The coalition which launched an air campaign against Iran- backed rebels in March said yesterday the ceasefire will begin at 1430 IST following a request by Yemeni President Abedrabbo Mansour Hadi, but it warned that it "reserves the right to respond in case of any violation".
Hadi has declared his government's intention to have a 7- day truce to coincide with talks opening in Switzerland and to be "renewed automatically if the other party commits to it," the statement said.
A lull in fighting is sorely needed in the Arabian Peninsula's poorest nation, where an estimated 80 percent of the population requires humanitarian aid.
Jihadists, including the Islamic State group, have exploited the violence, gaining ground and carrying out deadly attacks against both sides of the conflict.
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The rebel forces have yet to say if they will abide by the ceasefire agreement.
Mueen Abdulmalek, a member of the coalition-backed government's delegation at peace talks, earlier told AFP that the ceasefire will start at midnight local time (0230 IST).
A presidency official confirmed the truce was agreed by Hadi and Yemen's UN envoy Ismail Ould Cheikh Ahmed.
Yemen's conflict has pitted local forces backed by the Saudi-led coalition fighting in support of Hadi's government against the Shiite Huthis and renegade troops still loyal to wealthy ex-president Ali Abdullah Saleh.
Previous UN efforts have failed to narrow differences, and past ceasefires were broken.
Ahead of the ceasefire, Saudi Colonel Abdullah al-Sahyan and Emirati officer Sultan al-Kitbi died while supervising operations "to liberate" the southwestern Taez province, the coalition said.