Zimbabwe ruling ZANU-PF and the two opposition fractions of Movement for Democratic Change (MDC) signed in Harare Monday a deal, paving the way for formal talks to end the political crisis in the country.

  Zimbabwe's President Robert Mugabe (L) shakes hands with Morgan Tsvangirai (R), leader of Zimbabwe's main opposition Movement for Democratic Change (MDC), in Harare July 21, 2008. Mugabe and Tsvangirai on Monday signed a deal laying down the framework for formal talks on forming a power sharing government to end a deep political crisis. (Xinhua/Reuters Photo)

South African President Thabo Mbeki oversaw the signing of a Memorandum of Understanding (MOU) between President and ZANU-PF leader Robert Mugabe and the leaders of the two MDC factions, Morgan Tsvangirai and Arthur Mutambara, at Rainbow Towers Hotel in Harare.

The MOU envisaged that "the dialogue will be completed within a period of two weeks from the date of signing of this MOU."

It also requires each party to issue a statement condemning the promotion and use of violence and call for peace in the country and shall take all measures necessary to ensure that the structures and institutions it controls are not engaged in the perpetration of violence

The signing of the deal made a major breakthrough in the development of ending the southern African country's political crisis.

UN chief Ban Ki-moon welcomed the signing of the MOU, saying it provides a framework for formal talks to end the political crisis in the country.

"The secretary-general commends the efforts of President Thabo Mbeki of South Africa and his mediation team in facilitating the signing of this agreement. The United Nations is committed to support these mediation efforts through its participation in the recently-formed Reference Group," said a statement posted in Ban's official website.