On Thursday, newly-appointed Prime Minister Mohammad Mustafa presented the new cabinet and its work program to Abbas, who then signed a decree on the approval of the new government.
On Sunday evening, the new cabinet headed by Mustafa was sworn in at the presidential headquarters in Ramallah, the report said.
The new Palestinian prime minister will also take over the position of foreign minister from veteran diplomat Riyad al-Maliki, the news agency reported.
After the ceremony, the president said that the new cabinet's mandate would apply to the West Bank, East Jerusalem and the Gaza Strip.
Among the new cabinet's tasks, Abbas pointed out the preparation for presidential and parliamentary elections.
In mid-March, Abbas appointed prominent economist and his former adviser Mohammad Mustafa as the new prime minister and instructed him to form a government. Prior to that, Mustafa was the chair and co-president of the Palestine Investment Fund.
In late February, former Palestinian Prime Minister Mohammad Shtayyeh submitted a letter of resignation to Abbas following reports about negotiations between Palestinian political parties and movements on the formation of a new cabinet. Abbas instructed Shtayyeh to remain in office until a new cabinet is formed.