Pope Francis Enacts Bold Reforms for Vatican Pension Stability

Pope Francis has disclosed a significant imbalance in the Vatican's pension fund, initiating a call for structural reforms. Cardinal Kevin Farrell has been appointed to manage the fund, as challenges like a substantial budget deficit loom. The pope's zero deficit strategy forms part of broader fiscal efforts.

Pope Francis highlighted imminent challenges facing the Vatican's pension fund, signaling a need for extensive reforms. The pontiff has appointed Cardinal Kevin Farrell to administer these changes amidst mounting financial pressures.

In an unusual letter addressed to global Catholic leaders, the pope withheld specific figures but emphasized the gravity of the situation. His directive entails making difficult decisions, requiring significant collaborative effort and sacrifice.

Cardinal Farrell's appointment follows the pope's recent cost-cutting measures, including pay reductions for cardinals. Despite not releasing a full budget statement recently, the Vatican grapples with a substantive financial shortfall.

(With inputs from agencies.)