Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign and Commonwealth Affairs, what assessment he has made of the reported agreement between the Libyan Central Bank and the Government of National Accord and its effect on sanctions; and if he will make a statement.

We welcome the progress made at recent Libyan economic dialogue meetings in London, Rome and Tunis. The approval by the Libyan Presidency Council (PC) of the budget for 2017 is an important step towards an effective economic policy addressing the most urgent needs of Libya's population.

Following action under United Nations Security Council Resolution 1973 (2011), Council Regulation (EU) No 204/2011 of 2 March 2011 (consolidated by Council Regulation (EU) No 44/2016) imposed an asset freeze against listed individuals and entities in view of the situation in Libya. The UN Security Council has stipulated that when these are unfrozen, they will be made available to, and for the benefit of the Libyan people. For the duration of time that these assets are frozen, they and any interest they accrue will be governed in accordance with the specific sanctions in place over the individuals or entities to which the assets belong.