Egypt's military said in a statement on Friday that it supports the peaceful transition of power, according to a statement read out on state television.

The statement, released by the Supreme Council of Egypt's armed forces led by Hussein Tantawi, the commander in chief of the armed forces and minister of defense, said the army is to guarantee the president's pledge to cancel emergency law, legislative amendments and free and fair elections among others.

"We guarantee the emergency laws to be abolished after this inflamed situation ends, the implementation of court's laws, and a free and fair presidential election," the statement said.

The statement also pledged to guarantee political reforms and people's demands throughout the peaceful transition of power, as well as to calm the protests that have been ravaged the country for more than two weeks.

"People should restore normal life and return to work to safeguard the assets and properties," it said.

The statement, dubbed "communique number two," was released after President Hosni Mubarak announced to hand over power to Vice President Omar Suleiman, but will not resign, in response to more than two weeks of mass protests against his 30-year rule.

On Friday, thousands of raged protestors flooded the Tahrir Square in downtown Cairo, asking Mubarak to step down immediately.