(Sounds of protesters)
ANNE BARKER: Huge crowds were in Cairo's Tahrir Square to watch a broadcast of Hosni Mubarak's speech.
(Sounds of protesters chanting)
As the Egyptian President appeared on a giant screen the crowds fell silent.
HOSNI MUBARAK (translation): I address you today directly to the people of the nation; farmers, workers, Muslims and Christians, elderly and youth.
ANNE BARKER: Many in the crowd had already anticipated bad news, but there was wild uproar when the President declared he would not stand down until September.
HOSNI MUBARAK (translation): My top priority and responsibility now is to restore the security and stability of the nation, to ensure the peaceful transition of power in an atmosphere providing security and safeguarding the people.
To pave the way for this who is to be elected by the people in the coming elections. And I tell you in absolute veracity, regardless of the current circumstances, that I did not intend to run for the coming presidency.
(Sounds of protesters yelling)
ANNE BARKER: President Mubarak says his main goal is to ensure Egypt's security and stability, as well as a smooth transition to power.
HOSNI MUBARAK (translation): I am totally keen on ending my career for the sake of the nation in a way that guarantees handing over the banner in an atmosphere of security, stability, safeguarding our legitimacy and preserving the constitution.
ANNE BARKER: The President's speech clearly and blatantly ignores the demands of protesters and opposition groups for the past week that he must resign by Friday.
The reaction on Tahrir Square was unanimous.
PROTESTERS CHANTING: Get out! Get out! Get out!
ANNE BARKER: 'Get out!' the crowds roared, 'Get out!'
PROTESTERS CHANTING: Get out! Get out! Get out!
MALE PROTESTER: We don't want his way. We don't want him to choose our people for us. All the Egyptians people they feels the same, we don't have enough money for the life, we have kids we don't have enough money for the food for them.
I think one more week or the people, everyone, will eat his brother. Eat him, really eat him.
PROTESTERS CHANTING: Get out! Get out! Get out!
MALE PROTESTER 2: Mubarak is a murderer. He killed people in streets, killed them. He gave orders to his troops to kill people, people in the streets. He should not stay, he should leave. He would leave, he must leave!
PROTESTERS CHANTING: Get out! Get out! Get out!
MALE PROTESTER 3: We want this government out, we want that President out. We want our country clean, sound and safe.
ANNE BARKER: Why are you not happy with him saying he will go by September?
MALE PROTESTER 3: September is not what we're asking for. We're not going to wait for September. We're not going to move back an inch. We want it now, not tomorrow! Now!
If he's not going to do it now we're going to stay till he do it.
ANNE BARKER: What does this mean for the protests then that have been going on for the past week?
MALE PROTESTER 3: It's gonna be bigger, it's gonna be lots and lots, tens of millions here in Tahrir Square on Friday.
ANNE BARKER: Hosni Mubarak has also promised to amend Egypt's constitution to limit the President's term of office and make easier for opposition parties to field candidates in future elections.
But many Egyptians don't trust his intentions and whether or not it opens the way for the Muslim Brotherhood, the Islamist organisation which is currently banned in Egypt, to contest future elections remains to be seen.
This is Anne Barker in Cairo for The World Today.
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