Jerusalem, Jan 16 (IANS): Israel's Security Cabinet and government are scheduled to convene on Thursday to approve the Gaza ceasefire agreement after the deal was reached between Hamas and Israel on Wednesday.

The Security Cabinet will convene at 11:00 am local time with the government expected to be gathered afterward, an Israeli government official said.

The deal is expected to have a majority in both the Security Cabinet and the government, despite two key parties in Prime Minister Benjamin Netanyahu's coalition government have voiced opposition to the agreement, Xinhua news agency reported.

Israel's President Isaac Herzog on Wednesday urged the government to approve the ceasefire deal.

"It is the right, important, and necessary move," Herzog said in a broadcast statement.

A completed deal would see the war in Gaza stop and an exchange of hostages and prisoners.

Hamas seized 251 hostages when it attacked Israel in October 2023. It is still holding 94 captive, although Israel believes that only 60 are still alive.

Israel is expected to release about 1,000 Palestinian prisoners, some jailed for years, in return for the hostages.

Over a year after the Gaza war broke out and went on to cause chaos and devastation while rattling the Middle East, a landmark agreement was reached between Israel and Hamas, with both sides reportedly agreeing to cease hostilities and exchange Israeli hostages for prisoners from Palestine.

US President Joe Biden confirmed the crucial development on Wednesday at a briefing, saying "it is a very good afternoon now". He said: "Soon, the hostages will return home to their families."

The peace deal involves a full and complete ceasefire along with the withdrawal of Israeli forces from Gaza and the release of all the hostages held by Hamas.

Biden said that Israel would release Palestinian prisoners in return.