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HomeMarketPope says Vatican's pension fund faces 'severe imbalance' By Reuters

Pope says Vatican's pension fund faces 'severe imbalance' By Reuters

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By Joshua McElwee

VATICAN CITY (Reuters) – Pope Francis mentioned on Thursday the Vatican’s pension fund is going through a “serious imbalance” which will require adjustments to its working construction, and appointed a senior cardinal to take over the fund’s administration.

In an uncommon letter despatched to all of the world’s cardinals and to the leaders of the Vatican’s numerous workplaces, the pope didn’t quantify the scope of the problem.

He mentioned the adjustments would come with “making difficult decisions that will require particular sensitivity, generosity, and willingness to sacrifice on the part of everyone”.

Francis appointed Cardinal Kevin Farrell, an Irish-American prelate who has led the Vatican’s workplace for household points since 2016, to take over because the fund’s administrator.

The pope has expressed unusual concern concerning the Vatican’s finances a number of occasions in current months. In October, he ordered the third discount in three years for the pay packages of the cardinals who lead the Vatican. He has additionally requested them to pursue a “zero deficit” agenda.

The Vatican has not launched a full finances assertion in a number of years however is understood to be going through a severe finances deficit.

The Vatican’s finance czar estimated in 2022 that the web legal responsibility of the pension fund for post-employment advantages amounted to some 631 million euros ($664 million).

The headquarters of the Catholic Church contains two entities: the internationally recognised sovereign entity of the Holy See and the Vatican, a 108-acre city-state inside Rome.

They preserve separate budgets, and Vatican Metropolis revenue, together with from the favored Vatican Museums, has typically been used to plug the Holy See’s deficit, which in accordance with Italian media stood at round 83 million euros ($87 million) final yr. 

($1 = 0.9505 euros)

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