Biti says Mthuli Ncube did not present a supplementary budget but a brand new budget

I want to come to another thing Madam Speaker Ma’am which is the debt question.  Zimbabwe is struggling with a debt overhang.  Our debt overhang, the Minister puts the figures at US$14 billion.  We beg to differ.  We think that a sovereign debt of Zimbabwe is over US$30 billion.  We think that the Minister is under estimating and under stating the debt we owe to the African Import and Export Bank, the Republic of China and various private loans that we know the Government has contracted.  The problem with the debt question is that we do not see any plan by the Minister, yet the debt question is putting a premium on our development.  There are huge amounts of money that are at the African Development Bank.  President Adesina who was in this country has got over $40 billion on his high fives, agriculture, roads, water for poor countries such as Zimbabwe.  The World Bank has got over $75 billion for poor countries such as Zimbabwe.  We cannot access those monies because we have arrears which we need to clear – [HON. MEMBERS:  Sanctions.] – It is not sanctions.  We have got US$2 billion that we owe to the World Bank – [HON. MEMBERS:  Inaudible interjections.] – We have got US$500 million that we owe to the African Development Bank.  We have got US$5 billion … [HON. MEMBERS:  Inaudible interjections] – Hauna pekurara ipapa.

THE HON. DEPUTY SPEAKER:  Order, order please!  Order Hon. Members!

HON. BITI:  Madam Speaker, we owe US$5 billion to the Paris Club of Lenders.  Our point to the Minister of Finance is that please come up with a debt plan.  At least Chinamasa had his Lima Plan, which may have failed …

THE HON. DEPUTY SPEAKER:  Hon. Biti, you are left with five minutes.

HON. BITI:  In conclusion, I urge the Minister of Finance to do the following things:

• To have a credible macro-economic framework,
• To come up with a solution to sort out the exchange rate. In my opinion, please float the Zimbabwean dollar.
• Live within your means. Pursue fiscal prudence, pay civil servants including teachers and Members of Parliament in United States dollars, please fund agriculture adequately, please fund the social services adequately and deal with corruption and cartels. I thank you Madam Speaker.

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