South Africa’s budget announcement by the finance minister has been abruptly canceled and rescheduled for next month over a dispute among parties in the governing coalition.

South Africa's national budget was postponed on Wednesday because the two biggest parties in the ruling coalition disagreed over raising value-added tax, an unprecedented delay that caused the rand and government bonds to fall.

South African Finance Minister Enoch Godongwana presented highlights of his upcoming budget to colleagues two weeks ago, but skipped a crucial detail to stop it from leaking — triggering a major fallout in the nation’s coalition government.

South Africa's Finance Minister Enoch Godongwana has been forced to postpone the unveiling of the national budget following sharp disagreements within the coalition government. Coalition partners derailed his budget after opposing his plan to raise value-added-tax (VAT),

The unprecedented delay in the presentation of South Africa’s budget shouldn’t be seen as a crisis and wouldn’t derail the country’s 10-party ruling alliance, President Cyril Ramaphosa said.

South Africa's rand weakened on Wednesday, after the national budget was postponed until further notice due to disagreements within the coalition government. At 1402 GMT, the rand traded at 18.57 against the dollar,

Africa's largest economy has faced a burgeoning debt and stagnating economy that threaten to derail the country's coalition government.

The postponement of South Africa’s national budget vote was as much about keeping the national coalition together as it was about the unity of the African National Congress, with the finance minister now going back to the drawing board.