Prior to the Paralympics, the Rio City Government allocated an extra BRL150 million (£35 million/$46 million/€41 million) in public funds to the Organising Committee to cover shortfalls.

Of this, BRL$30 million (£7 million/$9.2 million/€8.2 million) has already been passed on to organisers with Levy saying new contributions may be needed.

The overall budget for the Games currently stands at BRL7.4 billion (£1.7 billion/$2.3 billion/€2 billion), according to latest figures. 

If this is the final budget, public transfers to the organisers should not go beyond BRL$74 million (£17 million/$23 million/€20 million).

Speaking here today at the Rio 2016 closing press conference, Levy said: "We committed ourselves to hold these Games without any public funds.

"During this journey, with a lot of ups and downs, with a lot of moments of joy as well as a lot of moments of tension, the budget also went up and down and we had to sign with the city authorities an agreement for up to BRL150 million out of which BRL30 million we have used.

"The city did sign this agreement with us."

Organisers of the Paralympics were unable to meet a deadline in July to pay "vital" grants to at least 60 National Paralympic Committees, it was revealed last month, while the participation of a further 10 was thrown into doubt regardless of whether these were paid.

The wheelchair fencing venue was also moved amid cuts to a range of services for media and corporate guests, while ticket sales were still languishing at around 12 per cent.

Many of these problems related to budget cuts affecting Rio 2016, although it was also claimed that money earmarked for the Paralympics had been spent on addressing Olympic problems instead.

"When we won the bid we committed to help the National Paralympic Committees to bring their athletes to Rio with a travel grant and this grant was paid with funds from the city of Rio de Janeiro," added Levy. 

"But we can actually tell you in advance that this is not going to be above one per cent of the total budget contribution from public funds within the Organising Committee."

Levy insisted the initial contribution of BRL30 million, made a week before the Paralympics, was necessary because at that time it was still not known how many tickets would be sold.

"At the end of the Olympic Games we had sold 200,000 tickets for the Paralympics and we ended up selling 2.2 million," he said.

"At that point in time we only had 200,000 sold, but what happened was the crowds started to buy tickets and the problem solved itself."

Levy also said that all the Organising Committee’s accounts are published annually and, therefore, the criticism that there is no transparency are unfounded.

Rio 2016 organisers revealed last month that it was hoping to spend around BRL200 million (£47 million/$61 million/€55 million) of mostly public money on services for "clients and athletes" at the Paralympic Games following the lifting of an injunction forbidding such support.

The remaining shortfall of BRL50 million (£12 million/$15 million/€14 million) was plugged following a successful drive to boost ticket sales and generate more sponsors, including state-owned oil giants Petrobras.

Some have claimed this public spending for a sporting event is inappropriate, however, considering the lack of spending on hospitals and other key services in cash-strapped Brazil.