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 Africa's Finance Minister Enoch Godongwana has been forced to postpone the unveiling of the national budget following sharp disagreements within the coalition government.