NOVO-OGARYOVO: Russian Prime Minister Vladimir Putin has appointed Taimuraz Bolloyev as the new construction chief for the 2014 Winter Olympics in Sochi.

Bolloyev replaces Viktor Kolodyazhny, who has stepped down, as chief of the state Olympstroi corporation.

Putin told Bolloyev on Saturday to keep a close watch on the construction costs for the games. The Olympic budget has been estimated at $13 billion.

The global financial crisis has raised concerns about Russia's ability to pay for the games, with most facilities being built from scratch. Putin has assured International Olympic Committee officials that construction and financing plans for the Olympics are on schedule.