South Africa has postponed its budget speech, a significant move for the ANC coalition government which no longer holds a parliamentary majority. The proposed increase in value-added tax (VAT) by two percentage points faced strong opposition from the ANC's coalition partner, the Democratic Alliance (DA). Speaker Thoko Didiza termed the event as "unprecedented," while DA leader John Steenhuisen saw it as a victory for South African citizens. The finance sector is in turmoil due to rising inflation and widespread poverty, compelling government officials to debate how to effectively fund their priorities.
"When such situations happen, we need to collectively think on the best way forward," said Speaker Thoko Didiza, emphasizing the unprecedented nature of the budget's postponement.
"The VAT rise would have broken the back of our economy," claimed DA leader John Steenhuisen, signaling the party's stance against proposed tax increases.
Finance Minister Enoch Godongwana stated, "There is a general agreement that we need to find a way of funding our priorities," highlighting the government's financial dilemmas.
South Africa's budget has been postponed until March 12, marking a historic moment for the ANC, which no longer holds a parliamentary majority since apartheid.
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