IMF formally recognises Libyan rebel group

September 10th, 2011 - 10:37 pm ICT by IANS  

Paris, Sep 10 (IANS) Libya’s rebel-led group, the National Transitional Council, has been formally recognised by the International Monetary Fund (IMF), the global body’s chief Christine Lagarde said Saturday.

“I’m very pleased to report that the IMF membership has recognised the National Transitional Council as the new government of Libya,” Xinhua quoted Lagarde as saying at a Group of Eight (G8) meeting in the French Mediterranean port city of Marseille.

“We as an international institution can only recognise new institutions and new governments if the membership in its large majority recognises the new government and that has been the case for Libya formally recognised by the IMF,” she said.

After the fall of the Muammar Gaddafi regime following months of a NATO-led operation, the NTC has been recognised as the legitimate power in Libya by some 60 countries.

During an international conference on Libya held in Paris, world leaders agreed to release $15 billion in frozen Libyan assets for the country’s interim authorities to help Libya return to normal life after months of violence.

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