Shaw told The Gleaner last night that he would be providing "an update on discussions with the IMF" during a statement to Parliament today.

The Jamaica Labour Party administration has been engaged in what it has described as "exploratory" talks with the IMF over the last three to four months.

Last week, Don Wehby, minister without portfolio in the Ministry of Finance and the Public Service, led a delegation comprising technical personnel from the ministry, the Bank of Jamaica and the Planning Institute of Jamaica to hold talks with IMF officials in Washington.

Dialogue with the IMF team was geared towards a possible standby agreement for foreign-exchange balance of payment support.

The economy has been reeling from the effects of a major fallout in the bauxite sector, reduced earnings from tourism, remittances, and sharp declines in government revenue.

According to the ministry, in the affected sectors, the projected fallout in revenue and foreign earnings is US$1.3 billion for the current fiscal year.