Host South Africa Earmarks Additional Money For 2010 World Cup

November 21, 2008 7:00 a.m. EST

Johannesburg, South Africa (AHN) - The South African government allotted another $140 billion as part of the country's stadium costs for hosting the 2010 World Cup.

The exact cost overruns were first made available in an announcement Thursday, though finance officials had earlier maintained the additional costs for the quadrennial event has long been inserted in the national budget.

In a statement, the government said officials were "looking into this matter to ensure that cost management measures are put in place by the host cities to prevent any further cost overruns."

The total costs for hosting the World Cup have by far exceeded estimates since 2004, when South Africa got the nod to bring the prestigious event to the continent for the first time.

That time, the figures were as low as 3 billion rand but in Thursday's report by the finance ministry, the government has brought in more than 23 billion in infrastructure costs since 2005.

Finance officials blamed the fluctuating exchange rates plus massive increases in oil and steel prices as reasons behind the shoot-up in costs.

The South African government has since used the event to shore up its transportation, communication and infrastructure.