An official of the board confirmed that they had received a notification from the Ministry of Inter-provincial Coordination extending the term of the IMC for another 90 days.
"The term of the IMC was due to expire on January 14 so the Prime Minister has given it an extension," an official said.
The IMC which includes former Chairman of the board Shaharyar Khan, former Test captain Zaheer Abbas, Haroon Rasheed and Naved Cheema was formed by Sharif, who is the Patron of the PCB, three months back superseding the board constitution to run cricket affairs.
However, the PCB had obtained a stay on the order that barred board Chairman Najam Sethi from exercising his full powers.
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The final judgement of the Islamabad High Court is also expected this week.
"The judgement of the divisional bench is expected to come out this week and at the moment it is not clear whether Sethi will be allowed to continue as Chairman with full powers and supervise working of the IMC," he said.
"Until such time the judgement comes out the situation is not clear for us and even the chairman is not in a position to take long term decisions," he added.