TOKYO, Nov 22: Tokyo’s bid committee for the 2016 Olympics says the Japanese government’s $100 billion loan to the International Monetary Fund demonstrates the resilience of the country and the bid against the global economic downturn.

“Japan’s loan to the IMF and its strong banking sector demonstrates the county’s ability to withstand the current global economic situation,” Tokyo’s bid committee said in a statement released Friday.

Tokyo is competing with Chicago, Madrid and Rio de Janeiro to host the 2016 Summer Games.

Tokyo has proposed a compact Games, using many facilities that were built for the 1964 Olympics. Five new venues will be built, each with a sustainable post-Games business plan, the statement said.

“Tokyo’s contribution to the IMF is evidence of the strength of the Japanese economy to overcome the current financial difficulties,” said Tokyo 2016 bid chairman Ichiro Kono. “I believe Tokyo 2016 and the Olympic movement will benefit from the country’s strong financial position.”

Japan pledged $100 billion to the IMF’s measures for tackle the current financial crisis.

Tokyo’s bid topped the International Olympic Committee’s technical evaluation in June but Barack Obama’s victory in this month’s U.S. presidential election appears to have given his home city of Chicago a boost in the bidding race.

The IOC will vote on the host city on Oct. 2 next year.—AP