Pope Francis announces news "never happened before"
Pope Francis announces a news: Late last month, the Vatican announced that the coronavirus pandemic had forced Pope Francis to postpone an annual fundraising campaign among Catholics around the world to help him carry out his ministry.
The coronavirus drains the Vatican coffers with falling incomes, deficits loom
The pandemic it devastated the finances of the Vatican. Forcing him to invest in reserve funds and implement some of the toughest cost control measures ever in the small city-state.
In this bleak context, the maximums Vatican administrators they held an emergency meeting in late March. They ordered a freeze on promotions and hiring and a ban on overtime, travel and major events.
The pandemic has also drastically slowed the flow of funds from Vatican museums. Last year they received around 7 million visitors and are the most reliable cow in town.
The museums, which generate approx 100 million euros per year. They have closed since March 8 and are not expected to open until the end of May at the earliest, resulting in a loss of revenue for up to three months.
Even after the reopening, officials fear that enhanced security measures, social distancing requirements, new health regulations and the expected shortage of international tourists will erode ticket and souvenir sales for years.
Pope Francis announces news: the accounts in detail
The seat of the Roman Catholic Church has two budgets.
One is that of Santa Thirst, the government of the Catholic Church recognized as a sovereign entity under international law. It includes the central administration and embassies that maintain diplomatic relations with over 180 countries.
His income comes from real estate investments, investments and grants such as Peter's Pence. It has been in deficit for many years.
The other budget is for the Vatican CITY, a 108-acre city-state surrounded by Rome. It comprises the vital revenues of the Vatican Museums and traditionally manages a surplus.
The surplus of the Vatican City budget, as well as the contributions of the faithful and the profits of the Vatican bank, used for years to plug the deficit of the Holy See.
The last year for which the Vatican released full budget figures was 2015, when the Holy See had a deficit of 13,1 million euro.
Since then, he said Warrior, the Holy See had annual revenues of about $ 293 million and expenses of about $ 347 million, resulting in an annual deficit of about $ 54 million.
The poisons of the Vatican financial chaos
The Holy See is not a company like any other, it does not hunt for profits and the budgets obviously remain in deficit, however, when speculations are made.