ISLAMABAD -- Pakistani President Arif Alvi has approved the country's prime minister's advice to dissolve the National Assembly or the lower house of the parliament, said a statement from the President House Media Wing.

According to the statement released late Wednesday, the president had approved the summary sent by Prime Minister Shahbaz Sharif, adding that the president dissolved the assembly in terms of Article 58(1) of the Constitution of Pakistan.

Earlier, Minister for Parliamentary Affairs Murtaza Javed Abbasi told Xinhua that the prime minister had sent advice to the president to dissolve the assembly, three days ahead of the completion of its five-year term on Aug12.

The dissolution of the National Assembly, which elects the federal government, will cause the country's central government led by Sharif to step down.

According to the Pakistani constitution, if the assembly is terminated before its stipulated time, the general elections would be held within 90 days and if it completes its mandated period then the election would take place within 60 days.

Following the end of the government, the prime minister will discuss with the opposition leader of the house to decide on a caretaker prime minister who will take charge until the next general elections.

On Wednesday Sharif delivered his farewell speech to the house, saying he would start consultations on Thursday to decide about a caretaker prime minister within three days, who will choose his cabinet for three months or until the formation of the next elected government.