The panel commissioned to change Egypt's Constitution will only work on amending a number of articles rather than drafting a new Constitution, military spokesman Ismail Etman said.

Replacing the Constitution could take more than three years, while the army plans to hand power to a new president within six months, Etman said in a statement to al-Hayat, an independent satellite channel, on Tuesday night.

Egypt's Supreme Armed Forces Council, which assumed power last week, formed a panel of legal experts and law professors to work on amending articles that restrict civil liberties and political candidates. The panel was the army's response to the demands voiced during the weeks of protests that led to the resignation of former President Hosni Mubarak.

Etman said the council is working 24 hours a day to serve the interests of citizens. Etman also emphasized that the military is aware of all the social and economic problems of Egyptian citizens, but is urging people to scale down their protests and to cease exchanging accusations and trying to settle scores.

Etman denied rumors that large sums of money have allegedly been transferred abroad, stressing that airports and seaports are tightly secured.