What to know about the proposed Israel-Hamas Gaza ceasefire and next steps

Israeli Prime Minister Benjamin Netanyahu is set to convene his cabinet to discuss a proposed ceasefire deal for the Gaza Strip on Thursday. The cabinet meeting follows days of intense negotiations in Sharm el-Sheikh, Egypt, where Israeli and Hamas representatives worked on finalizing the details of the plan based on a 20-point proposal put forth by U.S. President Donald Trump.

The meeting is scheduled for 5 p.m. local time, with the expectation that the cabinet will approve the deal before it is presented to the wider government for ratification around 6 p.m. local time. Once approved, the ceasefire agreement will go into effect, bringing an end to the two-year conflict.

According to reports, the first phase of the agreement involves the release of all remaining hostages, both alive and deceased, from Gaza in exchange for a yet-to-be-determined number of Palestinians held in Israeli prisons. The Israel Defense Forces will also retreat to the “yellow line” in Gaza, as outlined in a ceasefire map released by the White House.

A senior Israeli official revealed that Hamas has agreed to release the hostages within a 72-hour window after the Israeli government ratifies the deal. It is anticipated that the hostages will be released en masse on Sunday or Monday. The IDF will then have 24 hours to move to the designated yellow line.

President Trump took to social media to announce the progress, expressing optimism for a lasting peace in the region. Key Arab and Muslim states have also voiced their support for the White House plan, urging Hamas to accept the blueprint to end the prolonged conflict that has ravaged Gaza.

Despite ongoing strikes in Gaza, negotiations are nearing completion, signaling a potential resolution to the destructive war that began with Hamas’ attack on Israel in 2023.

As the situation continues to evolve, stay tuned for updates on this developing story. ABC News’ Joe Simonetti has contributed to the report.