Malta Church Records Deficit Of €8.8 Million – But Doubled Donations To Those In Need
Malta’s Church doubled its donations to individuals and increased subsidies to entities by 20% in 2022, despite recording a deficit of €8.8 million.
It attributed this loss by due to a negative global economic landscape, particularly the impact of the war in Ukraine, rising interest rates, and inflationary pressures that had hit the income of the Archdiocese, which encompasses more than 100 entities and employs 1,300 staff members.
Expenditure for the Archdiocese increased by €7.3 million in comparison to the previous year.
More than €1.2 million were distributed among vulnerable groups, while €3.4 million were required for the maintenance, restoration, and conservation of ecclesiastical property and patrimony. Furthermore, according to a spokesperson, the Archdiocese paid €2.5 million in taxes.
“On a positive note, parish collections and donations have increased by 17% to €1.6 million – in comparison to the previous year when churches and related activities were forced to scale down during COVID-19. However, this important stream of revenue has still not returned to pre-pandemic levels,” Pace Ross said.
In the midst of a challenging financial environment, the Church warned it was supporting a rising number of people seeking its assistance due to cost-of-living pressures, especially when it comes to food and basic necessities.
What did you make of this?
READ NEXT: Cancer Patients Shouldn't Rely On Charity For Chemotherapy In Malta, PN's Stephen Spiteri Urges
