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

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.