COVID-19 forces IOC to revise its rules
COVID-19 forces IOC to revise its rules

The coronavirus pandemic discouraged sports fans around the world as it canceled the world’s biggest multi-sports event. The Summer Olympic Games which were originally scheduled for this summer in Tokyo have been postponed tentatively until the next year. In this context, the host country is facing a tough reality. Apart from regular expenses on arrangements and credit repayment, Japan will have to incur extra expenses literally for each day of the delay. This burden is imposed on Japan’s state budget and taxpayers. The third powerful economy in the world is not ready to deal with ballooning expenses. Interestingly, when Russia hosted the Winter Olympic Games in Sochi in 2014, it impressed the world with its generosity spending a whopping $60 billion. This year, Japan allocated $12 billion for the event, but the government does not find it appropriate to strain the population with extra costs for the postponement. Therefore, the International Olympic Committee with Thomas Bach at the helm decided to provide almost $800 million to cover some of the expenses. “We anticipate we will have to bear costs of up to $800 million for our part and responsibilities in the organization of the postponed Games Tokyo 2020,” Bach told at an executive board meeting. The lending program will be implemented jointly with Switzerland’s government. On May 13, it stated its intention to provide financial aid to Olympic sports federations based in this Alpine country. Half of the lending program will be funded by the International Olympic Committee. Besides, Switzerland’s federal and public agencies are due to provide 25% each.        

Published: 2020-05-28 09:45:51 UTC
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