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December 2020

Financial resources

Pope Francis reorganizes Vatican financial resources amid coronavirus and questionable investments, World News

A scandal has caused upheaval in the Vatican. The Pope has made the big decision to strip the Vatican’s most powerful office of its financial assets. It came after questionable investments squandered millions of dollars in church donations.

The scandal and the pandemic have now caused a more serious crisis for the Pope – a budget deficit.

Read also | Glimmer of hope vaccines must be given to everyone: Pope Francis

Pope Francis has cut the purse strings of the Secretariat of State – the executive arm of the Holy See. All of his financial holdings and real estate assets are moved to another office after a rather embarrassing scandal.

More than a year ago, the Vatican carried out an unprecedented raid. The target was the offices of the banking regulator. The trigger was the mismanagement of donations.

Reports say some of it was used to buy an expensive property in London for over 300 million euros ($ 366 million) – a price well above market value. The bill was inflated by middlemen by more than 100 million euros, according to a report. A careful examination of the accounts revealed several questionable investments. Reports say they happened without the supervision of central economic institutions.

Now Pope Francis appears to be taking matters into his own hands as he considers bringing in a committee of outside experts. They are expected to establish new financial and ethical guidelines. The Vatican is also seeking to tighten its belt as its coffers could dry up.

WATCH |

This year the Vatican faces a large budget deficit. For most of the years it has hovered between 60 and 70 million euros. This year, it could go up to 100 million euros.

The pandemic has hit church revenues. The collections of the Vatican City Museums tend to bring in more than 40 million euros. However, this year all museums have been closed for long periods of time due to the coronavirus and the Vatican has lost millions in revenue.

Pope Francis now faces his biggest test, as he was elected mandated to reform Vatican finances. However, this task has proven to be a major challenge over the past seven years.

Thanks to the retreat of the Vatican bureaucrats, now scandals have tarnished the reputation of the Catholic Church and the budget deficit is causing more embarrassment.

Last year’s budget deficit was filled with donations to the poor, with the deficit now expected to reach € 100 million. The Pope is sure to face difficult times.


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Finance agency

Melanie Walter to lead New Jersey housing and mortgage finance agency

As previously reported by Insider NJ, Melanie Walter will take over as head of the NJ Housing and Mortgage Finance Agency, succeeding Charles Richman, who is retiring.

The Murphy administration released the following announcement this morning:

TRENTON – Lieutenant Governor Sheila Oliver, President of the New Jersey Housing and Mortgage Finance Agency (NJHMFA), today announced that Melanie R. Walter, DCA Director of the Division of Local Government Services (DLGS) and former Deputy Attorney General Manager, was appointed Chief Executive Officer by the Board at its December 10 meeting.

Ms Walter was Director of the Department of Community Affairs (DCA) of the Division of Local Government Services (DLGS) and Chair of the Local Finance Council for two and a half years, first as Acting Director and then under permanent appointment. . In this role, Ms. Walter has advocated for local government interests, revitalizing the Division’s support initiatives and developing grant programs while overseeing the financial and operational regulation of local New Jersey units to help ensure fiscal solvency. Through these roles, she championed transparency measures as well as extensive open data and local education programs, and improved local purchasing, municipal agent certification, and struggling municipal resources. More recently, Ms. Walter has developed and implemented numerous response and recovery measures related to COVID-19.

“Melanie Walter has been and will continue to be a major asset to our DCA team, and I look forward to working with her in her new role as Executive Director of HMFA”, said Lt. Gov. Oliver, who is DCA commissioner and chairman of the HMFA board of directors. “Her extensive experience in local government and community issues will continue to serve our state well and I am pleased that she takes on this new leadership role to help advance our mission of improving quality of life. New York residents. Jersey.”

Prior to joining DCA in 2018, Walter served as Deputy Attorney General in the Personnel, Community Affairs and Elections section of the New Jersey Law Division. In this capacity, she has advised several departments, handling a wide range of complex advisory and litigation issues for the Ministry of Community Affairs, the Civil Service Commission and other state agencies.

Ms Walter, originally from New Jersey, received her JD from the College of William and Mary School of Law, her MA in Public Policy from the Thomas Jefferson Program in Public Policy at the College of William and Mary, and her BA in Economics from the ‘University of Mary Washington. She is a member of the bars of New Jersey and Virginia.

“I thank Governor Murphy, Lieutenant Governor Oliver and the NJHMFA Board of Directors for the honor of serving the residents and communities of New Jersey in this new role.” says Mélanie Walter. “I look forward to working with the agency’s professional staff and its many stakeholders to continue to expand and preserve access to quality housing throughout our state, especially at this critical juncture.”

“Melanie Walter will be an exceptional Executive Director. His training and legal training as well as his experience in the management of the Local Government Services Division will be very useful to him in this position ”, said current NJHMFA executive director Charles A. Richman. “I have known Mélanie for over 6 years and I have no doubts about her ability to lead the HMFA.

We are proud to welcome Melanie Walter to lead our New Jersey mortgage and housing finance agency team.

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