The updated figure represents a 27 per cent increase above the original cost estimation of 5.5 billion real (£1.4 billion/$2.3 billion/€1.7 billion) for the sporting showpiece, but this is owing to introduction of four new sports - rugby sevens, golf, Paracanoe, and Paratriathlon - to the Games programme and inflation, according to the Organising Committee.

Despite this, the budget - which Rio says will be drawn from private sources, in the form of sponsorship, tickets sales, licensing and the International Olympic Committee (IOC) contribution - is still dwarfed by those for London 2012 and Sochi 2014 at £8.77 billion ($14.6 billion/€10.6 billion) and 1,661 billion roubles (£31 billion/$51 billion/€37 billion) respectively.

Brazil's Government agreed to make up any shortfall when the nation was awarded the hosting rights for the Games in 2009.

Thomas Bach said he was impressed following a visit to check up on Rio 2016's Olympic and Paralympic preparations this week ©Getty Images


Rio 2016 chief executive Sidney Levy claimed they are committed to balancing revenues and expenses, adding that "the good results achieved with sponsorships and licensing allow us to forecast sufficient private revenue to cover the costs outlined in the budget we are presenting today".

"[Rio 2016] has undertaken a line-by-line critical analysis of the budget, to balance known spending commitments and be able to meet new obligations as they arise," he added.

"We are striving to achieve a zero contribution of public funds to the [Organising] Committee."

IOC President Thomas Bach yesterday praised Rio's efforts as it gears up to host the Games, however the country's preparations have not been without their scandals, including widespread criticism over alleged delays in the construction schedule and public demonstrations protesting against the money spent on hosting both the Olympics and the FIFA World Cup, which takes place this year.

Carlos Arthur Nuzman said Rio 2016 is planning and organising the Games in a responsible manner ©AFP/Getty Images


Rio 2016 President Carlos Nuzman insisted the budget sits in line with the "responsible" hosting the Games.

"Our obligation to Rio de Janeiro, to Brazil and to the worldwide sporting community is to deliver a memorable Games, since we are talking about the biggest celebration of sport in the world," he said.

"We are undertaking the mission of planning and organising the Games in a responsible manner."

The Rio 2016 Olympics and Paralympics are scheduled to take place on August 5 until 21 and September 7 until 18 respectively.

They are expected to welcome 16,000 athletes and delegations from 204 countries, 4,500 technical officials, 70,000 volunteers and more than 25,000 media professionals.

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