* Polish inflation at 11.5% y/y in June

* IMF OKs $189 mln payment to Zambia after 1st review

* Pakistan gets $1.2 bln first tranche from IMF bailout

* Angola rate decision, Israel inflation data due

* Ashmore AUM hit by flight from EMs

July 14 (Reuters) - Emerging market stocks marched northward on Friday and were on track for their biggest weekly percentage gain in eight months, fuelled by continued optimism that a wind-up of the U.S. rate-hiking cycle was on the horizon.

The MSCI index for EM stocks was up 0.9%, hitting a one-month high and set for best week since November, also boosted by heavy-weight Hong Kong shares.

China and Hong Kong stocks are on course for their best week in months amid signs of authorities taking measures to aid economic recovery.

The MSCI index for EM currencies rose 0.3% to a five-month high, headed for its best week in six months.

The dollar hovered at a 15-month low on Friday, eyeing its worst week since November as markets wagered the Federal Reserve was close to its rate-hiking cycle's end amid easing inflation.

"Cooling of U.S. inflation, fewer Fed hikes and currency appreciation make rate cuts more likely in EM in 2H," Societe Generale analysts noted.

"The easing of dollar-denominated debt burdens and reduction in the cost of borrowing should be a fillip for economic growth."

Poland's inflation in June slowed to 11.5% on an annual basis from 13% in May. This comes amid growing talks of rate cuts in Central and Eastern Europe.

The zloty was down 0.1% against the euro.

Russia's rouble firmed and was on course for its first weekly gain in over two months, edging back past the 90-mark against the dollar on high oil prices and easing pressure from capital outflows.

The South African rand fell 0.3%, catching a breather after a five-day rally, on track for a near-5% gain this week.

Traders awaited Angola's interest rate decision and Israel's inflation data later in the day.

Meanwhile, the International Monetary Fund's executive board approved an immediate $189 million disbursement to Zambia following its first review of a $1.3 billion loan programme. The kwacha was up 1.1%.

Pakistan received $1.2 billion from the IMF as the first tranche of a $3 billion bailout, a day after the global lender approved the package.

Meanwhile, investment group Ashmore noted investors reduced exposure to emerging markets against a uncertain global macroeconomic backdrop, while reporting an $1.8 billion drop in assets under management for the quarter to end-June.

The EM-focused asset manager's CEO Mark Coombs, however, said "emerging markets continue to perform well, with support from improving fundamentals such as accelerating GDP growth, falling inflation and the potential for rate cuts, as well as the benefit of a weaker US dollar." (Reporting by Ankika Biswas in Bengaluru; Editing by Angus MacSwan)