Khaqan Abbasi, Shahbaz Sharif will both be disqualified: Sheikh Rasheed

With Sharif gone, what happens to China's investments in Pakistan now?

Beleaguered Pakistan Prime Minister Nawaz Sharif resigned on Friday after the Supreme Court of Pakistan, disqualified him from holding the post following a probe on the Panama Papers case that exposed illegal family wealth stashed overseas.

In a televised speech Saturday, Sharif said that his younger brother, Shahbaz, who now is chief minister in Punjab province, would contest election to the National Assembly, in the seat which fell vacant with his removal.

Meanwhile, the party has announced Punjab Chief Minister and Nawaz Sharif's younger brother Shehbaz Sharif as the next Prime Minister of Pakistan.

Abbasi is expected to take over as interim prime minister until Shahbaz is elected to parliament, and then to the prime minister's office.

The final nomination will be recognised in the party's parliamentary meeting.

Pakistan's election commission has already notified that Mr Nawaz Sharif's seat in Parliament has become vacant following the Supreme Court decision to bar him from public office.

Justice Ejaz Afzal Khan, who headed the implementation bench, said all material collected by the Joint Investigation Team would be sent to an accountability court within six weeks.

Sharif was re-elected in 1997 and ordered Pakistan's first nuclear tests, but a showdown with the nation's powerful military saw his second term end prematurely as well.

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"I do not think there will be any significant change in the political situation", she said and pointed out that Shahbaz has a long political experience and he could overcome the current crisis.

Abbasi is an elected member of the National Assembly of Pakistan since 1988, representing Rawalpindi.

Still, the corruption scandal which ultimately brought him down had been mounting for months, and it seemed like it was only a matter of time before he was either sacked by the courts or forced to resign in disgrace.

Sharif was accused of lying on a wealth declaration by failing to reveal a salary from a Dubai-based company, which he says he never claimed. "We are without a prime minister even now", he told The Associated Press.

Pakistan's main opposition leader Imran Khan plans to hold a rally celebrating Sharif's ousting in the capital Islamabad later Sunday.

The appointment came after a high-level PML-N meeting, the Geo News reported.

Investigators, including members of the country's two top spy agencies - the Inter-Services Intelligence and the Military Intelligence - had questioned Sharif's children, his son-in-law, Shehbaz Sharif, as well as two close aides. In 1993, he was ousted after a bitter struggle with the country's president, and in 1999 the military overthrew him in a bloodless coup.

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