WASHINGTON - Pakistan has met its targets under its 23-month International Monetary Fund funding programme, a spokesman of the IMF said Thursday, citing data that suggests the government is making some headway in its balance of payments crisis. "Initial developments under the programme have been positive," David Hawley told newsmen. "The foreign exchange rate has appreciated somewhat and preliminary information suggests that end-December targets for net international reserves and domestic assets at the State Bank of Pakistan were met," he added. Pakistan and the IMF agreed on a $7.6 billion loan deal in November to steady the country's finances and stave off a balance of payments crisis and possible default on its foreign debt. At the time, Pak rupee had fallen sharply against the dollar and the country's stock market dived after foreign investment took flight amid a global credit crisis that had heightened Islamabad's economic woes. The State Bank said on Thursday foreign exchange reserves rose from $260 million to $10.21 billion in the week ending Jan. 24. This, however, includes $500 million from China to help rebuild reserves, which had declined to dangerously low levels last year.