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  • The Vatican said Friday it expects a loss of almost 50 million euros ($60.6 million) this year, due to continued fallout from the coronavirus pandemic. The Holy See foresees revenues of 260.4 million euros and 310.1 million euros in expenses, leading to a deficit of 49.7 million euros, it said in a statement. The Vatican, which does not issue public debt and does not collect taxes, said it would dip into its financial reserves to make up for the shortfall. The Vatican relies on income from its extensive real estate holdings and ticket sales for the Vatican Museums, and both have suffered as a result of the pandemic. The museums were shut for most of the year due to lockdown restrictions, and Vatican authorities agreed to reduce or defer rental payments for struggling tenants. Pope Francis personally approved the figures released Friday. It was the first time the Vatican publicised a provisional annual budget as part of a drive towards greater transparency. In another novelty, the budget includes donations from the "Peter's Pence," the pope's personal charity fund, and other funds. Without their contribution, the deficit for 2021 would amount to 80 million euros, the Vatican's Secretariat for the Economy said. The Vatican has not yet released its 2020 accounts. But a senior official with knowledge of the matter told AFP on Wednesday that a loss of around 90 million euros is expected, with revenues down by 20 to 25 percent. The source said the Vatican could tap its reserves for "a few years" without having to sell off real estate. In 2019, the Vatican posted a deficit of 11 million euros after expenses of 318 million euros outpaced revenues of 307 million euros. aa-cm/ams/rl
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  • Vatican foresees more losses in 2021 due to pandemic
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