Vatican City Faces Big Budget Deficit Yawning Pension Liability
The Vatican is struggling with a widening gap in its finances, with senior cardinals resisting the pope's push for budget cuts. The financial woes are partly due to declining tourist income during the Covid pandemic and growing pension liabilities, which were estimated to total some 631 million euros by the Vatican's finance czar in 2022. The situation has prompted the pope to form a new high-level commission to encourage donations from lay Catholics.
- The Vatican's financial struggles highlight the challenges of managing large-scale organizations with complex networks of stakeholders and limited transparency, underscoring the need for more robust governance structures.
- How will the Vatican's financial woes impact its ability to provide humanitarian aid and support to poor and vulnerable populations around the world?