Vatican City: Maximino Caballero Ledo, Prefect of the Secretariat for the Economy, has described the Holy See’s newly released 2024 Financial Statements as a sign of “substantial progress” toward stabilizing the Vatican’s economic landscape. Speaking to Vatican News after Wednesday’s publication, he noted that the figures reflect “positive momentum,” while urging ongoing discipline, sobriety, and pragmatic stewardship.
Caballero emphasized that financial reform is not merely an exercise in balancing numbers, but in ensuring that every contribution received is used in the most effective way to reinforce the Church’s global mission. “Our aim,” he said, “is to strengthen the Holy See’s capacity to transform each resource into meaningful service for the universal Church.”
Responding to a question about the deficit shrinking from 83.5 million to 44.4 million euro, Caballero explained that the turnaround was largely fuelled by a rise of nearly 79 million euro in revenues compared with the previous year. Higher donation flows, stronger results from hospital operations, and improved management of properties and commercial activities all contributed to the shift.
Cost containment and greater operational efficiency helped reinforce these gains, he added, though the Holy See must still work toward eliminating the remaining 44.4 million euro operating shortfall. “The path toward full sustainability is ongoing,” he remarked. “It requires steadiness, realism, and a careful balance between mission and responsible governance.”
Asked whether the budget signals a more sustainable financial foundation for the Church’s mission, Caballero said that the uptick in offerings is encouraging, especially after several years of decline. He interpreted the increase as a renewed sense of trust among the faithful and local Churches, though he stressed the importance of reading such trends with caution.
He reaffirmed that most of the Holy See’s expenditures continue to go directly toward apostolic activities such as evangelization, communication, charitable services, and support for vulnerable dioceses. This long-standing alignment between mission priority and financial commitment, he said, reflects an institutional culture that consistently places pastoral needs first.
The Financial Statements show that investment management generated 46 million euro in positive outcomes in 2024. Caballero acknowledged that these earnings were partly driven by one-time gains associated with reorganizing the investment portfolio according to updated policies and the Investment Committee’s guidance. Such extraordinary gains, he cautioned, are not expected to recur annually.
For this reason, he stressed the importance of reinforcing income streams through donations, fundraising, responsible asset development, and investment strategies aligned with established ethical criteria. The goal, he said, is “not simply to cut costs, but to secure a durable and dependable financial foundation.”
This year’s overall surplus of 1.6 million euro marks a dramatic turnaround from the previous year’s deep deficit. But Caballero warned that some aspects of the improvement were temporary in nature. True sustainability, he said, is not only achievable but indispensable for ensuring that the Holy See’s mission broad, global, and continuously evolving remains vibrant.
“Maintaining balance is only the beginning,” he concluded. “We must continue strengthening the financial structures that allow the Holy See to serve the Church worldwide with stability, integrity, and long-term responsibility.”