Prices of Imported Tyres and Bike Parts Set to Rise

While approving financing backing for small businesses and farmers, the administration has raised further customs duties on imported tyres and motorcycle parts manufactured locally to protect domestic manufacturers.

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• The committee additionally approved an amendment to the Credit Guarantee Trust Fund to expand the apply of an existing credit guarantee facility for affordable housing finance.
• The arrangement intends to broaden access to financing through wholesale and agency arrangements involving Agency Financial Institutions.

Meanwhile, the Economic Coordination Committee (ECC) of the cabinet approved an growth in further customs duty on radial tyres from 4 percent to 11 percent and on motorcycle parts from 11 percent to 31 percent. Finance Minister Muhammad Aurangzeb chaired the session on Thursday.

For context, the committee remarked the duty increases were intended to promote domestic manufacturing. The decisions apply to tyres and motorcycle parts produced locally, according to an official statement. ECC Clears 11% of Total Rs. 18 Billion Election Funds.

In practice, the ECC additionally approved a State Bank of Pakistan financing framework to expand access to credit for small and medium sized enterprises, small farmers and medium sized industries through eligible microfinance and nonbank financial institutions.

Under the framework, first loss coverage will be provided for up to 20 percent of loans to small and medium sized enterprises and 10 percent each for small farmers and medium sized industries. The arrangement intends to broaden access to financing through wholesale and agency arrangements involving Agency Financial Institutions.

Notably, the committee additionally approved an amendment to the Credit Guarantee Trust Fund to expand the apply of an existing credit guarantee facility for affordable housing finance. The fund was originally established for the prime minister's Mera Pakistan Mera Ghar scheme. Stay Connected with ProPakistani.

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For now, prices of Imported Tyres and Bike Parts Set to Rise remains the part of the story worth watching, and further updates are likely as more details are confirmed.