The FATF, an international body that sets standards for combating financial crimes, announced the decision after conducting successful on-site evaluations in the four nations. According to the group, each country has completed its required action plan within the agreed timeframe and demonstrated significant progress in strengthening their financial systems.

With this development, the countries will no longer face enhanced scrutiny from the FATF, a move expected to improve investor confidence and international financial relations.

The FATF, which monitors compliance among more than 200 member nations, reviews global efforts to prevent money laundering, terrorist financing, and the spread of weapons of mass destruction. Its “black list” currently includes only three countries — Iran, Myanmar, and North Korea — considered high-risk jurisdictions.

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Initially, the budget proposal included a 2% VAT hike, which was later reduced to 0.5%. The revised plan, set to take effect within days, was abruptly abandoned after legal pressure from the DA. The party challenged the parliamentary procedure used to pass the budget, leading to advice from government lawyers that the case might be lost in court.

DA leader John Steenhuisen welcomed the reversal but emphasized the need for more effective dispute resolution mechanisms within the Government of National Unity (GNU). He warned that simply replacing the DA with smaller opposition parties would not resolve ongoing disagreements and could destabilize governance.

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Despite the ANC’s move to secure support from other parties to pass the budget, Steenhuisen maintained that the ANC-DA coalition, supported by several smaller parties, remains the best formula for a functioning government. He also criticized the lack of consultation by President Cyril Ramaphosa in cabinet decisions, adding that a stronger and more collaborative approach is needed.

The DA argues that the proposed VAT increase would have placed an unfair burden on the country’s poorest citizens. While the withdrawal of the tax hike was welcomed, it leaves a R75 billion revenue gap in the national budget over the medium term.

The Treasury said its decision followed consultations with political stakeholders and careful review by parliamentary committees. However, DA officials insisted that the shift came only after legal proceedings revealed weaknesses in the budget’s passage.

While the immediate crisis may be over, questions remain about the coalition’s long-term durability and the ANC’s ability to govern effectively in a divided political environment.

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