UN lifts sanctions on Libya's central bankDecember 17, 2011 - 09:30 AMT PanARMENIAN.Net - 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-Gaddafi cash crunch. According to AFP, 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 Muammar Gaddafi, 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. An official request for the lifting of sanctions was made one week ago and no objections were made by any of the council's 15 members enabling the assets freeze to be lifted on Friday. On top of more than $30 billion blocked in U.S. accounts, Britain's Foreign Secretary William Hague said his government would immediately act to free about 6.5 billion pounds ($10 billion) held in Britain. The easing of the sanctions "marks another significant moment in Libya’s transition," Hague said in a statement. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |