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Libya asks UN to ease sanctions on wealth fund

Libya's Ambassador to the United Nations Ibrahim Dabbashi addresses the United Nations Security Council during a meeting on March 4, 2015 at the United Nations in New YorkLibya on Thursday asked the UN Security Council to allow its sovereign wealth fund to manage accounts frozen under UN sanctions and recover billions of dollars in annual losses. Libyan Ambassador Ibrahim Dabbashi requested the exemption for the Libyan Investment Authority to allow the management of frozen assets while they remain under UN sanctions. Dabbashi recalled that world powers had urged Libya to protect its wealth and warned that the United Nations would lose credibility in the eyes of Libyans if it failed to help stem the losses.

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