KARACHI, Aug 12 (Reuters) - Pakistani Prime Minister Shehbaz Sharif and opposition leader Raja Riaz agreed on Saturday to name Senator Anwaar-ul-Haq Kakar as caretaker premier to oversee elections, the Prime Minister's office said.

Kakar, 52, a little-known politician from the southwestern province of Balochistan, will name a cabinet and head a government to steer the nation through economic and political crises until a new government is elected.

"The prime minister (Sharif) and leader of opposition have jointly signed the advice which will be sent to the president for approval," the statement said.

President Arif Alvi approved Kakar's appointment, the president's office said in a statement.

Under Pakistan's constitution, a neutral caretaker government oversees national elections, which must be held within 90 days of the dissolution of the parliament's lower house - which in this instance means early November.

The choice of caretaker prime minister has assumed greater importance because the candidate will have extra powers to make policy decisions on economic matters, while the elections may be delayed by up to six months.

The Election Commission has to draw new boundaries for hundreds of federal and provincial constituencies and, based on that, it will give an election date.

Riaz told broadcaster Geo News that he believed elections would take place in February next year, and not as scheduled before November.