Libya: Embargo costs $5 billion

By Deirdre Griswold, Workers World, 16 April 1998

Libya’s industry has lost more than $5 billion since 1992 as a result of the United Nations-imposed embargo, says a foreign ministry document released April 3. Factory assembly lines stopped for lack of supplies of raw materials, there are fewer locally made products, and Libyans have had to pay more for imported goods.

London and Washington have led the embargo effort. They charge Libya with terrorism and have insisted that it extradite two citizens accused by the British and U.S. governments of bombing a U.S. airliner over Lockerbie, Scotland.

The Libyan government has insisted the two be tried in a neutral country, arguing they cannot get a fair trial in either Britain or the U.S. Recently, the World Court agreed with the Libyan government and recommended the trial be held in Switzerland. But that hasn’t stopped these imperialist powers from continuing the squeeze on the Libyan economy.