Montenegrin Prime Minister Milo Djukanovic announced his resignation Tuesday, paving the way for his expected replacement by Finance Minister Igor Luksic, reported DPA
"After 20 years ... it is time to make way for new people," Djukanovic said, adding that he will remain politically active in his Democratic Party of Socialists (DPS).
He made the announcement after presenting his annual cabinet report, in which he said that Montenegro had emerged from the worst of the economic crisis.
Djukanovic said that he wanted to turn to a "quieter" profession now that Montenegro was "irreversibly" en route to membership in the European Union and NATO. "A new cycle is now starting," he said.
Last week, the European Union gave Montenegro the status of membership candidate.
Djukanovic, 48, has been in power almost without interruption since 1991, serving as both prime minister and president.
The DPS is expected to nominate Luksic, who doubles as deputy prime minister, to take Djukanovic's place.
Parliament could vote on the new prime minister as early as Tuesday next week.