AFP
December 18, 2011
UNITED NATIONS (AFP) – The UN Security Council lifted sanctions on Libya’s central bank and a key investment bank freeing tens of billions of dollars to ease a post-Kadhafi cash crunch. The United States immediately announced it would unblock more than $30 billion dollars of assets of the Central Bank of Libya and its subsidiary, the Libyan Foreign Bank (LFB). Britain said it would release more than $10 billion.
An estimated $150 billion of assets were frozen around the world in February after the Security Council ordered sanctions against late strongman Moamer Kadhafi, who was overthrown at the end of an uprising in which tens of thousands died.
The new Tripoli authorities have stepped up calls in recent weeks to release money to pay for salaries and key services amidst a growing threat of economic deadlock.
Prime Minister Abdel Rahim al-Kib and National Transitional Council chief Mustafa Abdel Jalil said the release of funds was “essential for the economic stability of Libya” in a joint letter sent to the council to plea for the freeze to be ended.
The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!