South Sudan President Salva Kiir and his rival Riek Machar agreed Wednesday to a “permanent” ceasefire to take effect within 48 hours, raising hopes of a peace deal to end their countrys devastating civil war. "All parties have agreed on a permanent ceasefire within 72 hours (48 hours from today)," Sudans Foreign Minister Al-Dierdiry Ahmed said after talks between the two leaders in the Sudanese capital, AFP reported. Kiir and Machar then signed the document -- called the "Khartoum Declaration" -- in the presence of Sudanese President Omar al-Bashir. "It is the day that our people of South Sudan have been expecting, and Im happy that it has finally been achieved," Kiir said after inking the agreement. Machar said the ceasefire, applicable across the entire country, must finally lead to the "ending of the war.” "This agreement says that peace has started to return to South Sudan," said Bashir. The declaration stipulates that the ceasefire arrangement includes disengagement, separation of forces in close proximity, withdrawal of all allied troops, opening of humanitarian corridors and the release of prisoners of war and political detainees. The agreement also allows members of the African Union and the Intergovernmental Authority on Development (IGAD) -- an East African regional grouping that has been pushing peace efforts -- to "deploy the necessary forces to supervise the agreed permanent ceasefire.” "The security arrangements that shall be adopted shall aim at building national army, police and other security organs of an all-inclusive character that shall be free from tribalism and ethnic affiliations," the document says. "Policies shall also be agreed upon for the disarmament of civilians all over the country." Wednesdays declaration says a transitional government will be formed within 120 days, which will govern the country for 36 months. "During the transitional period the country shall be prepared for national elections," it added. "It is agreed that the election shall be open for all political parties and shall be free and fair.” The Khartoum talks commenced on Monday and are scheduled to last for two weeks, after which the next round of negotiations will be held in Nairobi. A last round of dialogue is expected in Addis Ababa.