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Diplomats: Agreement reached on unfreezing Libyan funds

From Richard Roth, CNN
  • Technicalities are expected to be resolved within a few hours
  • The council is expected to release $1.5 billion in frozen Libyan assets

United Nations (CNN) -- An agreement has been reached in the U.N. Security Council to release $1.5 billion in frozen Libyan assets to the country's fledgling rebel government, diplomats said Thursday.

But technicalities remained to be worked out, and the hold was not immediately lifted, the diplomats said.

Instead, the matter will be sent to the sanctions committee, which will redraw the request in the coming hours to modify the language that mentions the Libyan rebels' National Transitional Council, the diplomats said.

South Africa, which had held up the matter on Wednesday, said no individual body should yet be declared the sole legitimate authority in Libya.