South Africa’s deputy finance minister said next week’s national budget is set to secure approval from lawmakers, after two previous iterations were scrapped because of disagreements within the governing coalition over taxes.

“I’m very confident that we’re not going to have budget 4.0,” David Masondo said at an event in Cape Town on Thursday, a view that was based on talks the National Treasury has had with the Democratic Alliance (DA), the coalition’s second-largest member, and other parties. “I’m 100% certain that we’ll get it over the line.”

Finance Minister Enoch Godongwana will present a third version of the budget in Cape Town on May 21.

The DA objected to plans to hike value-added tax, triggering standoffs over previous drafts. That raised investor fears that the business-friendly party might leave the government, which could provide an entry point for leftist groups like the Economic Freedom Fighters to join and place economic reforms in jeopardy.

Godongwana withdrew the proposed tax increase on April 24, leaving the alliance intact.

Masondo’s comments were backed up by Dean McPherson, a DA member and minister of public works and infrastructure.

“I’m fairly confident that there will be agreement on budget 3,” he said in an interview at an event near Bothaville in the central Free State province on Thursday. “I think the political leaders have done a lot of work to bring people close together. I also think the lessons that’s been learned, there’s got to be compromise, there’s got to be give and take. We will see what happens next week, but I’m more hopeful and optimistic than I was previously.”

A 10-party alliance took power after elections last year in which the African National Congress lost its outright majority for the first time since White-minority rule ended in 1994. Its formation was heralded as a chance to boost job creation and feeble growth after years of under-performance.

Lawmakers and the Treasury face a tight deadline to complete the budget process, which legally must be wrapped up by the end of July. After Godongwana tables his proposals, parliamentary committees will have to adopt reports on related legislation that must be voted on by the National Assembly.

President Cyril Ramaphosa will attend the budget presentation remotely because he is travelling to the US for talks with his American counterpart Donald Trump.

Masondo also announced that the Treasury and the central bank are working on an appropriate inflation framework for South Africa, with an announcement to be made soon.

The rand gained as much as 1.1% against the dollar after he made those comments, while the yield on benchmark 2035 government bonds fell seven basis points to 10.48% — the lowest on a closing basis since March 5.

The bank’s current inflation-target band is 3% to 6%, but Governor Lesetja Kganyago has repeatedly said that a single-point target of 3% would be in line with South Africa’s peers and allow for lower interest rates.