South Africa’s National Assembly has postponed its budget presentation, which was scheduled for Wednesday, due to disagreements among lawmakers.
This is the first time such an event has been delayed since the country transitioned from apartheid.
The delay comes as the ruling African National Congress (ANC) now requires support from other parties to pass the budget, following its loss of a parliamentary majority in the 2024 elections.
The Democratic Alliance, a key coalition partner, opposed the ANC’s plan to increase the value-added tax (VAT) by two percentage points, leading to the postponement.
Following the announcement, the local rand weakened further, dropping by 1% against the US dollar.
There is no new date yet for the budget presentation.