Pope Francis Urges Cardinals Towards 'Zero Deficit' Agenda for Vatican Economy

Pope Francis has called on the world's Catholic cardinals to adopt a 'zero deficit' agenda to improve the Vatican's economic performance. Despite not detailing specific budget cuts, the pontiff emphasized ethical policies to bolster financial management. This push comes amidst past financial scandals, including a significant London property investment loss.

Pope Francis has made a strong appeal to the world's Catholic cardinals, particularly those based in Rome and leading Vatican offices, to embrace a 'zero deficit' agenda aimed at enhancing the Vatican's economic asset management.

In a letter published by the Vatican on Friday, the pontiff highlighted the need for 'a further effort' by the 236 cardinals, who are the highest-ranking officials within the 1.4 billion-member Roman Catholic Church. Francis, who has been Pope since March 2013, has been active in pursuing financial reforms within the Vatican, though he has faced challenges, including a costly investment in a London property that resulted in a loss of approximately 140 million euros ($156 million).

One financer involved in the London deal has taken legal action against the Vatican, seeking redress for alleged damage to his reputation. Francis' letter to his 'venerable brothers,' dated Sept. 16, did not specify whether any targeted budget cuts were planned. Instead, the pontiff called for the 'implementation of ethical policies' aimed at enhancing the economic performance of existing assets. He urged cardinals to prioritize cost reduction and avoid superfluous expenditures, thereby setting an example of essentiality.

(With inputs from agencies.)