Unfreezing Assets To Meet the Critical Humanitarian Needs of the Libyan People

Posted by DipNote Bloggers
August 26, 2011
Libyans Holding a Huge Flag Celebrate

More:Special Briefing on the UN Sanctions Committee on Libya

The UN Security Council's Libya Sanctions Committee approved a U.S. proposal to unfreeze $1.5 billion of Libyan assets to be used to provide critical humanitarian and other assistance to the Libyan people. The U.S. request to unfreeze Libyan assets is divided into three key portions:

(1) Transfers to International Humanitarian Organizations (up to $500 million):

Up to $120 million will be transferred quickly to meet unfulfilled United Nations Appeal requests responding to the needs of the Libyan people (including critical assistance to displaced Libyans). Up to $380 million will be used for the revised UN Appeals for Libya and other humanitarian needs as they are identified by the UN or other international or humanitarian organizations.

(2) Transfers to suppliers for fuel and other goods for strictly civilian purposes (up to $500 million):

Up to $500 million will be used to pay for fuel costs for strictly civilian needs (e.g., hospitals, electricity and desalinization) and for other humanitarian purchases.

(3) Transfers to the Temporary Financial Mechanism established by the Contact Group to assist the Libyan people (up to $500 million):

Up to $400 million will be used for providing key social services, including education and health. Up to $100 million will be used to address food and other humanitarian needs.
The United States crafted this proposal in close coordination with the Transitional National Council, as they assessed the needs of the Libyan people throughout the country. It responds to humanitarian concerns in a diversified way that prioritizes key needs. The United States will work urgently with the Transitional National Council to facilitate the release of these funds within days.

Safeguards

The proposal also has a number of safeguards, including a restriction that none of the funds are used for military equipment or activities. Funds given to the United Nations will be subject to existing UN safeguards. Payments for fuel costs will be confirmed by both the TNC and the vendor. Similarly, the Temporary Financing Mechanism incorporates several accounting and procedural safeguards: a Steering Board with TNC and international members (and consensus decision making); regular internal audits and external audits to be conducted by an internationally respected independent auditing firm; and an independent financial management agent (Adam Smith International) to administer the TFM account.

This information is also available in a fact sheet released by the Office of the Spokesperson.

Comments

Comments

actually92
August 31, 2011

W.W. writes:

According to quaddafi family investment for the libyan people we can clearly watch that he is actually a greater financial genious even better then warren buffet.

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