Somalia's feuding political leaders have agreed to postpone their nation's presidential election for one year and hold the vote by August, 2012.

The agreement calls for Prime Minister Mohamed Abdullahi Mohamed to resign within thirty days.

The international community has been pressuring Somali officials to reach a resolution before the transitional government's term expires in August.

Somali President Sheikh Sharif Ahmed and speaker Sharif Hassan Sheikl Aden have been at odds about what to do when the government's term ends. Both are seeking the top job in a new government.

Political analysts say the row between the two political rivals had ground the government to a halt.