The NI Chamber of Commerce and Industry has welcomed the draft text after what it said had been "three years of paralysis".

It says the deal will allow an executive to start addressing the problems within the health service and education system, as well as "taking action to to grow the economy and support the community and voluntary sector".

Image source, bbc

It added: "We therefore encourage the five main political parties to progress it urgently. Business, health and education cannot wait any longer - failure is not an option."

SDLP leader Colm Eastwood would not be drawn on whether or not he is considering taking his party back into an executive.

Mr Eastwood said there were still “more discussions to have with other parties” before a decision would be made.

He said the SDLP’s demands include better childcare provisions for working parents, an increase in social housing and the expansion of Magee.

The party met the UK and Irish governments on Friday morning to see if the “financial envelope was large enough to cope with the asks we have”.

While he said discussions about a specific sum of money are ongoing, he said he is “confident there is a very significant amount of money” on the table.

The draft deal has been welcomed by the National Association of Head Teachers in Northern Ireland (NAHT NI).

“For years, school principals have had to do more with less money and less resources so it is now time that these pressures in school are dealt with and that every school will indeed have a sustainable core budget," said NAHT NI president Geri Cameron.

Image source, HOC

She said that while "detail is scant" on education in the draft deal, NAHT NI representatives are willing to work with MLAs going forward.

Industry leaders from Retail NI, Manufacturing NI and Hospitality NI have released a joint statement urging "all the main parties in Northern Ireland to sign the deal today and get the assembly back up and running."

The groups, which form the umbrella group Trade NI, said: "The clear prioritisation of the Northern Ireland economy highlights the many challenges that businesses have faced over the past three years.

"While this is a good start, improvements are still needed to drive the economy forward and support the growth of business across Northern Ireland."

The DUP MP Sir Jeffrey Donaldson was asked on BBC Radio Ulster's The Nolan Show if unionists would have a veto over Irish language changes:

“Any standards that are to be set for the use of the Irish language have to be agreed by the first minister and that does mean the DUP will have a very important and crucial say in how those standards are drawn up and what they will be.

“We will not agree to standards that impose Irish on people who don’t speak it.

"There will be no compulsory Irish in schools and there will be no Irish road signs.”

Sir Jeffrey added "unionist consent will be required" as "that is the way Stormont operates".

Jayne McCormack
BBC News NI

Nurses and health care workers are staging a picket outside the Department of Health.

They are arguing that they’ve been told money is there to resolve the matter and that they need to ensure they get it.

They have called on Julian Smith to ensure the money is released - deal or not.

The Derry University Group welcomed the commitment to a new graduate entry medical school in the city and to increase the maximum number of students at Magee to 10,000.

The group also welcomed the Irish government's assurances of capital investment to support expanded higher education provision in Londonderry.

It added that it believes a new cross-border university for the North West would deliver this provision.

President of the Londonderry Chamber of Commerce, Redmond McFadden, said representatives from business, education, health, trade unions and civic organisations, held a meeting with the five main political parties at Stormont on Thursday.

“At that meeting we pressed the urgent need for the parties to agree the draft deal which was published by the British and Irish Governments," he said.

Image source, GETTY

He said three years without ministers making local decisions had had an "enormous impact" on economy and wider society.

"A lack of effective and meaningful representation here is curtailing investment in our region, stifling job creation and driving our young people away," he added.

Ivor Ferguson from the Ulster Farmers' Union and Owen Reidy, Assistant General Secretary of ICTU and also urged the parties to accept the deal.

Julian Smith also said the expansion of the Ulster University campus at Magee in Londonderry is guaranteed if the political parties back the deal.

The Northern Ireland secretary told BBC Radio Foyle: "We will deliver on Magee once this executive is formed and delivering on a whole lot more.”

Plans for a medical school at the campus have been delayed due to the lack of devolved government.

There are also proposals to increase student numbers across the campus's other departments.