Show Us Your Budget, IOC Tells Rio 2016 Games

LONDON (Reuters) - Organizers of the 2016 Rio de Janeiro Olympics must finalize their budget as soon as possible, the International Olympic Committee said on Sunday as focus shifted to the South American city on the last day of the London Games.

Rio, which will become the first city on the continent to host the summer Olympics, has yet to announce a budget for the Games in four years time and there has been growing concern organizers were not proceeding as fast as the IOC would like.

"We are asking for the budget to be finalized as soon as possible," IOC chief Jacques Rogge told reporters before the London closing ceremony. "We are working together in the establishment of the budget."

The IOC's chief inspector for progress in Rio, Nawal El Moutawakel, had said in a report before the London Games that "very vigorous coordination" was needed, urging organizers to speed up preparations.

Rio Olympics organizers have so far declined to speculate on the overall Games-related budget, which in London has topped 9 billion pounds ($14.1 billion). The Brazilian city was awarded the Games three years ago but has yet to finalize its plan.

Rio mayor Eduardo Paes said on August 3: "We cannot give an overall cost because some projects are still being defined."

He added: "We can only disclose the cost of the Olympics when everything is ready. Everything depends on the projects."

Brazil's economy has stalled as weak manufacturing activity, financial contagion from the euro zone and souring investor sentiment take the shine off what had been one of the world's most dynamic emerging markets when Rio was awarded the Olympics in 2009.

(Reporting by Karolos Grohmann, Editing by Mark Trevelyan)

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers. Five Filters recommends: Incinerating Assange - The Liberal Media Go To Work.

Read More
URL Shorten : http://goo.gl/dQYOI
Description : Rio, which will become the first city on the continent to host the summer Olympics, has yet to announce a budget for the Games in four years time and there has been growing concern organizers were not proceeding as fast as the IOC would like.
Rating : 5
Reviewer : HTDailyNews
ItemReviewed : Show Us Your Budget, IOC Tells Rio 2016 Games
By
Your Ad Here

News Update Today