The Libyan leader Gaddafi vowed to hand in resignation and transfer power to rebels, if his security, his family’s security, and his funds are preserved.

Gaddafi asked the former prime Minister to offer the National Council to convene a national congress and to transfer the authority to the committee, RIA Novosti reports.

He promised to leave the country on condition that he and his family receive security guarantees. However, the council rejected his proposal. According to some sources, rebels would not consider any negotiations with the Libyan leader.

A wave of unrest spread across the Arab world following the uprisings in Tunisia and Egypt, Bahrain, Yemen and Libya. The demonstrators protest against Libyan leader Muammar Gaddafi’s regime, who has been in power for more than 40 years