EU prepares to unfreeze Libyan assets

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The European Union’s foreign policy chief has announced that the 27-nation bloc is preparing to release Libyan assets as soon as the United Nations approves the move.

Catherine Ashton has said that the new transitional administration needs the funds in order to ensure vital public sector workers are paid, the country maintains supplies and the economy is kept moving.

Ms Ashton said that with the Libyan rebels currently controlling about 80 per cent of Tripoli, EU nations were already earmarking aid, medical supplies and food to be shipped to the capital.

The EU’s foreign policy chief plans to travel to the UN’s New York HQ on Friday in order to meet with officials from the Arab League, the African Union and the Organization of Islamic Cooperation in order to work out a strategy.

The news comes as Reuters is reporting that Libyan opposition forces have poured into Muammar Gaddafi’s compound in Tripoli and were seen firing in the air in celebration.