Cent Rest Pauls

Main Menu

  • Home
  • Church Finance
  • Church Loans
  • Religious Cash
  • Vatican Finances
  • Finance Debt
  • Terms and Conditions
  • Privacy Policy

Cent Rest Pauls

Header Banner

Cent Rest Pauls

  • Home
  • Church Finance
  • Church Loans
  • Religious Cash
  • Vatican Finances
  • Finance Debt
  • Terms and Conditions
  • Privacy Policy
Vatican Finances
Home›Vatican Finances›Pandemic drains Vatican funds and hits reserves

Pandemic drains Vatican funds and hits reserves

By Sophia Jacob
March 12, 2021
0
0



VATICAN CITY, March 12 (Reuters) – The Holy See, the central administrative body of the global Catholic Church, may have to use € 40 million in reserves for the second year in a row as the COVID-19 pandemic burns down its finances, a Vatican official said on Friday.

Father Juan Antonio Guerrero, head of the Vatican Economic Secretariat, also said a special discretionary fund to help Pope Francis run the Church and fund his charities is running dangerously low.

Guerrero spoke in an interview with the official VaticanNews website as details of the Holy See’s estimated budget for this year were released. The key figure, a deficit of around 50 million euros ($ 59.77 million), had already been released last month.

The Holy See’s budget covers the entities in Rome that oversee the government of the 1.3 billion-member world Church, its diplomatic representations and media operations.

Vatican City, including the Vatican Museums and the Vatican Bank, has a separate budget, although revenues from both are often transferred to the Holy See to help fill deficits.

St. Peter’s Basilica and the Vatican Museums, the latter a cash cow that received around 6 million paying visitors in 2019, have been closed or partially open for much of 2020 due to the pandemic. They were due to reopen next week but no longer do so due to another lockdown by Italy.

Guerrero said reserves declined by around 40 million euros last year and are expected to drop by the same amount this year. No total figure for existing reserves was given.

The income of the Holy See comes from donations, property management and investments. Revenue is expected to be around $ 213 million in 2021, down 30% from 2020.

About half of the Holy See’s spending is on staff, and the Pope has insisted on cutting costs without cutting jobs. ($ 1 = 0.8366 euros) (Report by Philip Pullella edited by Mark Heinrich)



Related posts:

  1. Churches prepare to mark second Easter in pandemic
  2. St Peter’s Square empty, other lockdowns mark second Easter amid pandemic
  3. Pope Francis celebrates Maundy Thursday mass with the cardinal he fired
  4. Vatican Cardinal to Catholics: This year’s Good Friday collection is vital for Christians in the Holy Land
Tagspope francis

Categories

  • Church Finance
  • Church Loans
  • Finance Debt
  • Religious Cash
  • Vatican Finances

Recent Posts

  • A Basic Guide to ESG Investing and Why It’s Facing Backlash: QuickTake
  • Pope Calls Out Traditionalists – Catholic Culture War Intensifies
  • ‘We’re not trying to build any wall’ says pastor leading Cotton Bowl evangelical revival
  • War, Vatican II, decision-making: the pope explains
  • Nairobi woman mistakenly shares marriage rules in church Whatsapp group

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • April 2020
  • February 2020
  • January 2020
  • December 2019