IMF recognises transitional council as Libyan government

International Monetary Fund stands ready to help the interim government 'through all the services the fund provides', says chief Lagarde

The International Monetary Fund recognises Libya’s National Transitional Council as its government and will send a team there as soon as security permits, its chief, Christine Lagarde, said on Saturday.

“I’m very pleased to report that the IMF now recognises the interim governing council as the official government of Libya. In this context the fund will stand ready to help the authorities through all the service the fund provides,” Lagarde told a news conference at Group of Eight talks in the French Mediterranean port of Marseille.

“I will be sending a team in the field in Libya as soon as security is appropriate for my people to be on the ground,” she said.

Group of Eight finance chiefs pledged on Saturday US$38 billion in financing to Tunisia, Egypt, Morocco and Jordan over 2011-13 and said Libya’s interim ruling council would be invited to join the scheme.

French finance minister Francois Baroin said the IMF would advance a further $35 billion in funds.