Shahbaz Sharif took oath as 24th Prime Minister of Pakistan

A new government has been formed in Pakistan. Former Prime Minister Nawaz Sharif's younger brother Shahbaz Sharif was sworn in as the 24th Prime Minister on Monday.

The Shahbaz government was formed with the support of Bilawal Bhutto's Pakistan People's Party, Muttahida Qaumi Movement-Pakistan and Isteqam-e-Pakistan Party.

Presidential elections are to be held in Pakistan on March 9. Shahbaz Sharif's coalition government has jointly announced Asif Ali Zardari as its presidential candidate, while the Sunni Etehad Council of Imran supporters has nominated Mahmood Khan.

It is to be noted that Shahbaz Sharif has taken power when Pakistan's economy is going through a bad phase and the IMF has recommended the new government to impose 18 taxes on food, medicine, petroleum products and stationery. Reports say that Pakistan may ask for a big bailout package from the IMF in the coming days.