MDC Alliance will scrap the bond note and join the Rand monetary Union as part of its measures to stabilize the economy and build investor confidence in the country, People`s Democratic Party (PDP) leader has said.
Tendai Biti was addressing an MDC Alliance rally held at Chisamba grounds in Sakubva Mutare on Sunday.
The former finance minister in the unity government said the Alliance government will also build reserves of $9 billion as the current reserves under Zanu PF have a paltry $29 million enough to cover imports for just one week.
“We want to join Rand Monetary Union (RMU). We will use the Rand in the country and see where it will take us to,” said Biti.
The Common Monetary Area (CMA) links South Africa, Namibia, Namibia, Lesotho and Swaziland into a monetary union.
He said President Emmerson Mnangagwa’s government lacks trust and confidence.
“The secret to the success of this country is that we have our brand Morgan Tsvangirai who is trusted all over the world. Economics is about confidence and trust. The Mnangagwa government has kwashiorkor ye trust and confidence.
“I went to America with Chamisa and Zanu PF cried but we were invited there because the international community trusts and has confidence in the MDC Alliance,” said Biti.
He said the MDC Alliance can grow the country`s battered economy by a rate of 7 percent per annum.
He said it was sad that Zimbabwe, once a jewel of Africa, is now trailing behind some countries in the SADC whose economies then were still developing when it got its independence.
“In 1990, GDP for Zambia was $4billion while Zimbabwe was on $7 billion. In 2018, Zambia GDP is $45 billion while Zimbabwe is still at $10 billion thus the failure of finance minister Chinamasa and Zanu PF,” said Biti.
He said growing the economy was possible as evidenced by the performance of the MDC during the five year unity government.
Biti said it was also sad that in a country endowed with natural resources like Zimbabwe people were failing to access their funds from the banks.
“When we entered the unity government with Zanu PF the banks had $250 million. When we moved out of the government in 2013 the banks had $6, 5 billion. We want to ask Zanu PF right now where they hide our money,” said Biti.
He said the MDC Alliance will also prioritize the infrastructural transformation in the country.
“Under the MDC Alliance, the first two years in government we will produce 4 000 megawatts. We will also construct dams for irrigation,” he said.
Biti said the MDC Alliance will also set a judiciary commission of Inquiry to investigate how funds generated from Marange diamond fields disappeared.
“We need to create Sovereign Wealth Fund (SWF) where all funds generated from mining will be kept for future generations. If we exhaust all diamonds how are our future generations going to benefit,” said Biti.