The parliament had been urged to approve the government in order to adopt the 2007 budget by the end of March, when a decision on temporary financing of the federation expires.
The parliament's lower house approved with a majority vote Nedzad Brankovic as federation prime minister and his 16-minister government, representing the main Muslim and Croat parties. There are two Serb ministers.
The formation of the government in the federation, which along with the Serb Republic comprises Bosnia, had been repeatedly delayed due to the failure of the ruling Muslim and Croat parties to agree on power-sharing.
The office of international envoy Christian Schwarz-Schilling, which approves candidates for government ministers in Bosnia, has failed to check on five ministers and asked the parliament to postpone the voting until March 26.
But federation President Borjana Kristo urged the lawmakers to vote, saying that any candidates found unfit by the overseer's office would be replaced.
The Serb Republic formed its government in October.
The central cabinet, which has limited authority in decision-making and includes officials from both regions, was approved by the parliament in February.