South Africa's cabinet was still meeting on the 2025 budget less than one hour before the finance minister was due to present it in parliament on Wednesday, a source from the Democratic Alliance party said,

The agreement comes as South Africa’s ruling coalition is embroiled in a diplomatic crisis over laws that the US says discriminate against white farmers.

Consumers, taxpayers and travelers are the losers in South Africa's new budget. Jennifer Zabasajja explains. (Source: Bloomberg)

The South African rand fell on Wednesday as disagreements in the ruling coalition persisted despite the finance minister scaling back the size of a contentious tax hike in a revised budget. The budget has been the biggest test so far of South Africa's fractious coalition politics,