Newly-appointed adviser on finance Dr Abdul Hafeez Sheikh took charge of his post on Saturday.
The finance adviser will also have the charge of Revenue and Economic Affairs Division.
Sheikh's designation will be at par with that of a federal minister.
Sheikh, a Pakistani political economist of international repute with over 30 years of experience, has served as the finance minister from 2010 to 2013.
In 2012, he became an active member of Pakistan Peoples Party and successfully contested in the 2012 senate elections.
After leaving the government, Sheikh was general partner of an international investment company, headquartered in New York, which set up a $1.38 Billion fund for investments in Asia.
Sheikh replaces Asad Umar who stepped down from his post as Finance Minister on Thursday after eight months in charge.
The resignation by the finance minister followed sacking of Petroleum Minister Ghulam Sarwar over unsatisfactory performance, according to sources.
