(Bloomberg) -- The International Monetary Fund’s executive board will meet Jan. 11 to consider final approval to disburse the next $700 million tranche from its current loan program, according to a spokeswoman. 

Pakistan last month reached a staff-level agreement with the IMF for the payment, under its existing $3 billion bailout package, and the board typically approves such deals. 

The South Asian nation, which is grappling with Asia’s fastest inflation, has about $1 billion in dollar-denominated debt due next year and is scheduled to hold elections scheduled in February. 

Read more: Pakistan Inflation in November Quickens Amid Energy Costs 

Interim Finance Minister Shamshad Akhtar said after the staff-level deal in November that the country may seek an additional loan from the IMF, describing the economy as “still fragile.”

Read more: Pakistan May Seek More IMF Loans to Help Fragile Economy 

 

©2023 Bloomberg L.P.