While world athletics

The International Boxing Association: The International Boxing Association (IBA) on Wednesday announced that it will award prize money to pugilists who will win medals in the upcoming Paris Olympic Games, the move getting a sharp reaction from the International Olympic Committee (IOC).

The IBA, which is supported by Russian state-owned gas corporation Gazprom and has been thrown out of the Olympics by the IOC and its recognition withdrawn alleging lack of transparency in its funding, said it would follow the example of World Athletics, the global governing body of track and field competitions, in awarding prize money to medal winners in Paris.

While World Athletics announced that it will pay $50,000 to gold medallists, but nothing to the minor medallists at this year’s Paris Olympic Games, the IBA went a step further and said it will pay bonuses to gold, silver and bronze medallists from a total budget of $3.1 million.