IOC urges Tokyo to set budget soon to cut costs further

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The International Olympic Committee (IOC) has called on Tokyo to show a sense of urgency about finalising its budget for the 2020 Summer Games, noting that costs will continue to increase the longer it takes. At an open meeting for a four-party working group that includes the IOC on Tuesday, Tokyo 2020 organisers vowed to keep costs below $20 billion but the Olympic authority felt even that amount was too high.

A budget review by Tokyo governor Yuriko Koike, who took office in July, said costs could surge to more than 3 trillion yen ($26.36 billion), more than four times initial estimates made when Tokyo won hosting rights.

IOC Vice President John Coates, in Tokyo for a meeting of Olympic planners and the working group meeting, told a news conference that there were ways that Tokyo, hosting the Summer Games for a second time, could pare costs even further.

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