A team from the International Monetary Fund (IMF) is now in the island to carry out further talks on entering a new lending relationship with the country.
The team is expected to stay in the island until next Friday and at the end of the talks, the hope is that Jamaica will reach an agreement with the international lending agency.
The agreement which is to be outlined in a Letter of Intent, is expected to form the basis of Jamaica's submission to the IMF board for a four year Extended Fund Facility at the earliest possible time.
However, the sealing of the agreement will follow prior actions which the Finance Ministry said will be agreed.
In January, Finance Minister Dr Peter Phillips indicated that part of the prior action includes a new tax package aimed at a more aggressive reduction in the nations public debt.
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