Author Topic: Sochi Olympics budget trimmed $8.4 billion  (Read 2702 times)

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Sochi Olympics budget trimmed $8.4 billion
« on: February 17, 2009, 09:21:33 PM »
The cost of the Olympics in Sochi has decreased thanks to close examination of projects.

The cost of building sports facilities for the Olympics 2014 in Sochi reduced by 15% compared with the initial assessment, said Vice-Premier of the Russian Government, Dmitry Kozak.

The total savings as a result of budget revision Olympic and Paralympic Winter Games will be 300 billion rubles, or 8.4 billion dollars at current rates, Kozak said during a meeting with Prime Minister Vladimir Putin.

According to Deputy Prime Minister, thanks to expertise in the process of approving budgets able to identify and correct the excessive expenditure.

"In respect of the budget is effectively state examination - only on the four palaces, which prepared the project estimates and an examination revealed inflated at 7.5 billion rubles", - Putin said Kozak.

In November last year, Kozak  already talked about the possibility of reducing the budget Olympics.

He predicted that eventually the cost could drop by 30%, in particular due to the reduction of the cost of building materials in a crisis.