Secretariat for the Economy Father Juan Antonio Guerrero Alves told the Vatican News that revenue this year is expected to fall between 25 and 45 percent.
Guerrero said part of the loss of revenue stems from the Vatican’s closing of its museums and Holy See’s properties in other nations.
“There will be a contraction of rent income,” Guerrero said. “We had already decided, when we approved this year’s budget, that spending should be reduced to lower the deficit.”
The Vatican has for years run a deficit of up to €70 million, or about $75.7 million dollars, Bloomberg reported.
Guerrero said the Vatican’s deficit spending is not “a hole resulting from maladministration” but “is geared toward financing the mission of the Holy See,” the pope, as well as the Vatican’s charity work and media operations.
“We are not a company,” Guerrero said. “Everything can be measured in terms of deficit. We live thanks to the help of the faithful and we pay €17 million [$18.4 million] a year in taxes to Italy. We work for a transparent system and for the civilization of investments.”
Source: Bradford Betz – FOX NEWS