Finance Minister Audley Shaw made the disclosure after Central Kingston Member of Parliament Ronald Thwaites asked a question that was considered to be of urgency and in the national interest.

"We are nowhere near the question of a letter of intent," Shaw told the House of Representatives.

Cabinet has already given permission to the Ministry of Finance to continue discussions with the IMF for funding aid for the country's balance of trade.

Shaw told the House that following the July 7 and 8 visit to Washington, he would be meeting with the IMF to further the discussions.

Proper arrangements

According to the finance minister, discussions with the IMF about its standby facility do not mean the country must take up the loan.

"If you don't need the money, you don't have to take it but you put in place the proper arrangements ... so if you need it, it is a question of just a phone call," Shaw said.

Recently, Prime Minister Bruce Golding said Jamaica would not be bowing to any dictates of the IMF.

"We are not going to go back into any IMF agreement unless we are satisfied that that agreement is good for Jamaica, that it has the provisions in it to help Jamaica to move forward, and not to help Jamaica to go into any reverse gear. We are not into that," the prime minister said.

Yesterday, Shaw said that the Government does not "expect that the IMF will be coming to us with any conditionalities of their own".