Carlos Nuzman, President of Rio 2016, held talks with IOC officials during a meeting of its ruling Executive Board and updated them on the status of their dissolution process.

Rio 2016 organisers are believed to owe at least BRL$87 million (£22 million/$28 million/€26 million) in outstanding payments to suppliers and third parties contracted for last year's Olympic and Paralympic Games.

They will not be able to cease operating as a legal entity until all outstanding payments are made and ongoing legal cases are resolved.

The IOC, however, have made it clear that they will not be contributing any more money having already given Rio 2016 $1.53 billion (£1.19 billion/€1.34 billion).

"The Executive Board stated that the IOC has closed all its obligations with the Organising Committee in December 2016," a statement after the meeting said. 

"The IOC contributed a record amount to the successful staging of the Olympic Games and Paralympic Games in Rio de Janeiro.

"This is in addition to an exceptional financial undertakings by all the Olympic stakeholders which amounted to hundreds of millions of dollars to make these historic Games possible."

Rio 2016 had estimated in April that around one per cent of the initial operational budget of BRL$8.7 billion (£2.1 billion/$2.8 billion/€2.6 billion) remained outstanding.

They claim to have received several recent payments from sponsors to help alleviate the burden.

But they are still hoping for more support from the new City Government headed by Mayor Marcelo Crivella.

The previous administration led by Eduardo Paes dedicated an extra BRL$150 million (£36 million/$46 million/€42 million) in August to help with preparations for the following month's Paralympic Games.

Barely half of this was ultimately received, however, with organisers wanting the remainder to still be paid.

"We have to understand the situation the country is in," Mark Adams, the IOC Presidential spokesperson, said.

"This is a country in severe financial, political and social crisis.

"We want to see a good resolution to this.

"It is more important to look forward on delivering a good legacy for the city, the country and the Olympic Movement."

It was announced last month that the cost of last year’s Olympic and Paralympic Games had increased to BRL$43.3 billion (£10.4 billion/$13.2 billion/€11.8 billion) - around BRL$14.5 billion (£3.5 billion/$4.4 billion/€3.9 billion) more than originally planned.

The original budget when Brazil won the hosting rights to the Games in 2009 was BRL$28.8 billion (£6.9 billion/$8.8 billion/€7.8 billion).

The total cost announced by the Governing Authority of the Olympic Legacy, which said BRL$7.23 billion (£1.73 billion/$2.21 billion/€1.98 billion) was spent on venues for the Games, may still increase further.

insidethegames has contacted Rio 2016 for a comment.