South Africa’s Treasury Faces Credibility Test After Budget Flip-Flops

The credibility of South Africa’s National Treasury is under scrutiny after two months in which it’s had to backtrack on its budget proposals twice.

After decades of driving the budget and getting it rubber-stamped by a Parliament dominated by the African National Congress, the Treasury — one of the country’s most respected institutions - is now being tested by a new political environment in which other parties are flexing their muscles. The ANC was forced into a coalition after losing its outright majority in elections last year.