A deal to salvage Northern Ireland's crisis-hit power-sharing administration has been announced.

The agreement endorsed by Sinn Fein, the Democratic Unionists and the UK and Irish governments was struck after almost 10 weeks of negotiations at Stormont House in Belfast.

A range of disputes, including the fallout from a murder linked to the IRA and an acute budgetary crisis over non-implementation of welfare reforms, had pushed the coalition Executive towards the verge of collapse.

The new deal which runs to almost 70 pages has found a way to resolve the budgetary crisis caused by the long-running failure to adopt welfare changes.

A motion which would give Westminster the power to enact the controversial changes to the benefits system will be debated during a specially convened plenary session in the Stormont Assembly on Wednesday.

The fallout from the killing of former IRA man Kevin McGuigan was also on the agenda during the 10-week talks process and a new panel is being set up to examine the ongoing scourge of paramilitarism. It is understood the four representatives will be selected by the Stormont Executive and both governments.

However, there has been no agreement over how to deal with the legacy of Northern Ireland's troubled past and the impasse between Sinn Fein and the UK Government over the disclosure of official documents to proposed truth-recovery bodies remains unresolved.

Among the key reforms in the ground-breaking deal are:

:: An additional £500 million from the Exchequer to tackle issues unique to Northern Ireland, including efforts on the removal of peace walls.

:: Devolving corporation tax powers to bring in a 12.5% rate in line with the Republic of Ireland.

:: Fresh obligations on the NI parties to work together to end the presence of paramilitarism.

:: Concerted efforts to target organised and cross-border crime.

:: Measures to address the issue of flags and parades.

:: Reform of the Stormont Assembly including its size, the number of departments and the use of petitions of concern as a form of opposition.

Northern Ireland Secretary Theresa Villiers said: "This deal means that Northern Ireland's finances can be put back on a sustainable footing, ending the long-standing dispute over the budget.

"There will be a fresh emphasis on tackling paramilitarism and organised crime and clear declaration that such activity will never be tolerated.

"And there will be reforms of the Executive and Assembly to make devolution work better.

"Today's agreement is another step towards the Government's goal of building a brighter, more secure future for all the people of Northern Ireland."

Charlie Flanagan, Ireland's Minister for Foreign Affairs, described the deal as a "credible roadmap" to tackling ongoing paramilitarism and implement aspects of last December's Stormont House Agreement.

"It underpins all our efforts to bring greater reconciliation and economic prosperity to the people of Northern Ireland and communities right across our island," he said.

Mr Flanagan said the NI parties were agreed on working to disband all paramilitary groups, their structures and to challenge their control of communities.

An international body will be established to oversee that.

On organised and cross-border crime, more co-operation between police on both sides of the border will be pursued and strategic priorities will also be identified to crackdown on gangs.

Mr Flanagan said the Irish and British governments will reflect on demands to balance the needs of victims' families and national security in trying to deal with legacy issues of the Troubles.

"The needs of victims and survivors will remain central to our work," he said.

"We are determined to achieve the establishment of these institutions so that we can in a fundamental way deal with the past, foster reconciliation and build a society for future generations that is free from hurt and suspicion."

Mr Flanagan also said the Irish Government had given a commitment to fund the long-awaited upgrade of the A5.

The new focus on cross-border crime will be led by the PSNI, An Garda Siochana and revenue officers from both jurisdictions in a special task force.

Taoiseach Enda Kenny said the progress on tackling paramilitaries was a critical step.

"It tackles the toxic legacy of paramilitarism and its links to criminality," he said.

"The Agreement provides the people of Northern Ireland with a chance to have the burden of thuggery, intimidation and sectarian hatred taken off their backs once and for all.

"A chance for peace to mean more than the absence of violence, 21 years after the ceasefires. A chance for a prosperous and inclusive society to flourish to its full potential."

Sinn Fein's Deputy First Minister Martin McGuinness said the settlement represented a new opportunity.

He said: "This agreement signals our endeavour to engender the sea change which our community is demanding; a new beginning for politics and an opportunity to move forward with a real sense of purpose."