News / National
Jonathan Moyo 'exposes' Mthuli Ncube and Sibusiso Moyo?
06 Aug 2019 at 12:02hrs | Views
Professor Jonathan Moyo says President Emmerson Mnangagwa and Professor Mthuli Ncube working with general Sibusiso Moyo and businessman Kuda Tagwirei are involved in a grand theft of public funds.
In a frenzied thread on Tuesday Moyo detailed how the crew manipulated the domestic debt to pocket funds.
Read the full statement below:
The facts that are tumbling out of Mthuli Ncube's staggering figures, following his midterm budget speech last Thursday, reveal a daring heist he and the cabal of treasury raiders have pulled off in nine short months; to the detriment of a vulnerable nation!
First, Mthuli Ncube's ZWL$18,62 billion midterm budget is a mere USD 2 billion, at the interbank rate of 1USD : 9ZWL$. This represents a sudden budgetary contraction of the economy by more than 50% in less than 12 months; from a national budget of plus USD 4 billion in 2017!
Second, the domestic debt of USD 9.5 billion on 31 Dec 2018, the hard earned US dollars borrowed by government from the market in the multi-currency period, is now just ZWL$ 8.8 billion or USD 900 million at the Interbank rate of 1USD : 9 ZWL$; while foreign debt is USD 8 billion!
Third, statutory fees, licenses & tolls are up five-fold. The civil service wage bill is up from a ZWL$ 377m in June to ZWL$ 1.887 billion, wiping out the fake surplus. With ZWL$ 1,310 billion in revenues in June, civil service wage bill now should be 144% of revenue from 80% in 2017!
Fourth, through Mthuli Ncube, the cabal of fiscal raiders, that includes Mnangagwa, Sibusiso Moyo, with Sakunda's Kuda Tagwirei as its runner, raided USD 500million or ZWL$ 4.5 billion in Treasury Bonds issued in June; equivalent to ZIMRA revenue of ZWL$ 4.99 billion collected from Jan to June!
The hard facts tumbling out of Mthuli's figures tell a disturbing story of incompetence and plunder on an industrial scale. The reduction of the domestic debt by the stroke of a thieving pen, from USD 9,5 billion in December 2018 to USD 900 million today is grand theft!
The grand theft of public resources by fiscal raiders is bad. But what's worse is the silence of the victims. Only in Zimbabwe do fiscal thieves describe their theft of billions of US dollars as a mistake and get away with it. Command agriculture was uglyculture from the word go!
When the multicurrency system was introduced in 2009, lifetime savings of ordinary Zimbabweans were wiped out. Ten years on, the same is happening; now due to fiscal raiders who've scrapped the multicurrency system in criminal ways from which they're lining up their pockets!
The reduction of the domestic debt from USD 9,5 billion in December 2018 to USD 900 million today, is due not to market forces but to rent seeking by the cabal of treasury raiders who used the fake 1:1 Bondnote/USD exchange rate to empty national coffers through looted #TBs!
It can't be right that lifetime savings of ordinary Zimbabweans are destroyed twice within 10 years, by the same people, without consequences. Zimbabweans who were 19, 29, 39, 49, 59 or 69 years old in 2009 must start afresh again, in 2019. Time comes when enough is enough!
In a frenzied thread on Tuesday Moyo detailed how the crew manipulated the domestic debt to pocket funds.
Read the full statement below:
The facts that are tumbling out of Mthuli Ncube's staggering figures, following his midterm budget speech last Thursday, reveal a daring heist he and the cabal of treasury raiders have pulled off in nine short months; to the detriment of a vulnerable nation!
First, Mthuli Ncube's ZWL$18,62 billion midterm budget is a mere USD 2 billion, at the interbank rate of 1USD : 9ZWL$. This represents a sudden budgetary contraction of the economy by more than 50% in less than 12 months; from a national budget of plus USD 4 billion in 2017!
Second, the domestic debt of USD 9.5 billion on 31 Dec 2018, the hard earned US dollars borrowed by government from the market in the multi-currency period, is now just ZWL$ 8.8 billion or USD 900 million at the Interbank rate of 1USD : 9 ZWL$; while foreign debt is USD 8 billion!
Third, statutory fees, licenses & tolls are up five-fold. The civil service wage bill is up from a ZWL$ 377m in June to ZWL$ 1.887 billion, wiping out the fake surplus. With ZWL$ 1,310 billion in revenues in June, civil service wage bill now should be 144% of revenue from 80% in 2017!
Fourth, through Mthuli Ncube, the cabal of fiscal raiders, that includes Mnangagwa, Sibusiso Moyo, with Sakunda's Kuda Tagwirei as its runner, raided USD 500million or ZWL$ 4.5 billion in Treasury Bonds issued in June; equivalent to ZIMRA revenue of ZWL$ 4.99 billion collected from Jan to June!
The hard facts tumbling out of Mthuli's figures tell a disturbing story of incompetence and plunder on an industrial scale. The reduction of the domestic debt by the stroke of a thieving pen, from USD 9,5 billion in December 2018 to USD 900 million today is grand theft!
The grand theft of public resources by fiscal raiders is bad. But what's worse is the silence of the victims. Only in Zimbabwe do fiscal thieves describe their theft of billions of US dollars as a mistake and get away with it. Command agriculture was uglyculture from the word go!
When the multicurrency system was introduced in 2009, lifetime savings of ordinary Zimbabweans were wiped out. Ten years on, the same is happening; now due to fiscal raiders who've scrapped the multicurrency system in criminal ways from which they're lining up their pockets!
The reduction of the domestic debt from USD 9,5 billion in December 2018 to USD 900 million today, is due not to market forces but to rent seeking by the cabal of treasury raiders who used the fake 1:1 Bondnote/USD exchange rate to empty national coffers through looted #TBs!
It can't be right that lifetime savings of ordinary Zimbabweans are destroyed twice within 10 years, by the same people, without consequences. Zimbabweans who were 19, 29, 39, 49, 59 or 69 years old in 2009 must start afresh again, in 2019. Time comes when enough is enough!
Source - Byo24News
