Pope Francis' Financial Tactics: Bridging the Vatican Deficit

Pope Francis is tackling financial challenges at the Vatican by establishing a commission for donations amidst resistance from cardinals. The Vatican, grappling with a budget shortfall worsened by growing pension liabilities and reduced tourist income, aims to bolster its finances through new funding and strategic cuts.

Pope Francis is navigating significant financial challenges within the Vatican, recently instituting a new 'Commission on Donations for the Holy See' to address the growing deficit. Despite facing opposition from some cardinals regarding budget cuts, the Pope is determined to mend the widening fiscal gap.

The Vatican's budgetary woes have been exacerbated by a substantial decrease in tourist revenue during the Covid pandemic and rising pension commitments. Internal disagreements persist about seeking external funding, which some fear may lead to conflicts of interest. However, Pope Francis is prioritizing financial stability.

As the Vatican braces for the influx of tourists during the 2025 Jubilee, it hopes to capitalize on this opportunity to improve its financial standing. Nonetheless, experts caution that these revenues may not suffice to eliminate the deficit, potentially leading to asset sales to address longer-term fiscal challenges.

(With inputs from agencies.)