UN lifts bank sanctions on Libya
Saturday 17 December 2011
The UN Security Council yesterday to lift sanctions on Libya's central bank and a subsidiary, clearing the way for tens of billions of dollars they hold overseas to be unfrozen to ease an acute cash crisis.
The move is a boost for Libya's fragile government, its authority being challenged by a turf war between multitude militias that emerged from the war to end Muammar Gaddafi's 42-year rule.
US Defence Secretary Leon Panetta, who arrived in Libya this morning from Turkey, is due to meet Libyan interim Prime Minister Abdurrahim El-Keib and Defence Minister Osama Al-Juwali.
Speaking in Ankara yesterday, he acknowledged the challenges ahead.
"Standing back, it seems they are working through some very difficult issues," he told reporters.
"This is not a country that has a history of democratic institutions and representative government. This is going to take some work."
The Security Council froze Libyan assets abroad - estimated at $150 billion (£100bn) - after the rebellion against Gaddafi broke out in February.
The country's interim leaders had repeatedly appealed for the assets to be released, in order to pay the wages of public sector workers and re-build state institutions.
The United States, which took part in the NATO bombing campaign of Libya, followed the Security Council yesterday in unfreezing more than $30 billion £20bn) in Libyan government assets.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Israel to appropriate 400 hectares in West Bank for ‘state use’
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£45000 - £55000 per annum + Benefits + Bonus: Harrington Starr: SQL Technical ...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£55000 - £60000 per annum + Benefits + Bonus: Harrington Starr: Lead C# Develo...