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Tokyo 2020 targets new budget

The organising committee for the Tokyo 2020 Olympic and Paralympic Games is seeking to settle its overall budget at about Y2tr (€16.9bn/$18bn) as it continues its cost-cutting drive.

Japanese news agency Kyodo, citing sources with knowledge of the cost-cutting process, reported the revised figure ahead of the second meeting of a four-party working group set up to address budget concerns.

The working group, which comprises representatives from the International Olympic Committee (IOC), Tokyo metropolitan and Japanese governments, and the Games organising committee, is due to meet on November 29.

Tokyo 2020 did not confirm the latest figure, which is Y1tr less than the projected figure released earlier this month by the Tokyo metropolitan government.

“With respect to the reduction of the overall costs, we are working towards the meeting (of the working group) at the end of the month,” the organising committee said, according to Kyodo.

“As we have said all along, we hope to have the first version of the budget and the overall costs ready by the end of the year.”

IOC president Thomas Bach and Tokyo Governor Yuriko Koike last month agreed to establish the working group amid increasing concerns over rising costs for the Games.

The group met for the first time on November 1 to put forward alternative venue options for rowing and canoeing, swimming and volleyball in a bid to cut costs. The meeting was held after a Koike-appointed Tokyo government panel in September urged organisers to relocate venues for the sports.

Tokyo had proposed an initial budget of Y734bn when it submitted its bid to stage the Games to the IOC in 2013.