Presidential hopeful and former Secretary General of the Arab League, Amr Moussa, believes Libya’s chances of achieving prosperity have become greater upon the killing of Muammar Gaddafi.

Libya has suffered severe economic losses throughout the uprising, which started midway through February. But the demise of Gaddafi, Moussa says, means the oil-rich country is more likely to recover quickly.

“Now Gaddafi is gone, the new Libya can be built to achieve stability and true democracy,” Moussa said. “The Arab Spring is on the right track.”

Ousted former president Gaddafi was killed on Thursday when Libyan fighters, whom he had scorned as "rats" in the early days of the revolution, overran his last redoubt in his hometown of Sirte.