The Presidential Council's head, Fayez Al-Sarraj has disclosed his intention to leave the office and hand over power to a new executive authority by the end of October.
In a brief televised speech on Wednesday, Al-Sarraj recalled his "efforts towards reconciling the differences between parties and unifying the state institutions."
"The political climate in Libya remained polarized making all attempts aimed at finding peaceful settlements extremely difficult," he said.
He accused some of counting on war to impose their agendas and in this regard, the PC has made many concessions to dispel the shadow of war, but to no avail, according to Sarraj.
"The PC is working in a tense environment and has been exposed to intrigues and plots from the inside and outside," Sarraj stressed.
The PC head welcomed the United Nations-brokered talks between Libyan rival factions hoping it will lead to a "new preparatory phase" to unify Libyan institutions and prepare for parliamentary and presidential elections.