(Bloomberg) -- Israel’s high-level security cabinet approved a ceasefire and hostage-prisoner exchange deal with Hamas, paving the way for a weeks-long pause starting Sunday to the 15 months of fighting in Gaza.
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The deal is now being discussed by the full cabinet, where it’s expected to be signed off despite opposition by some far-right members of Prime Minister Benjamin Netanyahu’s government.
The six-week truce and first exchange of Israeli hostages for Palestinian prisoners are expected to begin the day before Donald Trump’s inauguration as US president on Jan. 20.
Both he and outgoing leader Joe Biden pushed the warring sides to reach a deal before the presidential handover.
In a sign that plans are progressing for the start of the ceasefire Sunday, the Israeli justice ministry published a list of 95 Palestinian prisoners due to be released on the first day of the truce in exchange for Israeli hostages. The names are meant to give people the chance to appeal to the High Court of Justice against the release of specific prisoners. This is mainly seen as a formality.
Israel can’t release prisoners before 4pm local time Sunday, according to the ministry’s statement.
The truce had looked at risk of collapsing for much of Thursday when Netanyahu accused Hamas of reneging on some commitments. Final details of the agreement have now been ironed out.
Under the terms of the deal, Hamas — designated a terrorist organization by the US and many other countries — will gradually release 33 of about 98 hostages that remain in Gaza, many of whom are dead. Israel’s military will withdraw from populated areas of the Gaza Strip and free around 1,000 Palestinian prisoners.
The agreement was mediated by the US, Qatar and Egypt. It envisions further negotiations between the sides to end the war that began in Oct. 2023, though those terms have yet to be negotiated. An increase in humanitarian-aid flows into Gaza is also expected.
Israel stocks have gained significantly in recent days in anticipation of a ceasefire. The main bourse in Tel Aviv rose 4.4% this week in dollar terms, one of the best performances globally.
The shekel strengthened 0.8% against the dollar as of 3:25 p.m. on Friday, and Israel’s dollar bonds were among the best performers in emerging markets. Debt securities due in 2060 gained about 1.2 cents on the dollar to 65 cents, the biggest jump since November.