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The Vatican, the spiritual and administrative heart of the Catholic Church, faces an unprecedented financial crisis, with reports suggesting it is teetering on the brink of bankruptcy.
A combination of plummeting revenues, disillusioned donors, and mismanagement under Pope Francis has left the institution struggling to meet its pension obligations, Daily Express reported.
In 2023, the Vatican reported an operating deficit of $87 million, an increase of $5.3 million from the previous year. The shortfall stems largely from a dramatic decline in global donations from the Catholic faithful and the broader public.
President Barack Obama bids farewell to Pope Francis following a private audience at the Vatican, March 27, 2014. (Official White House Photo by Pete Souza)
Donations, historically a cornerstone of the Vatican’s revenue, have dwindled as many Catholics express discontent with Pope Francis’ progressive reforms.
The pontiff’s controversial stance on issues like climate change, immigration, transgender agenda, and the redefinition of family values has alienated many devout Catholics.
Donations from churches and individual believers have dwindled as traditionalists express frustration with the Vatican’s drift toward secular progressivism.
Further compounding the crisis, tourism—a critical income stream—has not rebounded to pre-pandemic levels. Visitor numbers to the Vatican Museums and St. Peter’s Basilica remain low.
The financial strain has placed the Vatican’s pension fund in peril. Currently, the fund sits at a staggering €631 million ($663 million) in the red, jeopardizing the livelihoods of retired clergy and staff.
Pope Francis himself admitted the gravity of the situation, stating, “The current system is unable to guarantee in the medium term compliance with pension obligations for future generations. We face serious and complex problems that risk worsening if not addressed in time.”
The Vatican is now pinning its hopes on the Great Jubilee of 2025, a celebration marking the 1,700th anniversary of the Council of Nicaea, according to Daily Express.
The event, expected to attract over 35 million pilgrims, is being hailed as a potential financial savior.
Pilgrims, lured by the promise of indulgences and spiritual renewal, are anticipated to inject much-needed revenue into the Vatican’s coffers.
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