Egyptians are celebrating the departure of President Hosni Mubarak, who stepped down from the presidency and handed power to the military. After witnessing day-long massive demonstrations all over the country, Vice-President Omar Suleiman said in a brief televised statement on Friday night that taking into consideration the difficult circumstances the country was going through, Mohammed Hosni Mubarak had decided to leave the post of President of the republic and had tasked the Supreme Council of the Armed Forces to manage the state's affairs. Defence Minister Field Marshal Hussain Tantawi is the head of the Supreme Council of the Armed Forces. The announcement set off a frenzy of celebration, with protesters shouting Egypt is free. Nobel Peace laureate Mohammed ElBaradei said this was the greatest day of his life. He said the country had been liberated after decades of repression adding that he expected a beautiful transition of power. Earlier, state media reported. Mubarak and his family left the Egyptian capital Cairo for his resort home in Sharm el-Sheik in the face of biggest ever demonstrations across the country.The announcement came after more than a million demonstrators took to the streets culminating an 18-day uprising in the Arab world's most populous country.World leaders have hailed the transition of power in Egypt. UN Secretary General Ban Ki Moon commended the people of Egypt for their peaceful protests that led to the exit President Hosni Mubarak. The US President Barack Obama said the Egyptian military must ensure credible transition of power. The European Union hoped this would accelerate the transition and pave the way for a more broad based democracy. India has also welcomed President Hosni Mubarak's decision to step down. Several West Asian countries, including Qatar and Turkey, have urged the country's military to swiftly transfer power to an elected government.