Putin said in a speech to parliament presenting his candidacy that he wanted “single-digit inflation within a few years” as part of a long-term plan to make the country a global economic leader by 2020.

Legislators voted 392 56 to appoint him as prime minister, with the opposing votes coming from the Communists, the only opposition grouping in parliament.

Dmitry Medvedev, Putin’s protege who was sworn in as president on Wednesday, later signed a decree confirming the appointment.

Putin’s appearance marked the latest stage of a carefully choreographed transition of power to Medvedev, the man Putin anointed as his successor.

Medvedev earlier presented Putin’s candidacy, saying in brief remarks that his mentor would play a “key role” in shaping the country’s development over the next 12 years.

“All these years we worked with him and continue to work together and I think no one has any doubts that our tandem will only get stronger,” the new president said.

He then sat on the platform and watched as Putin took the rostrum for a 45-minute exposition of his priorities.

“First and foremost we need a robust macro-economic situation,” Putin said. “We will devote the closest attention to all aspects of financial policy — first of all to measures directed at reducing inflation.”

Investors have said inflation is Russia’s biggest economic problem, with price rises running at 14.3 percent in April on an annualised basis and growing fears of labour unrest.

In keeping with the delicate division of power between Putin and Medvedev, the new prime minister stuck to economic policy and did not stray into politics or foreign policy, his favoured arenas when he was president.

Russia is in its 10th year of rapid growth and Putin said it would displace Britain this year as the world’s sixth biggest economy based on purchasing power.

Putin called for lower taxes on the oil industry, which has complained that excessive duties are crippling its ability to boost production, but gave no details.

Subscribe to The China Post and save.  Click hereSharePrintEmail

Write a Comment

Enter your comments - 800 characters max

Receive China Post promos

Respond to this email