Vatican: spending cuts in order not to reduce jobs

The lack of revenue and the current budget deficit call for greater efficiency, transparency and creativity as we work to continue to fully carry out the mission of the universal church, the head of the Vatican's Economic Bureau said.

"A moment of financial challenge is not a time to give up or to throw in the towel, it is not a time to be 'pragmatic' and forget our values," the Jesuit Prefect Father of the Secretariat for the Economy told Vatican News on March 12.

"The protection of jobs and wages has been a priority for us so far," said the priest. “Pope Francis insists that saving money doesn't have to mean firing employees; is very sensitive to the difficult situation of families “. The prefect spoke to the Vatican media as his office released a detailed report of the Holy See's 2021 budget, which had already been approved by the pope and released to the public on February 19.

Vatican: spending cuts in 2021

The Vatican expects a deficit of 49,7 million euros in its budget for 2021, given the continuing economic repercussions caused by the COVID-19 pandemic. In an attempt to provide "greater visibility and transparency to the economic transactions of the Holy See", the Secretariat for the Economy had stated that, for the first time, the budget would consolidate the income and subsidies of Peter's collection and "all dedicated funds . "

This means that the net proceeds of these funds have been detailed when included. In the calculation of the expected total revenues of approximately 260,4 million euros, adding another 47 million euros to other sources of income, which include real estate, investments, activities such as the Vatican Museums and donations from dioceses and others. Total spending is expected to be € 310,1 million for 2021, the report says. "The Holy See has an indispensable mission for which it provides a service that inevitably generates costs, which are mainly covered by donations," said Guerrero. When assets and other income are falling, the Vatican tries to save as much as possible, but then has to turn to its reserves.