The State Bank of Pakistan’s foreign reserves have almost doubled after increasing by more than $4.2 billion. They reached $8.7 billion during the week ending July 14, the bank said in a statement on Thursday.

“The total liquid foreign reserves held by the country stood at $14,065 million as of July 14, 2023,” the SBP said.

The development comes after Pakistan received $2 billion from Saudi Arabia, $1.2 billion from the International Monetary Fund under a $3 billion Standby Arrangement and $1 billion from the United Arab Emirates.

It merits here to mention the data does not add the $600 million amount from China which, according to Prime Minister Shehbaz Sharif, the friendly country has rolled over. This inflow is hoped to further increase the reserves.

This rollover in addition to over $5 billion in loans that China has rolled over for Pakistan in the last three months, the prime minister said last week, helping Pakistan avert a default as negotiations to secure the International Monetary Fund bailout programme.

Pakistan secured a last-gasp $3 billion IMF bailout on June 30 which later disbursed an initial upfront installment of about $1.2 billion.