South Africa's budget may be tweaked further as more talks between political parties will try to overcome differences over a contentious plan to raise value-added tax, the country's finance minister told Reuters.

B udget announcements are rarely dramatic events in South Africa. But the statement on March 12th by Enoch Godongwana, the finance minister, could be the most consequential since the end of white rule in 1994.

South Africa's rand extended its losses early on Thursday before manufacturing and mining data releases, a day after the national budget was tabled before lawmakers and met with resistance.

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