ANKARA, June 9 (Xinhua) -- Turkish President Recep Tayyip Erdogan announced the new cabinet members hours after he was sworn in late Monday.

The number of ministries under the presidential system has been reduced from 26 to 16 and the number of those dealing with economic matters is halved to three.

Former Energy Minister Berat Albayrak has been appointed as Minister of Treasury and Finance, overseeing the economy.

The incumbent Foreign Minister Mevlut Cavusoglu, Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul keep their posts in the updated cabinet.

The Chief of General Staff General Hulusi Akar joined the government as Defense Minister.

Fuat Oktay, a high-ranking bureaucrat, has been named as the sole Vice President.

Erdogan stressed a powerful executive presidency is vital to drive economic growth and ensure security.

The first cabinet meeting under the new government will convene on Friday, said Erdogan.