RIO DE JANEIRO: An audit into the finances of the 2016 Rio Olympics shows preparations are behind schedule with earmarked state cash largely unspent, Brazilian press reported on Thursday.
The Brazilian sports ministry has set aside a budget of 1.6 billion reais ($712 million) towards the staging of South America’s first Olympics and the Paralympics thereafter.
But an audit by the Brasilia-based national auditing office, TCU, has shown that only five percent of that funding has been spent.
The report also accused the Public Olympic Authority, a public consortium set up to oversee delivery of the Games, of poor coordination.
The organisers were not immediately available for comment.
Brazil is also hosting the World Cup next year amid widespread fears that even if stadiums are ready in time, the necessary huge overhaul of the giant country’s sagging infrastructure will not be completed in time.
The World Cup alone is set to cost an estimated $16 billion.