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KARACHI: Finance Minister Muhammad Aurangzeb on Monday met with US Chargé d’Affaires Elizabeth Horst and discussed with her the potential of Pakistan’s information technology (IT), minerals and agriculture sectors for collaboration with the United States, the Pakistani finance ministry said.

The meeting served as an opportunity to exchange views on matters of mutual interest and to reaffirm the positive trajectory of bilateral relations between Pakistan and the United States.

Aurangzeb appreciated the continued US support for Pakistan’s development and macroeconomic stability achieved over the past year and a half, according to the Pakistani finance ministry.

“Aurangzeb underscored the importance of the US as Pakistan’s largest trading partner and highlighted Pakistan’s keen interest in broadening bilateral cooperation beyond traditional sectors,” his ministry said.

“He specifically pointed to the promising potential in information technology, minerals and agriculture as avenues for mutually beneficial collaboration.”

The US is Pakistan’s top export destination, with shipments totaling $5.44 billion in fiscal year 2023-2024, according to official data. From July 2024 to February 2025, exports rose 10 percent from a year earlier.

Both countries have been engaged in talks after Washington announced a 29 percent “reciprocal tariff” on Pakistani exports in April. Islamabad said the move, paused in June for a 90-day period, may undercut its fragile, export-led recovery.

Recalling his visit to the US this month, Aurangzeb shared insights from his productive meetings with US Secretary of Commerce Howard Lutnick and Trade Representative Ambassador Jamieson Greer in Washington, noting “encouraging progress” in deepening trade and economic ties between the two countries.

He also briefed Horst on Pakistan’s recent macroeconomic indicators, including sovereign rating upgrades and renewed investor confidence, according to the Pakistani finance ministry.

The US chargé d’affaires appreciated the economic progress and the government’s reform-driven approach, emphasizing the US commitment to strengthening economic and trade ties with Pakistan.

“She reiterated US support for continued economic and political stability in Pakistan, and expressed optimism for an enduring and robust business partnership between the two nations,” the Pakistani ministry said.

“The meeting concluded with a mutual commitment to building on the momentum of current engagements to further deepen bilateral cooperation.”

KARACHI: Pakistan’s finance ministry on Monday projected consumer inflation for July to remain in a 3.5-4.5% range, citing stable prices and improved supply conditions, as price pressures ease further after the previous fiscal year’s sharp decline.

Inflation stood at 3.2% in June, the ministry said in its monthly economic report, while average inflation for the fiscal year ending June 30 dropped to 4.49%, a nine-year low, from 23.4% the year before. Pakistan’s fiscal year begins on July 1.

The ministry said the economy is expected to sustain its recovery in the early months of fiscal year 2026, underpinned by an improved macroeconomic backdrop and growing investor confidence.

Large-scale manufacturing likely maintained momentum in June, supported by rising private sector credit offtake and expanding production activity, the report said. The rebound is expected to lift imports of raw materials and intermediate goods, while aiding value-added exports, it added.

Strengthening domestic demand, a stable exchange rate, and steady global commodity prices were also likely to boost exports, remittances and imports in July, reinforcing external sector stability, the ministry said.

However, it warned that recent heavy rains could pose risks to agricultural output and supply chains, potentially impacting the inflation outlook in the coming months.

Since June  26, rain- and flood-related incidents have killed at least 266 people and injured more than 630 nationwide, according to the National Disaster Management Authority, adding that 1,557 houses had been destroyed.