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Vatican beats deficit projections, offers unsure outlook


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ROME — The Vatican recorded a 3 million-euro deficit final yr, far lower than the 33 million euros projected, however faces an unsure monetary future as a consequence of structural issues, an underfunded pension system and different money owed, the Holy See stated Friday.

The Vatican launched its consolidated monetary assertion for 2021, a part of Pope Francis’ push to enhance transparency and to convey order to the Holy See’s murky funds with worldwide budgeting and accounting requirements.

The annual assertion was written utilizing completely different parameters than earlier years, which centered totally on the funds of the Curia, or Vatican paperwork.

The new parameters enhance the variety of entities coated from 60 to 92, together with foundations, hospitals and different Holy See holdings, “to better reflect the economic reality of the Holy See,” the Rev. Juan Antonio Guerrero Alves, the Vatican’s financial system minister, stated.

“We are not looking for surpluses but for sustainability of the Holy See’s service,” he instructed Vatican Media. “A deficit of 3 million euro in a budget of 1.1 billion is not a lot; it is practically balanced, and it does not seem like a figure to cause concern.”

But there have been areas for enchancment, Alves stated, noting the pension system for Vatican retirees is underfunded and the money owed of a debt-ridden Catholic hospital in Rome that has been introduced into the Holy See’s stability sheet for the primary time. Just to cowl prices, the Holy See has to promote 20-25 million euros in property annually, he stated.

Vatican beats deficit projections, offers unsure outlook.
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