IMF recognises TNC as Libyan government

"I am happy to report that reflecting the views of the international community, the IMF will deal with the NTC as the government of Libya," IMF Managing Director Christine Lagarde said yesterday.

"In this context, the Fund stands ready to help the authorities through technical assistance, policy advice, and financial support if requested, as they begin to rebuild Libya's economy," she said.

IMF said it is ready to assist the NTC in its efforts to promote rapid and sustainable economic recovery as the country slowly emerges from a violent civil conflict.

The IMF decision is a big boost to the NTC after it successfully drove out of capital Tripoli, Muammar al-Gaddafi, who ruled Libya for more than four decades.

Lagarde announced this at Marseilles on the occasion of the Deauville Partnership meeting bringing together Finance Ministers of the MENA (Middle East and North African) region and G7 countries and heads of International and Regional Financial Institutions.

"The immediate priorities will be to address humanitarian needs and ensure security," she said.

"The new authorities will also need to quickly restore oil production to generate revenues, stabilise the currency, reestablish a payment system, introduce sound public financial management, and start reforms to foster a more inclusive and sustainable growth for the benefit of all Libyan citizens," Lagarde said