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The Vatican reported a deficit of €66.3 million ($78.29 million) for 2020, in balance sheets made public on Saturday, July 24.
At the same time the Vatican also— for the first time— provided a full balance sheet for the Administration of the Patrimony of the Apostolic See (APSA), the body that handles investments and functions as the treasury for the Holy See.
The operating deficit for 2020 was far greater than the €11 million shortfall for 2019, but compared favorably with the record €75 million deficit from 2018.
Father Juan Antonio Guerrero Alves, the prefect of the Secretariat for the Economy, pointed out that the Vatican had braced for a deficit anywhere in a broad range from €65 to €146 million, because of the uncertainties of a year marked by the Covid epidemic. The actual shortfall was closer to the most optimistic range in those grim predictions. Father Guerrero reported that budget cuts had helped to staunch the flow of red ink. …