South Africa's New Budget Anticipated Amid Economic Challenges

South Africa's Finance Minister, Enoch Godongwana, is set to present a new budget on May 21. This announcement follows the cancellation of a heavily opposed VAT increase. The new budget will undergo consultations with coalition parties and cabinet approval before being introduced in parliament.

South Africa's Finance Minister, Enoch Godongwana, announced plans to present a revised budget on May 21. This move comes after the cancellation of a controversial value-added tax (VAT) increase, which had met with significant opposition.

The new budget aims to address changes in revenue and spending projections. Minister Godongwana emphasized that the process will involve thorough consultations with all political parties within the coalition government to ensure broad agreement.

The revised financial plan will require approval from the country's cabinet before being introduced to parliament next month. The forthcoming budget is anticipated to offer strategies to navigate current economic challenges facing South Africa.

(With inputs from agencies.)