Egyptian President Mohamed Mursi will address the nation on Wednesday evening in light of the ratification of a new constitution, the state news agency reported. 

Mursi has signed into effect a charter written by his Islamist allies who supported him into office after more than 60 percent of Egyptians showed their approval through a two-stage referendum. 

Opposition forces have widely criticized and protested the text accusing it of favoring Islamists and undermining human rights and social freedoms. Islamists however believe that the charter will help pave the way for stability and economic recovery. 

Now that the constitution has passed, Egypt's upper house of parliament has assumed legislative power from Mursi who had granted it to himself following the dissolution of the People's Assembly. 

The Shura Council, who convened today following the appointment of 90 new members, is expected to draft a new parliamentary elections law to pave the way for the election of a new lower house.