Libya Protests, No Raiding Sovereign Wealth Fund
Libyan Central Bank Governor Saddek Omar Ali Elkaber said that he would not be using any of the cash or assets held by Libya’s US$ 65 billion sovereign wealth fund to offset a plunge in oil production in recent months.
Governor Elkaber characterized the idea of fund raiding as “wrong” saying that internal struggles (like protests) should not be a reason to dip into the country’s large reserves. He indicated that a drop in global oil prices might be a stronger reason to do so. However, he made it clear that Libya is a long-term institutional investor, and that they would not be liquidating assets anytime soon.
According to Sovereign Wealth Fund Institute transaction data the Libyan Investment Authority (LIA) holds stock in firms such as UniCredit SpA and Wienerberger AG.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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