Elections should be held in Libya within the next 8 months, Mahmoud Jibril, head of the  country's interim government, declared Saturday during the World Economic Forum meeting at the Dead Sea in Jordan.

"The first election should take place within a period of eight months, maximum, to constitute a national congress of Libya, some sort of parliament," Jibril clarified, as cited by MSNBC.

He explained that the national congress will have to deal with the tasks of drafting a constitution and then forming an interim government, which is to last until the first presidential elections are held.

Jibril further revealed that Libya has used up about 62 percent of its reserves and urgently needs to find alternative sources of income, Bloomberg reports . He also called for the collection of arms from Libya's streets.

Libya's Transitional National Council plans to officially declare the "liberation" of Libya on Sunday after former dictator Muammar Gaddafi was killed in Sirte on Thursday.  Mahmoud Jibril has stated he  plans to resign after liberation.