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Moscow: Dmitry Medvedev was inaugurated as Russia's president on Wednesday, pledging to bolster the country's economic development and civil rights, while his predecessor has been named prime minister.
Medvedev took the oath of office in the Kremlin's golden-hued Andreyevsky Hall, bringing to an end Vladimir Putin's eight years as president.
In what was expected to be his first move as president, The Kremlin says Medvedev has nominated his predecessor Vladimir Putin to be prime minister.
The announcement came about two hours after Medvedev took the oath of office. Putin's nomination could be taken up on Thursday in the parliament.
By making the transition from president to premier, Putin will remain a powerful figure in Russian politics. Many observers believe he will carry more weight than Medvedev, even though the prime minister is a nominally less powerful position.
Medvedev has pledged to continue the policies pursued by Putin, his six-minute inaugural address referred to civil rights issues several times, a possible indication that his presidency would take a different course from his mentor's.
In his address, Medvedev said that one of his most important tasks would be "the development of civil and economic freedom."
The 42-year-old also pledged to fight endemic corruption, a problem that Putin has been unable to stifle.
He pledged to help make Russia "the best country for the comfortable, confident and secure life of its citizens" and to modernize industry and agriculture, encourage the development of new technologies and attract investment.
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