro kubva kumawuto shingai zvichanaka tinemi kusvika zvanaka

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    jeremiah tsumba 7 years ago

    you were the best Finance minister this country never had, you were strict, professional, accountable and leaks broker may god bless you and the family.I know you will return back to the helm its a matter of days and months.If god is with us who dare to go against us. Thank you once again.

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    chaporonga 7 years ago

    TB given your pragmatic stance towards solving Zimbabwe’s problems economically & politically , you were the only one who would agree the we do not need to import Chinese to come and dig our Dimola, instead we could have used our pick & shovels , put our diamond in tins and sell., get money, while paying off some small dedts we wooul then by our machinery cash. Simple & no need for Zhing zhong. Mugabe dofo reEconomics. TB kaone!!!

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    Shumba yezanu.we remain in yur support after this robberry

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    Kondo 7 years ago

    Thank you my fellow Patriot. You did a great patriotic job while being sabotaged by a gang of looting thugs who have no idea what a patriot is. They shout about Patriotism but are the most unpatriotic people in Zimbabwe. They rigged their victory in this battle but they will NOT WIN the war! Aluta Continua!!!

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    zacks Muti 7 years ago

    Thank you Biti, You need to improve on the following: stop being anti workers, strike a balance between the needs of IMF, World Bank and Paris club and local urgent needs.
    Improve your language and know when to be diplomatic and when to fire. You will be fine otherwise my life improved when u were Minister of Money

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    Joseph 7 years ago

    Ko kuti Zikomo izita remunhu here kana kuti zvinorevei uye mutauro werudzii? kudawo kuziva. Asingazivi ngaadzidzisve

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    Tindo 7 years ago

    Thank you very much Tendai at least I have tested the goodness of life only for the past 4 years