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The Vatican projects a deficit of almost 50 million euros due to COVID losses

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The Vatican has had a deficit for the past few years, narrowing it to 11m euros in 2019 from a 75m-euro hole in 2018. The Vatican said on Friday it predicted the deficit would rise to 49.7m euros in 2021, but that waited to make up for the shortage with reservations.

Francis particularly wanted to release information about Peters Pence collections from believers, which have been billed as a concrete way to assist the pope in his ministry and charitable work, but are also used to run the Holy See bureaucracy.

The funds have been put under scrutiny amid a financial scandal over how those donations were invested by the Vaticans state secretariat.

Vatican prosecutors investigating offices’s 350m-euro investment in a London real estate venture have said some of the money came from donations from Peter Pence. Other Vatican officials dispute the claim, but it nevertheless became the cause of scandal.

Francis has defended the Vaticans investment of Peters Pence funds, saying any good administrator invests money rather than keeping it in a drawer.

According to an announcement from the Economic Council, the Vatican received revenues of about 47.3 million euros from the collections of Peters Pence and other dedicated funds and made 17 million euros in grants, leaving a net of about 30 million euros.

The amount of Peters Pence collections is much lower than a decade ago. In 2009 the collection reached $ 82.52 million, while the collection reached $ 75.8 million in 2008 and $ 79.8 million in 2007. Sexual abuse and financial scandals in the church are believed to be at least partly responsible for the decline.

Vaticans’ total operating income fell 21%, or 48m euros, last year. His proceeds received a bad blow from the closure of the Vatican Museums in connection with the pandemic, which saw only 1.3 million visitors in 2020 compared to nearly 7 million last year. Museums, along with Vaticans real estate properties, provide most of the Holy Signs liquidity.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, transmitted, rewritten or redistributed without permission.

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