Pope Francis creates new Vatican finance ministry | Inquirer News

Pope Francis creates new Vatican finance ministry

/ 09:25 PM February 24, 2014

Pope Francis. AP

VATICAN CITY — Pope Francis on Monday created a new finance ministry to oversee the Holy See’s economic affairs in a move aimed at increasing transparency and boosting funds for the poor following a wave of scandals at the Vatican bank.

The ministry will be headed up by Australian Cardinal George Pell, and will prepare an annual budget for the Vatican as well as imposing international accounting standards and reporting practices, the Vatican said.

Article continues after this advertisement

“The Holy Father today announced a new coordination structure for economic and administrative affairs of the Holy See and the Vatican State,” it said in a statement.

FEATURED STORIES

The Vatican said the move followed recommendations made by cardinals advising the pope including for a “more formal commitment” to international standards.

The changes “will ensure better use of resources, improving the support available for various programs, particularly our works with the poor,” it said.

Article continues after this advertisement

The new ministry, formally a “Secretariat for the Economy”, will be governed by a 15-member council of eight clergymen from different parts of the world and seven lay international financial sector experts.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: banks, Economy, Finance, Pope Francis, Religion, Vatican

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.