VATICAN CITY – Just days before being hospitalized for double pneumonia, Pope Francis was locked in a battle with senior cardinals over the Vatican’s worsening financial situation.
On Wednesday, as the pope marked his 13th day in the hospital, the Vatican announced a new “Commission on Donations for the Holy See”, aimed at boosting financial contributions. This move followed internal resistance to the pope’s proposals for budget cuts and external fundraising efforts to bridge a growing deficit.
Despite repeated salary cuts for cardinals and a “zero deficit” policy set in September, Vatican finances remain in the red. The last reported budget shortfall in 2024 was €83 million ($87 million), a sharp rise from €33 million in 2022. The Vatican’s pension fund liabilities, estimated at €631 million, add further pressure.
Insiders speculate that wealthy Catholic donors from the U.S. and Europe may be tapped to help, though some fear contributions could dwindle if they suspect funds will cover pensions rather than charitable work.
Looking ahead, the Vatican is expecting 32 million tourists for the 2025 Holy Year (Jubilee), which could boost museum revenue. However, experts warn that the income won’t be enough to resolve the financial crisis, leaving the pope with tough decisions—including a potential sell-off of Vatican investments.
With Pope Francis, 88, frequently hospitalized in recent years, concerns remain over how long the Vatican can sustain its current financial model.