Jamaica's letter of intent to the International Monetary Fund (IMF) is now ready, meaning the country could be just weeks away from signing a US$1.2-billion loan agreement with the IMF.

Speaking to reporters yesterday, Finance Minister Audley Shaw said the letter, which was completed yesterday, will be discussed in details at this weekend's Cabinet retreat.

Outlining the process, Shaw said the completion of the letter meant the IMF's middle management agrees with the main elements contained in it.

The next step, he said, was for the letter to be reviewed by the senior management of the IMF before going to the board of directors for approval.

"So instead of months, we are now weeks away," Shaw said of the new loan agreement.

The finance minister explained that the very detailed letter sets out the parameters of the Government's medium-term programme and economic framework over the next four to five years.