US-Iran memorandum sets Hormuz reopening, $300 billion reconstruction and sanctions relief

AI Summary

The US and Iran have agreed on the Islamabad Memorandum of Understanding which includes reopening the Strait of Hormuz, $300 billion in reconstruction plans, and sanctions relief. This deal marks a significant step towards ending hostilities and will undergo final negotiations soon.

The United States government on Wednesday released the official text of the agreement reached with Iran to end the war, a 14-point document called the "Islamabad Memorandum of Understanding" that provides for the reopening of the Strait of Hormuz, a reconstruction plan of at least $300 billion and the lifting of sanctions. The text, read by a senior official of Donald Trump's administration, will be signed on Friday in Switzerland and will open a 60-day period to negotiate the definitive agreement.