The Vatican says it expects a deficit of almost $ 60.7 million this year because of losses related to the pandemic, a figure that grows to $ 97 million when donations from the faithful are excluded
ROME – The Vatican said Friday it expects a deficit of almost 50 million euros ($ 60.7 million) this year because of losses related to the pandemic, a figure that grows to 80 million euros ($ 97 million) ) when donations from the faithful are excluded.
The Vatican released a summary of its budget for 2021 that was approved by Pope Francis and the Holy See’s Council for the Economy, a commission of external experts that oversees the Vatican’s finances. The publication is believed to be the first time the Vatican has released its projected consolidated budget, part of Francis’ effort to make Vatican finances more transparent and accountable.
The Vatican has had a deficit in recent years, reducing it to 11 million euros in 2019, from a 75 million euro hole in 2018. The Vatican said on Friday that it anticipated that the deficit would increase to 49.7 million euros. euros in 2021, but hoped to make up for the deficit with reserves.
Francis particularly wanted to disseminate information about the Pence de Pedro charges of the faithful, which are advertised as a concrete way to help the pope in his ministry and charities, but are also used to manage the Holy See bureaucracy.
The funds were scrutinized amid a financial scandal over how these donations were invested by the Vatican’s Secretary of State.
Vatican prosecutors investigating the firm’s € 350 million investment in a London real estate development said some of the money came from donations from Peter’s Pence. Other Vatican officials dispute the claim, but it has nevertheless become the subject of scandal.
Francisco defended the Vatican’s investment in Peter’s Pence funds, saying that any good administrator invests money wisely, rather than keeping it in a “drawer”.
According to a statement from the Council for the Economy, the Vatican received revenues of around 47.3 million euros from Peter’s Pence and other dedicated funds, and raised 17 million euros in grants, leaving a net profit of around of 30 million euros.
Peter’s Pence’s collection is much lower than it was a decade ago. In 2009, fundraising reached $ 82.52 million, while fundraising totaled $ 75.8 million in 2008 and $ 79.8 million in 2007. Sexual abuse and financial scandals in the church are believed to be at least partially responsible By the decline.
The Vatican’s overall operating revenue decreased by 21%, or 48 million euros, last year. Its revenue suffered a heavy blow with the closure of the Vatican Museums, related to the pandemic, which saw only 1.3 million visitors in 2020, compared with almost 7 million a year earlier. Museums, along with Vatican real estate, provide most of the Holy See’s liquidity.