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 JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Video shows what happens when lava is poured onto ice
- 5 Cate Blanchett loses temper during interview: 'That's your f**king question?'
Andreas Lubitz: Who is Germanwings co-pilot who 'locked out captain and crashed flight 9525'?
Germanwings crash: The poignant final photograph taken by Iranian journalist on doomed flight after watching Barcelona play Real Madrid
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Cate Blanchett loses temper during interview: 'That's your f**king question?'
Jeremy Clarkson calls on trolls to leave producer Oisin Tymon alone: 'None of this is his fault'
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Vote Ukip, says far-right group Britain First
£45000 per annum: Ashdown Group: An established industry leading business is l...
£22000 - £28000 per annum + study support, gym: Ashdown Group: A large busines...
£35000 - £45000 per annum: Recruitment Genius: This is a unique opportunity to...
Negotiable: Recruitment Genius: Trainee Managers are required to join the UK's...