Libya spends foreign reserves to offset oil losses - WAOW - Newsline 9, Wausau News, Weather, Sports

Libya spends foreign reserves to offset oil losses

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TRIPOLI, Libya (AP) -

Libyan Prime Minister Ali Zidan says the government has allocated $7 billion of its foreign reserves to offset the loss of oil revenue caused by militias shutting down oil terminals and halting exports since the summer, and that it will need $6 billion more.

Zidan spoke Wednesday, as militias and tribesmen based in the east escalated their pressure on his government by saying that the oil terminals will not open until the government agrees to set up a committee with representatives of the country's three regions to divide up oil revenues.

Eastern groups demand the creation of a federal system in which each region has some autonomy. They say the east suffered from marginalization and unequal distribution of wealth under ousted dictator Moammar Gadhafi.

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