Verse 16 is a promise of renewal. Verse 15 reminded Israel that God still is. Verse 16 indicates the Lord's willingness to renew his covenant with Israel. He will "put my words in thy mouth" or he will lead them to a willingness to espouse his gospel. He will protect them (covered thee in the shadow of mine hand) and the planting of the heavens and the laying of the foundations is an indication that as he once did, he shall set the world in order (Gileadi has this explicitly as a renewal, not a new creation p. 199).
The result of God's actions or renewal is the explicit restatement of the covenant: "thou art my people."