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MOSCOW (CNN) -- With inflation in Russia skyrocketing, Prime Minister Yevgeny Primakov on Thursday pledged strong steps to stabilize the crumbling economy. For the first time since assuming office almost two weeks ago he offered the outline of a plan for combating the crisis.

But the government is broke and will almost certainly have to print more money to pay its debts, a move that's virtually certain to push inflation even higher.

In televised comments at the start of a meeting with his still-forming Cabinet, Primakov said he planned to:

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• Pay overdue wages to workers and soldiers.

• Give tax breaks for investment in industry.

• Crack down on tax dodgers.

• Offer compensation to offset the painful effects of inflation, which has jumped 67 percent since last month. Russia's Central Bank said Thursday price hikes could approach 300 percent by year's end.

• Impose greater state control on the alcohol industry, a leading source of government tax revenue.

Primakov blamed his predecessor, Sergei Kiriyenko, for igniting Russia's economic crisis last month.

A black market money changer counts money outside an exchange booth

He claimed that Kiriyenko's August 17 announcement on devaluing the ruble and restructuring government debt was made without the consent of President Boris Yeltsin and that the results had been "chaotic."

At the time, however, Yeltsin's spokesman Sergei Yastrzhembsky said that Kiriyenko had consulted with the president.

"It is essential to do everything to prevent the August 17 statement ... from leading to dangerous socioeconomic consequences," said Primakov.

Yeltsin has remained largely in the background since the crisis erupted. The president has never shown an appetite for handling day-to-day policy matters and, as with past government failures, he has responded by blaming subordinates and sacking them.

The opposition-dominated State Duma, the lower house of parliament, approved Primakov on September 11 after Yeltsin nominated him as a compromise candidate, but two weeks later Primakov has not yet completed his government lineup.

Many political parties and individuals have shown a marked reluctance to join a team with the thankless task of tackling a grave crisis which has seen the ruble tumble, prices soar and the banking system teeter on the brink of collapse.

Many investors have put plans on hold and some have cut their staff in Russia.

The Associated Press and Reuters contributed to this report.

"Resurrection: The Struggle for a New Russia" by David Remnick "Russia: A History" by Gregory L. Freeze "The Wealth and Poverty of Nations: Why Some Are so Rich and Some so Poor" by David S. Landes "The Price of the past: Russia's Struggle with the Legacy of a Militarized Economy" by Clifford G. Gaddy "The Barefoot Shoemaker: Capitalizing on the New Russia" by Vladimir Kvint,Natalēdi8a Darēdi8alova Click here for additional reading on Russia (Federation)