Israel’s cabinet convened on Thursday night and was expected to approve the Gaza ceasefire and hostage release deal.

The meeting was convened after the security cabinet also earlier approved the deal.

It followed the dramatic announcement by US president Donald Trump, in the early hours of Thursday morning, that mediators in the Egyptian resort of Sharm el-Sheikh had received the approval, in principle, from Israel and Hamas for a ceasefire.

Spontaneous celebrations erupted across the Gaza Strip and in Tel Aviv where relatives and supporters of the hostages gathered in Hostages Square for festivities that continued throughout the day.

The ceasefire will take effect 24 hours after the cabinet approval in order to allow Israelis to appeal in the high court against the release of Palestinian prisoners who will be released as part of the deal.

The 24-hour pause will be followed by a 72-hour period during which the release of the 48 hostages, 20 of whom are believed to be alive, will begin. Speaking on Thursday, Mr Trump said the release, which promises to be another dramatic day, will take place on Monday or Tuesday.

“Getting them released is a complicated process,” said Mr Trump. “We reached a momentous breakthrough in the Middle East, something people said was never gonna be done. We ended the war in Gaza and, really, on a much bigger basis, created peace. I think it’s gonna be a lasting peace, an everlasting peace.”

Mr Trump is scheduled to visit Egypt and Israel in the coming days to celebrate his most significant foreign policy achievement to date.

Israel will release nearly 2,000 Palestinian prisoners in exchange for about 20 living hostages as part of the deal. The figure includes 250 prisoners serving life sentences and 1,700 others detained since the start of the war.

After the hostages are freed, the Israeli military will retain control of about 53 per cent of Gaza. Further military withdrawals will take place in the future as the Israel Defense Forces pulls back to a narrow security zone running along the Gaza border.

According to foreign sources, the US and Qatar have guaranteed Hamas that Israel will not resume fighting after the first phase of the ceasefire is implemented. Foreign minister Gideon Sa’ar, in an interview with Fox News, stressed that Israel is committed to the Trump ceasefire plan and has no intention of resuming the war after the hostages are released.

Far-right finance minister Bezalel Smotrich said his National Religious Party “will not join the short-sighted celebrations and will not vote in favour of the deal”. However, the far-right parties are remaining in the government for now.

World leaders praised the ceasefire breakthrough. French president Emmanuel Macron said: “This agreement must mark the end of the war and the beginning of a political solution based on the two-state solution.” British prime minister Keir Starmer said: “We call on all parties to meet the commitments they have made, to end the war, and to build the foundations for a just and lasting end to the conflict.”

UN secretary general António Guterres acknowledged Turkey, Egypt, Qatar and the United States for achieving the ceasefire agreement between Israel and Hamas, describing the deal as a “desperately needed breakthrough”.

More than 67,000 people have been killed in the Israeli assault on Gaza. The war began following an attack by Hamas on southern Israel on October 7th, 2023, when 1,200 people were killed and 250 seized and taken to Gaza, according to Israel.