The West must release all Libya's frozen assets in order for a new government to succeed following the uprising against Muammar Gaddafi, senior rebel figure Mahmud Jibril said today in Istanbul.

"There will be high expectations after the collapse of the regime. The frozen assets must be released for the success of the new government to be established after the Gaddafi regime," said Jibril, number two in the rebels' National Transitional Council (NTC).

He was speaking, through an interpreter, at a news conference the day after senior diplomats of the Libya Contact Group met in Istanbul and agreed to speed up release of some of the frozen funds by the middle of next week.

"Salaries of civil servants need to be paid," said Jibril. "Life needs to continue on its normal course."

The Gaddafi regime "is going through its final moments," he added, calling for efforts to restore peace and stability.

"The arms (being used by rebel fighters) must swiftly be collected, so that we can establish a national army and a strong police force." Jibril stressed.

Turkey's Foreign Minister Ahmet Davutoglu hailed the release of $1.5 billion in the frozen Libyan assets by the UN Security Council as a "positive development."

Yesterday, the UN Security Council released the $1.5 billion of seized assets to be used for emergency aid.

The NTC sought five billion dollars in emergency aid from frozen Libyan assets at a previous Contact Group meeting in Doha earlier this week.

"What belongs to Libyan people must be delivered to the Libyan people," said Davutoglu.

Libya's rebels announced today the transfer of their leadership to Tripoli from their Benghazi base.