OREANDA-NEWS. June 22, 2011. The International Monetary Fund (IMF) and Belarus have started talks over a possible new program of cooperation, head of the IMF mission to Belarus Chris Jarvis told a news briefing.

“We have just started talks, and there is a lot to be done.”

According to Jarvis, the Fund needs to discuss the macroeconomic policy, structural changes, which will help make companies and the financial system efficient. The main thing is for the authorities to be resolute on making economic and structural changes, he said.

Jarvis said the mission, which completed its work on Monday, did not discuss the timeframe for developing a new program and volume of resources.

Jarvis said the volume of financial support would depend on the balance of payments and reforms the authorities would be ready to undertake.

He also said if approved, the new program would be longer than the previous one. “It is likely to be a three-year program with more serious structural transformations,” he said.

According to the IMF, Belarus should establish an efficient Development Bank, which will lend in the scope of state programs instead of commercial banks, which have to lend at concessional rates now.

The IMF also pins hopes in the National Investment and Privatization Agency as a body capable of making privatization efficient and profitable.

Furthermore, the matter of reforming companies themselves was crucial, according to Jarvis. He said there were too many controls and targets for companies, often contradictory. Jarvis said enterprises should enjoy more freedom.