Economic Coordination Committee raises duty on tyre, bike parts import

ISLAMABAD: The government on Thursday increased additional customs duty (ACD) on import of tyres and motorcycle parts produced locally and approved first-loss coverage for small and medium enterprises and small farmers. The decisions were taken at a meeting of the Economic Coordination Committee (ECC) of the cabinet, presided over by Finance Minister Muhammad Aurangzeb. The committee also approved investment of Export Development Fund (EDF) resources in government securities and allowed Rs57.85 billion in supplementary grants a day after a staff-level agreement with the International Monetary…