Latest Tokyo Olympics budget down $300m

More cuts are planned

15:00 December 22, 2017

Tokyo: Tokyo 2020 organisers unveiled on Friday a budget of $12.6 billion (Dh46.3 billion) for the next Summer Olympics, a $300 million reduction from projections earlier this year, and said they are targeting more cuts in a bid to reduce the burden on Japanese taxpayers.

Games organisers have been working to slash costs after a study last year warned that expenses could balloon to four times the initial estimate made in the bid process.

The International Olympic Committee (IOC) is keen for Tokyo to set a good example by cutting costs in order to attract future candidate cities.

“We want to deliver fantastic Games but at the same time ... we don’t want to use any public funds if we can help it,” said Hidemasa Nakamura, the chief financial officer of Tokyo 2020.

“We will continue to try to reduce (costs) further.”