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The International Boxing Association (AIBA) has terminated India's contract to host the Men's World Boxing Championships for not fulfilling obligations to pay host fee as mentioned in the Host City Agreement terms.In a statement issued on Tuesday, AIBA said it has now handed the hosting rights to Belgrade, Serbia for the tournament, scheduled to take place next year.AIBA also said India will have to pay a cancellation penalty of USD 500."AIBA Men's World Boxing Championships takes place in the city of Belgrade in 2021. After New Delhi didn't fulfill its obligations to pay host fee as mentioned in the Host City Agreement terms, AIBA has terminated the contract. Therefore, India would have to pay a cancellation penalty of 500.000 USD," AIBA said in a statement.AIBA Interim President Mohamed Moustahsane said Serbia has everything to orgze a great event for athletes."First of all, we are happy to announce our next major elite competition. I'm sure all the nation would be proud to host the Championships in Belgrade. Serbia has everything to orgze a great event for athletes, coaches, officials, and, of course, for our boxing fans," Moustahsane said in a statement."It's a big step toward our new competition system and also the financial stability of our orgzation, which is going to be less and less dependent on the Olympic money'," he added.Moustahsane also stated that AIBA Executive Committee will discuss with the host country possible dates to adjust keeping in mind the coronavirus pandemic."Because of rescheduling of the Olympic 2020, AIBA Executive Committee will discuss with the host country possible dates to adjust. We believe that we will keep planned timeframe and conduct World Championships in 2021 after the Games if the pandemic situation is under control. As soon as it is fixed, this will help our boxers to plan preparation for next year properly," he said.The President of Serbian Boxing Federation, Nenad Borovcn, believes that Serbian Boxing Federation will do a fantastic job in orgzing this tournament."After the historical tournament of 1978 in the capital city of Yugoslavia, this is the second time for our nation to be back as hosts. Winning the medal at AIBA World Boxing Championships is a dream of all the boxers. And it is in our nature - never to stop until our dreams are achieved," Borovcn said."I strongly believe that the Serbian Boxing Federation will do a fantastic job in orgzing this tournament and that both the competitors and spectators will take great pleasure in the opportunity to participate in it. I would like to express my utmost gratitude to the International Boxing Association for convening such a wonderful event," he added.( With inputs from ANI )

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