Pakistan's parliament has formally elected Nawaz Sharif as prime minister, marking a historic transfer of power in a country that has undergone three military coups.

Sharif received 244 votes in the 342-seat parliament, returning him to the prime minister's office for an unprecedented third time.

Sharif, whose Pakistan Muslim League party secured a big victory in May's elections, will be sworn in by President Asif Ali Zardari in the coming hours, marking the country's first democratically elected transition of power.

In his address to the parliament, Sharif listed out Pakistan's problems and challenges such as the country's mountain of debt, corruption, unemployment and poverty.

"I am not going to hide anything from the people nor will I lead them on," he said "Nor will I pull on their heartstrings, or make them false promises. The people should know that our nation’s state is bad beyond words."

Sharif also talked about bringing about peace in the Sindh and Balochistan areas, condemned the recent US drone strikes and promised stronger infrastructure including the uncompleted Khunjerab railway network to China.

The 63-year-old wealthy steel tycoon, who was sentenced to life in prison after being deposed in a military coup in 1999, has a power base rooted in Pakistan's richest and most populous province, where he is known as the Lion of the Punjab.

Al Jazeera's Osama bin Javaid, reporting from Peshawar, said the biggest challenges for the prime minister are security, energy shortages, which can sometimes last for up to 20 hours, and rising inflation and unemployment.

Javaid, who said the budget that was allocated to the power sector has been doubled, had said Sharif has appealed for calm on the issue, and had said he had some sort of solution on mind involving hydroelectric and alternative power plants.

Sharif has been seen as a pragmatist in the West but has called for peace talks with the Pakistani Taliban.

On Friday, he publicly criticized a US drone strike that killed the group's second-in-command in northwest Pakistan as a violation of sovereignty, echoing Islamabad's longstanding complaint about the controversial missile attacks.

Al Jazeera's Imtiaz Tyab, reporting from Islamabad, said that Sharif said in an interview he plans to go to Washington and ask US President Barack Obama to stop these strikes which are stoking anti-American sentiments in Pakistan.

"Here in Pakistan, drone strikes are extremely unpopular," Tyab said. "He (Sharif) needs to be seen doing something about it."

PHOTO CAPTION

In this photo released by the Pakistan Muslim League-N party, incoming Prime Minister and Head of Pakistan Muslim League-N party Nawaz Sharif, left, takes the oath of office with other newly elected parliamentarians during the first session of the National Assembly in Islamabad, Pakistan, Saturday, June 1, 2013.

Al-Jazeera