Press Release No. 11/329

Press Release: IMF Recognizes Libya's National Transitional Council, Says Ready to Support its Efforts to Revive the Country's Economy

September 10, 2011

The International Monetary Fund (IMF) announced today that, guided by the views of its membership, it has recognized the National Transitional Council (NTC) as the government of Libya and that 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.

Speaking in Marseilles today on the occasion of the Deauville Partnership meeting bringing together Finance Ministers of the MENA region and G7 countries and heads of International and Regional Financial Institutions, Christine Lagarde, the IMF's Managing Director said “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. 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.”

Turning to the policy priorities for the Libyan economy, Ms. Lagarde said “the immediate priorities will be to address humanitarian needs and ensure security. The new authorities will also need to quickly restore oil production to generate revenues, stabilize 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.

“Fund staff is ready to travel to Libya for an initial fact finding mission as soon as conditions allow and to support the new authorities in any way they deem appropriate to help the country's economy recover quickly and be on a stronger and more sustainable footing,” Ms. Lagarde concluded.