Israeli cabinet approves ceasefire and hostage release deal with Hamas
text_fields
The Israeli security cabinet has approved a ceasefire and hostage release agreement with Hamas, recommending its adoption by the full government.
Prime Minister Benjamin Netanyahu's office confirmed the decision in a statement, emphasising that the deal aligns with the objectives of the ongoing conflict in Gaza. A full cabinet meeting is set to finalise the agreement.
The high-level agreement proposes a six-week ceasefire starting Sunday, marking a temporary halt to the 15-month conflict in Gaza. The plan includes the release of 33 Israeli hostages by Hamas out of the estimated 98 held in Gaza. In exchange, Israel will free around 1,000 Palestinian prisoners. The deal also outlines the withdrawal of Israeli military forces from populated areas within Gaza.
The agreement, mediated by the United States, Qatar, and Egypt, seeks to create a foundation for further negotiations to end the war that began in October 2023. Former U.S. President Donald Trump and outgoing President Joe Biden both advocated for a resolution ahead of the upcoming U.S. presidential transition.
The anticipation of a ceasefire has had a positive impact on Israel's financial markets. The Tel Aviv Stock Exchange recorded a 4.4% increase this week, placing it among the best global performers. The Israeli shekel appreciated by 0.8% against the U.S. dollar, and long-term dollar bonds issued by Israel experienced significant gains.
Despite the approval, skepticism and opposition remain strong within Israel. Far-right Finance Minister Bezalel Smotrich has threatened to resign if the ceasefire is not followed by renewed military action. Critics argue that the conflict should continue until Hamas is dismantled entirely. The moratorium on the release of Palestinian prisoners will allow relatives of terror victims to appeal to the High Court of Justice, though this is expected to be a procedural step.
The conflict began on October 7, 2023, when Hamas launched an attack on Israel, killing 1,200 people, mostly civilians, and taking 250 hostages. Israel's military response, which involved extensive airstrikes and a ground offensive, has severely impacted Gaza, with over 46,000 deaths reported by the Hamas-run health ministry. The toll is mostly civilians.