New budget cuts became possible due to the relocation of some Olympic events to the outskirts of the city, and the decision to use existing or temporary sports facilities for the Games, the Kyodo news agency reported, citing the press service of the organizing committee.
"I think we can say we've completed the budget framework. We'll continue to work hard on cost-cutting efforts," Hidemasa Nakamura, the chief financial officer of the 2020 Games, said, as quoted by the agency.
Last year, it was reported that the cost of the Olympic Games 2020 was estimated at $29 billion, four times higher than initial assessment. Later, a working group was established to optimize expenditures. In March 2017, the head of the International Olympic Committee (IOC), Thomas Bach, said that the Games' budget had been reduced by half, but also that more savings could be achieved.
The Summer Olympic Games in Tokyo are scheduled for July 24 — August 9, 2020.
