The government notified on Friday the appointment of Dr Abdul Hafeez Shaikh as adviser to the prime minister on finance, revenue and economic affairs.
Dr Shaikh, a political economist of international repute with over 30 years of experience, has served as the finance minister from 2010 to 2013.
He holds a PhD in economics. Dr Shaikh taught at Harvard University and worked at the World Bank for several years, advising 21 countries, including a stint as World Bank country head in Saudi Arabia.
His appointment comes at a critical time in Pakistan when the value of the rupee has depreciated to a historic low and the economy is beset by inflation and debt.
Another notification was issued accepting the resignation of Asad Umar from the office of federal minister for finance, revenue and economic affairs.
According to the first notification, Dr Shaikh will serve as Adviser to the Prime Minister with the status of Federal Minister with immediate effect.
Umar’s resignation followed a major shake-up of the cabinet with Fawad Chaudhry, Ghulam Sarwar Khan and Shehryar Afiridi asked to relinquish charge of their ministries too.