The main Opposition leader in the country, Mohamed ElBaradei, however, warned the Egypt's ruling government that the country will "explode."
Mubarak, in his speech, said, "I thought I would delegate powers to the vice president, Omar Suleiman, according to the constitution, stipulations of the constitution."
Refusing to resign from his post, Mubarak continued, "We will not accept or listen to any foreign interventions or dictations. I will continue to shoulder my responsibilities."
Soon after Mubarak's speech, ElBaradei in his personal Twitter account stated, "Egypt will explode. Army must save the country now."
The world also reacted strongly by stating Mubarak's latest move as "insufficient."
US President Barack Obama claimed, "The Egyptian government must put forward a credible, concrete and unequivocal path toward genuine democracy, and they have not yet seized that opportunity."
The strong reaction came mostly from the Egypt's citizens as on the Promise Day, they vowed to force Mubarak to leave his power.
Google worker Wael Ghonim claimed, "Kidnap me. Kidnap all my colleagues. Put us in jail. Kill us. Do whatever you want to do, we are getting back our country. You guys have been ruining this country for 30 years. Enough, enough, enough."
Ghonim, who is one of the prominent voices in Egypt protesters seeking to oust Mubarak, was recently freed from Egypt's imprisonment.