WB recognizes Libya's NTC, may render support

PanARMENIAN.Net - The World Bank on Tuesday, September 13, said it officially recognized the ruling National Transitional Council as Libya's government and was asked to help lead efforts to restore vital services and develop jobs programs as the country tries to return to normal after a six-month war, Reuters reported.

"As Libya begins its recovery from conflict, the World Bank has been asked to lead the effort in the areas of public expenditure and financial management, infrastructure repair, job creation for young people and service delivery," the poverty-fighting institution said in a statement.

The Bank said it had been asked to repair services in the water, energy and transport sectors and, in cooperation with the International Monetary Fund, to help prepare the country's budget and restore the banking sector.

The World Bank's sister organization, the IMF, on Saturday said it had endorsed the rebel transitional council and would send a team to Libya as soon as security permits.

The recognition of the former rebel forces as Libya's official government by the IMF and World Bank are usually seen as a sign for donors and investors to engage with a country and should reassure them of independent oversight.