The presidencies of the House of Representatives, the High Council of State, and the Presidential Council in Libya have reached a consensus described as "historic" to hold presidential and parliamentary elections simultaneously on February 17, 2027.

This comes based on the electoral laws approved by the "6+6" committee and formed under the 13th constitutional amendment.

According to the agreement, a consensual constitutional amendment will be initiated that will pave the way for the drafting of a permanent constitution for the country, with the president-elect committing to inviting the constituent body in charge of drafting the constitution to start a comprehensive national dialogue leading to the adoption of a permanent constitution.

Formation of a Joint Technical Committee to Prepare the Draft Budget for 2027

The agreement stipulated the establishment of a higher committee to supervise the electoral process, which includes the governor of the Central Bank of Libya, the head of the High National Elections Commission, two members of the 5+5 Joint Military Commission, in addition to security representatives from Libya's eastern and western regions.

The terms of the agreement included the adoption of the outputs of the Bouznika Agreement related to the naming of sovereign positions and the reunification of institutions, while stressing the rejection of any efforts to unfreeze Libyan funds and assets frozen abroad before the election of a president by the Libyan people.

On the economic front, the parties agreed to form a joint technical committee tasked with preparing a unified draft budget for the state for 2027, in preparation for presenting it to the House of Representatives for approval, while stressing the exclusivity of the National Oil Corporation in marketing Libyan oil and collecting its revenues in accordance with the legal frameworks in force.

U.S. plan to divide power in Libya

The Financial Times has revealed a new U.S. move to unify Libya's state institutions through a power-sharing agreement between rival administrations in the east and west, in a bid to end the political divide that has been disrupting the oil-rich country's investment.

In an interview with the newspaper, Massad Boulos, US President Donald Trump's adviser on the Middle East and Africa, confirmed that Washington is working to "form a unified government and unify Libyan institutions," while encouraging American oil companies to invest in the country.

He explained that ConocoPhillips and Chevron have already signed agreements with Libya in 2026, expecting oil production to double to reach 3 million barrels per day by 2030.

Saddam Khalifa Haftar appointed as head of the Presidential Council

According to informed sources, the US plan includes appointing Saddam Haftar, the son of military commander Khalifa Haftar, at the head of the Presidential Executive Council, while the head of the Government of National Unity, Abdulhamid Dbeibeh, remains in office, while giving a relative a position in national security.

The plan indicates that this arrangement will be short-term, pave the way for parliamentary and presidential elections, and complement the UN's efforts to unify Libya, and despite Italian support for the plan, diplomats and analysts believe that its implementation faces significant challenges due to the lack of trust between the Libyan parties and the reliance of leaders on armed factions to consolidate their influence.