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Pope Francis tells Vatican media operations to expect budget cuts
Global Banking & Finance Review®
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By Joshua McElwee
VATICAN CITY (Reuters) – Pope Francis on Thursday told employees of the Vatican’s extensive multi-language media operations to expect budget cuts as part of wider belt-tightening efforts that have recently targeted cardinals.
In a meeting with the department that oversees the Vatican’s newspaper, TV operations, and radio and internet broadcasts, the pope did not offer specifics. He told staff members to “exercise a bit more discipline with money”.
“You need to find ways to save more and seek other funds, as the Holy See cannot continue to support you as it does now,” Francis said, adding to a prepared speech.
The Vatican press office did not immediately respond to questions about the remarks.
Earlier this month, the pope ordered the third reduction in three years for the pay packages of the cardinals who lead Vatican departments. He has also asked them to pursue a “zero deficit” agenda.
The Vatican’s Dicastery for Communication has hundreds of personnel and takes up a big chunk of the city-state’s budget. It includes Vatican Media, which provides TV, radio and internet services in more than 50 languages.
The Vatican has not released a full budget statement in several years.
In 2022, the Vatican’s chief financial office estimated the Dicastery’s budget at 40 million euro ($43 million), a sum totalling more than the cost of the entire Vatican diplomatic operation, including its hundreds of foreign embassies.
The headquarters of the Catholic Church comprise two entities: the internationally recognised sovereign entity of the Holy See and the Vatican, a 108-acre city-state within Rome.
They maintain separate budgets, and Vatican City income, including from the popular Vatican Museums, has often been used to plug the Holy See’s deficit, which according to Italian media stood at around 83 million euros ($90 million) last year. ($1 = 0.9200 euros)
(Reporting by Joshua McElwee, editing by Alvise Armellini and Hugh Lawson)
A budget cut refers to a reduction in the amount of money allocated for a specific purpose, often leading to decreased funding for programs or operations.
Financial management involves planning, organizing, directing, and controlling financial activities to achieve an organization's financial goals.
Financial stability refers to a condition where the financial system operates efficiently, allowing for the smooth functioning of the economy without excessive volatility.
A financial crisis is a situation where financial institutions or assets suddenly lose a large part of their value, often leading to widespread economic disruption.
A budget statement is a financial document that outlines an organization's planned revenues and expenditures over a specific period.
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