The International Olympic Committee (IOC) Co-ordination Commission praised the efforts of the Vancouver group and lessons learned while many of its members were observers at the Beijing Summer Olympics earlier this year.

 

Rene Fasel, the International Ice Hockey Federation president from Switzerland who chairs the IOC group monitoring Vancouver's preparations, said he confident that the Canadian city would be ready for its moment on the global sport stage in 16 months.

 

He said: "Our Canadian friends learned many important lessons during their stay in Beijing.

 

"This can be seen in their planning."

 

John Furlong, the president of Vancouver 2010, said: "While this review has been extremely reassuring for our team, we must stay completely focused and not become complacent as we face the major operational challenges that lie ahead."

 

Fasel said organisers still in the process of finalising staffing, transport and volunteer plans, there was time to finish them on schedule over the next 14 months.

 

He said: "If they can quickly finish them over the coming few months, then they will be in a very good position going into their operational phase at the end of next year."

 

The Commission praised the Whistler area, which will host ski and sliding events, and the Athletes Village.

 

Fasel said: "Competition venues in Whistler are truly spectacular.

 

"It is particularly reassuring to see that they are all largely complete and are already being used."

 

The Commission's next visit to Vancouver is expected in late March during which time Canadian officials are planning to review their budget.

 

The challenge to us now is to wring out every non-essential component on the cost side of the budget, said Jack Poole, the chairman of Vancouver 2010.

 

Poole would not reveal what might have to be sliced from the estimated C$1.63 billion (£814 million) budget, saying it was too early.

 

He said: “There’s nothing sacred.

 

“It’s a very uncertain time in the world today.

 

"The bulk of our revenue which has been committed has not yet been received."

 

Furlong said he has had no indication that sponsors are not going to fulfill their commitments to provide hundreds of millions of dollars in critical revenue to stage the Games.

 

He said: “There hasn’t been a payment missed and we’re up to date with every partner and sponsor."

 

Vancounver 2010 last week reported a C$48.1-million (£24 million) deficit for its year-end 2008 reporting period, but officials said it is simply a temporary cash-flow issue.

 

Poole said: “These are frightening times.

 

"We have no reason to think anything will be delayed but you can’t ignore the circumstances we find ourselves in.”

 

"The pace has increased after the Beijing Games and it requires our team to be able to respond quickly to change, particularly given the challenging economy."