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Economy Minister Gylfi Magnusson also said the centre-left government was "very far" from a solution which could lead to a new repayment deal and allow the government to cancel a planned referendum in Iceland on the issue.
"Obviously the Icelandic goverment is trying everything it can to prevent a delay (to the IMF programme), but I think the odds are against us," Magnusson said in a Reuters interview, pointing to delays last year due to the drawn-out dispute.
"And unfortunately there are indications that something like that might happen again now."
Magnusson said a delay in aid payments could dent investment and growth while creating the need for further fiscal austerity.
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