Israeli Prime Minister Benjamin Netanyahu made the announcement after a cabinet meeting at the military headquarters in Tel Aviv on the afternoon of the 26th local time.
Netanyahu described the approval of the ceasefire as "focusing on the threat of Iran."
However, if Hezbollah violates the ceasefire agreement, it will attack again.
The cease-fire agreement between the two sides comes more than a year after the Gaza war between Israel and Hamas, which began in October last year, escalated into an armed conflict with Hezbollah in Lebanon.
The cease-fire proposed by the U.S. to Israel and Hezbollah will have a 60-day transition period and the two sides will begin negotiations to establish a border in the future.
During this period, Israeli forces were withdrawn from southern Lebanon and Hezbollah was withdrawn north of the Ritani River.
The U.S.-led management committee plans to monitor whether this is implemented well.
Earlier, the Lebanese government and Hezbollah said they had largely agreed to a ceasefire, although there were some unresolved issues.
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