The South African government's annual presentation of its budget was abruptly canceled Wednesday and rescheduled for next month over a dispute among parties in the governing coalition. The finance minister's budget speech normally takes place in February.

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.

Officials say pro-business Democratic Alliance and senior figures in African National Congress objected to VAT rise