The Security Cabinet of Israel has approved a ceasefire in the Gaza Strip, according to local media reports.
The ceasefire will come into effect from 2 am on Friday (23:00 GMT on Thursday). This comes after the Israeli security cabinet met earlier to decide on further action in the Gaza Strip.
According to a statement released by the government's press office, the Israeli security cabinet unanimously adopted Egypt's initiative for a bilateral ceasefire, which will take effect later.
"The Security Cabinet unanimously accepted the recommendation of all heads of security services, the chief of general staff, the head of the Shabak, the head of the Mossad and the head of the National Security Council to accept the Egyptian initiative on a bilateral ceasefire, which will come into force later," the statement said.
While welcoming a unilateral ceasefire by Israel, Palestinian Foreign Minister Riyad al-Maliki said it is not enough because Jerusalem remains the key issue.
"It's good that the Palestinian people, more than 2 million of them, will be able to go to sleep tonight, knowing that they will have a brighter tomorrow, but it's not enough," al-Maliki said, as quoted by Russian news agency Sputnik. "The core issue that started all these episodes is Jerusalem. We cannot forget Jerusalem," he added.
This comes a few hours after the White House spokesperson Jen Psaki told reporters on Thursday the US believes that Israel has achieved significant objectives in Gaza and can start winding down its military operation.
"We believe the Israelis have achieved significant military objectives that they laid out to achieve in relation to protecting their people and to responding to thousands of rocket attacks from Hamas. That's why in part that we feel they are in a position to start winding their operation down," Psaki said during a daily briefing.
Last week, this new episode of Israeli-Palestinian conflict broke out after the civil unrest in East Jerusalem, prompting hostilities on the border of Israel and the Gaza Strip, with Palestinian militants having launched approximately 3,700 rockets against Israel, which retaliated with airstrikes, Sputnik reported.
Both sides have been firing rockets at each other, leading to 217 Palestinians and 12 Israelis dead.
World leaders welcome ceasefire between Israel, Palestine
Leaders from around the world welcomed the news of a ceasefire between Israel and Palestine which ended the more than 10-day conflict that caused destruction on both sides as thousands of rockets were fired between them.
United Nations Secretary-General Antonio Guterres welcomed the ceasefire between Israel and Palestine and called on all parties to observe it. "I welcome the ceasefire between Gaza and Israel after 11 days of deadly hostilities," Guterres said on Thursday. "I call on all sides to observe the ceasefire."
European Council President Charles Michel has also welcomed the ceasefire reached by Israel and the Gaza Strip-based Hamas Islamist group. "Welcome announced ceasefire between Israel and Hamas ending the 11-day conflict. Opportunity for peace and security for citizens must be seized," Michel tweeted.
US Secretary of State Antony Blinken said that he spoke with leaders from both Israel and Palestine and welcomed his confirmation that the parties had agreed to a ceasefire.
"I spoke with @IsraelMFA @Gabi_Ashkenazi today and welcomed his confirmation that the parties had agreed to a ceasefire, mediated by Egypt," Blinken tweeted. "I will be traveling to the region in the coming days and look forward to meeting the foreign minister and other Israeli, Palestinian, and regional leaders," he added.
UK Foreign Secretary Dominic Raab said that all sides must work to make the ceasefire durable and end the unacceptable cycle of violence and loss of civilian life. "Welcome news of a ceasefire in Israel and Gaza. All sides must work to make the ceasefire durable and end the unacceptable cycle of violence and loss of civilian life. UK continues to support efforts to bring about peace."
Canada welcomes the news of a potential ceasefire between Israel and the Palestinians, but it is only the beginning, Canada's Permanent Representative to the United Nations Bob Rae said on Thursday.
UN General Assembly President Volkan Bozkir said he is ready to convene another special meeting on the Palestinian question if such action would be necessary.
"We will watch it - if the ceasefire is implemented or not," Bozkir said on Thursday. "If necessary, and if it is found useful, I will convene another meeting on Palestine to keep the pressure, if necessary, on the parties."
Palestinians and Israelis equally deserve to live safely, security and to enjoy equal measures of freedom, prosperity and democracy, US President Joe Biden has said as Israel and Hamas have agreed to an unconditional ceasefire following a 11 day war that caused widespread destruction in the Gaza Strip.
"I believe the Palestinians and Israelis equally deserve to live safely and security and to enjoy equal measures of freedom, prosperity, and democracy. My administration will continue our quiet, relentless diplomacy toward that end. I believe we have a genuine opportunity to make progress and I'm committed to working for it," Biden said at the White House.