JERUSALEM, May 4 (Reuters) - Israeli Foreign Minister Avigdor Lieberman said on Monday he would not join the new coalition government being formed by Prime Minister Benjamin Netanyahu, citing disputes over legislation.

The walkout by the far-right Lieberman raised the prospect of Netanyahu, whose conservative Likud party took the most votes in a March 17 election, having to settle for a narrower alliance securing a 61-seat majority in Israel's 120-seat parliament.

"This is certainly a coalition that, to my regret, does not reflect the positions of the nationalist camp and is not to our liking, to put it mildly," Lieberman told reporters, adding that he was resigning as foreign minister. (Writing by Dan Williams; Editing by Robin Pomeroy)