Vatican on brink of bankruptcy due to declining donations

The Vatican is on the brink of bankruptcy and may not be able to meet its pension obligations after a collapse in revenues, the Express writes.

Currently, the pension fund of the Vatican is estimated to be a staggering €631 million in the red.

The latest financial statements showed the Vatican-the world’s smallest country – ran an operating deficit of 83 million euros in 2023, five million more than in 2022.

As noted, one key reason for the deficit is a collapse in donations from Catholic Churches around the world, as well as from the public. Donations are one of three major sources of income for the Vatican, along with monies received from real asset assets and museum entry fees.

Vatican City is an independent state and the spiritual center of the Roman Catholic Church. It is the smallest country in the world by area and population. The Vatican City serves as the seat of the Pope and the administrative, spiritual, and cultural institutions of the Catholic Church.