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2mo ago

Pope Francis Faces Vatican Financial Crisis During Hospitalization

The 88-year-old pontiff's hospitalization coincides with escalating budget deficits and internal resistance to his financial reforms.

Pope Francis attends the consistory ceremony to elevate Roman Catholic prelates to the rank of cardinal, in Saint Peter's Square at the Vatican, September 30, 2023. REUTERS/Remo Casilli/File Photo
Pope Francis has instructed staff get to grips with a cash crisis at the Vatican

Overview

  • Pope Francis, currently hospitalized for double pneumonia, has been grappling with a growing Vatican budget deficit, which reached €83 million in 2024.
  • The Vatican's financial challenges include ballooning pension liabilities, reduced income from tourism during the COVID-19 pandemic, and opposition within the Church to proposed budget cuts.
  • The Pope recently established a new commission to boost donations, aiming to address financial shortfalls by encouraging contributions from lay Catholics and other benefactors.
  • Efforts to reduce costs, such as cutting cardinals' salaries and proposing external funding sources, have faced pushback from senior Church officials over concerns about conflicts of interest.
  • With a record 32 million tourists expected for the 2025 Jubilee, the Vatican anticipates increased revenue, though experts warn it will not fully resolve the financial crisis.