Sharif, 63, was formally elected as premier for an unprecedented third stint by the National Assembly or lower house of Parliament this afternoon.
He was elected by an overwhelming majority, polling 244 votes in the 342-member House.
Pakistan was facing serious problems that cannot be solved by any single political party, Sharif said in an address to the National Assembly after his election.
The treasury and opposition benches, political parties and all stakeholders have to be on the "same page" to tackle these challenges, he said.
"I will contact all parties and their leaders. Let's sit together and if you share our vision, we are ready to share your vision. Let us sit and make a common agenda to pull the country out of problems," Sharif said.
Sharif, served as premier during 1990-1993 and 1997-1999 but was ousted from office before he could complete his term - once on corruption charges and later because of a military coup led by Pervez Musharraf.
After spending the past five years in the opposition, Sharif led his PML-N party to victory in the May 11 general elections.
Besides a massive energy crisis that has resulted in power outages of 12 to 20 hours a day across the country and an economic meltdown, the new PML-N government will have to contend with a raging Taliban insurgency that has claimed tens of thousands of lives over the past six years.
Sharif said he and his aides had framed a plan of action to cope with Pakistan's problems and he would soon inform the people about the steps the government intended to take.
However, he cautioned the people that they should not expect any quick fixes or promises that are unrealistic.
"The economic position is very bad and I will not present a fanciful image of heaven," he said.
He pledged that he would not "sit easy" or allow his "team to sit easy".
Foreign policy issues, including relations with India, did not figure in Sharif's speech though he said that US drone strikes in Pakistan's tribal belt "must stop".
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