Egypt’s military ruler said on Tuesday that presidential elections will be held by end of June 2012, and that a referendum on the immediate transfer of power would be organized if necessary.

Egypt's military ruler said on Tuesday that presidential elections will be held by end of June 2012, and that a referendum on the immediate transfer of power would be organized if necessary.

Field Marshal Hussein Tantawi, who took power when Hosni Mubarak was ousted, said in a televised address that he had accepted the cabinet's resignation, a week before crucial legislative polls which he said would be held on schedule.

The ruling Supreme Council of the Armed Forces "does not aspire to hold power and is fully willing to transfer responsibility immediately should the people wish it, through a popular referendum if necessary," Tantawi said.

He said the council had accepted the resignation of Prime Minister Essam Sharaf's cabinet and had "tasked it to carry on working until a new government is formed... to handle the transition in cooperation with the Supreme Council."

Tantawi said his council was also committed to holding parliamentary elections on schedule on November 28 and to "electing a president of the republic by the end of June 2012."

As news of the statement filtered into Cairo's Tahrir Square, where tens of thousands attended an anti-military rally, protesters began to chant against Tantawi.

"The people want the downfall of the Field Marshal" they chanted, just blocks away from clashes near the interior ministry on the outskirts of the square.

Tens of thousands had gathered in Tahrir Square on Tuesday after days of deadly clashes between police and protesters demanding democratic change.

At least 28 people have died in the clashes and hundreds have been injured during the incidents, according to the health ministry.