An Islamist-led assembly finalized a new constitution early on Friday aimed at transforming Egypt and paving the way for an end to a crisis that erupted when President Mohamed Morsi gave himself sweeping new powers last week. Mursi said his decree halting court challenges to his decisions, which provoked protests and violence from Egyptians fearing a new dictator was emerging less than two years after they ousted Hosni Mubarak, was "for an exceptional stage." "It will end as soon as the people vote on a constitution," he told state television on Thursday night. "There is no place for dictatorship." The assembly concluded the vote after a session that lasted 19 hours, approving all articles including presidential powers, the status of Islam, the military's role and the extent to which human rights will be respected in the post-Hosni Mubarak era. The final draft contains historic changes to Egypt's system of government. It limits to eight years the amount of time a president can serve, for example. Mubarak was in power for three decades. It also introduces a degree of oversight over the military establishment - though not enough for critics. President Morsi is expected to ratify the document by Saturday, allowing a referendum to be held as soon as mid-December on a text the Islamists say reflects Egypt's new freedoms. The vote was often interrupted by bickering between the mostly Islamist members and Gheriyani over the document's articles. Several articles were amended on the spot before they were voted on. Morsi's critics argue it is an attempt to rush through a draft they say has been hijacked by the Muslim Brotherhood, which backed Morsi for president in June elections, and its allies. Two people have been killed and hundreds injured in the protests since last Thursday's decree, which deepened the divide between the newly empowered Islamists and their opponents. Setting the stage for more tension, the Muslim Brotherhood and its Islamist allies have called for pro-Morsi rallies on Saturday. But officials from the Brotherhood's party changed the venue and said they would avoid Tahrir Square, where a sit-in by the president's opponents entered an eighth day on Friday. Seeking to calm protesters, Morsi said he welcomed opposition but it should not divide Egyptians and there was no place for violence. "I am very happy that Egypt has real political opposition," he said.
After a week of protests triggered by President Mohamed Mosi, unrest in Egypt will not jeopardize a $4.8 billion loan deal with the International Monetary Fund.
Egypt reached a preliminary agreement with the IMF last week for the loan seen as vital to shoring up the nation's finances. The IMF board is due to finalize the deal on December 19.