Iceland's economics minister said on Sunday he was hopeful that a review by the International Monetary Fund (IMF) could be completed within weeks, potentially releasing key aid for the crisis-hit nation.

Gylfi Magnusson and Icelandic Finance Minister Steingrimur Sigfusson met last week with IMF officials in Washington to discuss delays to the aid program as a result of a row over its Icesave debts to Britain and the Netherlands.

We have had fruitful discussions with fund representatives about positive signs of economic progress in Iceland and how we can ensure that the fund's next review of performance under the economic program will not be delayed any further, Magnusson said in a statement.

We will of course need to find a solution which takes into consideration the status of our bilateral talks with the British and Dutch governments and the conditions on funding of the program which were set by our Nordic partners, he said, adding that he was hopeful that this could be solved.

(Reporting by Omar Valdimarsson via Stockholm Newsroom, editing by Alison Williams)