The Green Party, which has two assembly members at Stormont, said it is hopeful a deal can be done.

Leader Clare Bailey said: "I think that this deal provides a chance to build towards delivery and accountability within the institutions.

“Of course, the devil is in the detail and we will continue to scrutinise the document in full in the hope that a two party agreement can create sustainable government.”

But Ms Bailey added that there was not enough in the deal on the environment or in terms of reforming the petition of concern.

Former DUP MP Emma Little-Pengelly says she hopes the executive can "get together and act in a very mature way".

Speaking on BBC Radio Ulster's Talkback programme, she said the draft deal lays "a good foundation in terms of a programme for government to move on".

The former South Belfast MP also stressed that Simon Coveney and Julian Smith have spoken to all of the parties and picked up different ideas and views to form the draft deal.

"But getting the executive back will not solve everything - it will still require a number of years of difficult decisions to get the transformations to bring the outcomes that people want to see."

SDLP leader Colum Eastwood has refused to be drawn on whether his party will go into opposition if devolution is restored at Stormont.

John Campbell
BBC News NI Economics and Business Editor

The formulation Julian Smith is using is a significant financial package but he’s not putting a specific figure on it.

But - we can attempt to match money to some of what is in the draft deal.

There’s a commitment to tackle health waiting lists, the worst in the UK.

It would cost between £700m and £1bn to clear those lists.

Then there’s the health service dispute which has seen nurses and other workers on strike, which would take another £50m.

Image source, Getty

There’s a commitment to resolve a pay dispute with teachers that would require about £70m.

Added to that is an additional education commitment to ensure schools have a sustainable core budget – in the past financial year schools combined exceeded their budget by £22m.

There’s also that commitment to increase the number of police officers by about 800, requiring an additional £40m per year.

The figures are just some of the headlines but there's a raft of other measures mentioned.

The Irish government is also in the mix with Simon Coveney prepared to invest €110m (£93m) in infrastructure projects in NI over the next three years.

They are also prepared to put money on the table for the new medical school in Magee.

More from that statement by Conradh na Gaeilge on the Irish language provisions in the draft deal.

Ciarán Mac Giolla Bhéin said it was "undoubtedly a historic advancement for our community" but also expressed concerns over some elements.

He said: "The role and remit of the commissioner being left to the sign-off of OFMDFM leaves us at the whim of a veto being used against core components of the legislation and drafting and delivery of services."

"The use of any veto to limit, obstruct or frustrate delivery of services and rights would undoubtedly erode trust and could be potentially catastrophic for any incoming executive.

"Legal advice is being sought on several of the provisions, including the ‘official status’ provision. The devil is not only in the detail of the legislation, but in the implementation of that legislation."

NI Secretary Julian Smith is "holding the people of Northern Ireland to ransom", the union Unison has said.

It follows comments he made to BBC News NI that extra money for workers would be withheld in the absence of a deal.

Health workers and nurses are currently on strike over pay and staffing levels in NI.

Image source, Pacemaker

Patricia McKeown, from Unison, told said the dispute over health workers' pay could be "resolved immediately".

"That's about holding the people to Northern Ireland at ransom," she said.

"It's about really infringing on their human rights, health workers and patients alike."

Royal College of Nursing President Anne Marie Rafferty says nurses "will want to see the ink on the paper and the deal delivered."

Speaking at the picket line in Antrim, she said: "When nurses go out on strike, that is a sense of how stretched and how desperate the health economy has become.

"It has been a cliff-edge moment."

Image source, Pacemaker

"Words are not enough, deeds are what actually counts."