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Home BUSINESSRio 2016 cuts budget amid economic crisis
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Thu, 08 Oct, 2015 12:00:20 AM
FTimes- Xinhua Report Oct. 08
 
Rio 2016 organizers have outlined plans to slash spending by about 10% to prevent next year's Olympic Games from running over budget.
 
     Brazil is in a deepening economic crisis as it grapples with rising unemployment, stagnant growth and soaring inflation.
 
     A Rio 2016 budget review has called for cuts of up to 30% in some departments of the organizing committee.
 
     "We need to organize the Games to be economically sustainable," Rio 2016 communications director Mario Andrada said. "There's no more space for lavish overspending."
 
     The Rio 2016 organizing committee's activities are privately funded but any costs that exceed its budget will be incurred by the government.
 
     Andrada said cuts would be made by reducing printing, dispensing with backstage structures and limiting the number of volunteers.
 
     The construction of permanent venues, security and power supply are part of a different budget that will not be impacted, Andrada said.
 
     Organizers plan to finalize the new spending plan by next week.
 
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