LIBYA: Planning and Finance Minister Abdulhafid Zlitni calls for the return of frozen assets for humanitarian needs

Record ID: 818447

  • Title: LIBYA: Planning and Finance Minister Abdulhafid Zlitni calls for the return of frozen assets for humanitarian needs
  • Date: 14th April 2011
  • Summary: TRIPOLI, LIBYA (APRIL 13, 2011) (REUTERS) LIBYAN PLANNING AND FINANCE MINISTER ABDULHAFID ZLITNI AT PODIUM (SOUNDBITE) (English) PLANNING AND FINANCE MINISTER ABDULHAFID ZLITNI SAYING: "I have already stated, at one time that they are around 120 billion Dollars, worth, because some of them are in euros, some of them are in Pounds, some of them in Yen, etcetera. They are in stocks, they are in deposits, they are in real estates, etcetera etcetera. These funds belong to Libya, belong to the Libyan people and they will be used for the Libyan people, they will decide how to use them." MEDIA AT CONFERENCE (SOUNDBITE) (English) PLANNING AND FINANCE MINISTER ABDULHAFID ZLITNI SAYING: "Yes Yes, piracy, that is financial piracy, period, they have no right to do that, unless they have a clear mandate from the United Nations Security Council with all the members available, it is theft." WIDE OF PRESS CONFERENCE
  • Embargoed: 29th April 2011 13:00
  • Keywords:
  • Location: Libya
  • Country: Libya
  • Topics: Domestic Politics
  • Reuters ID: LVAD1IHCQ3RN2T7JSA136GD5GL8L
  • Story Text: Libya said on Wednesday (April 13) it had reserves in gold and other assets that would help its people cope with austerity, but it also called for funds it holds abroad to be "unfrozen immediately" for humanitarian needs.
    Planning and Finance Minister Abdulhafid Zlitni estimated that about $120 billion of Libya's assets had been frozen as part of sanctions, but that the North African country still had significant "contingency reserves," without giving details.
    "I have already stated, at one time that they are around 120 billion Dollars, worth, because some of them are in euros, some of them are in Pounds, some of them in Yen, etcetera. They are in stocks, they are in deposits, they are in real estates, etcetera etcetera. These funds belong to Libya, belong to the Libyan people and they will be used for the Libyan people, they will decide how to use them," Zlitni said.
    He also told a news conference there were "no legal grounds" for diverting Libyan assets to rebels fighting the government of Muammar Gaddafi.
    "Yes Yes, piracy, that is financial piracy, period, they have no right to do that, unless they have a clear mandate from the United Nations Security Council with all the members available, it is theft," Zlitni said.
    Earlier on Wednesday, a group of Western powers and Middle Eastern states called for the first time for Gaddafi to step aside, and said they would work to create a financial mechanism to help rebels run the eastern region of Libya they control.
    The World Food Programme said Libya was facing a humanitarian crisis and U.N. Secretary-General Ban Ki-moon told the group's meeting in Doha that up to 3.6 million people, or more than half the population, could need assistance.
    An International Monetary Fund report put Libya's net foreign assets held by the central bank and the sovereign wealth fund at $150 billion at the end of last year.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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