The Israeli Cabinet has approved the first stage of U.S. President Donald Trump's proposal for a ceasefire in Gaza and for Hamas to release all Israeli hostages.

According to Prime Minister Benjamin Netanyahu’s office, the Cabinet approved an "outline" of the plan, but did not mention any of the other aspects of President Trump's proposal. It comes a day after the president announced that both sides had agreed to his deal to secure peace in Gaza — pending approval by the Israeli Cabinet.

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The 20-point plan calls for an immediate end to the war, the release of all remaining hostages held by Hamas, the withdrawal of Israeli forces to an "agreed upon line," and the demilitarization of Gaza — which includes Hamas giving up all of its weapons. Speaking to Fox News' Sean Hannity on Wednesday evening, President Trump said the release of hostages would occur by Monday.

The proposal also calls for Israel to release more than 1,700 Gazans imprisoned in Israel, and for Gaza to be governed under a "temporary transitional governance" — which will be supervised by a so-called "Board of Peace," headed and chaired by President Trump.

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"Working with the World Bank and others, it will be responsible for recruiting and training a new government that will be made up of Palestinians, along with highly-qualified experts from all around the world," President Trump said at a joint press conference with Netanyahu last week. "Hamas and other terrorist actions will play no role in the board — they'll play no role in the governance of Gaza."

Days later, Hamas said in a statement it agreed to cede administration of the Gaza Strip to independent leadership and said it would release "all occupation prisoners, alive and dead bodies, according to the exchange formula mentioned in President Trump’s proposal."