He will become the Prefect for the Economy of the Holy See and will be responsible for preparing the Holy See and Vatican’s annual budget, as well as financial planning and administration of the Vatican Bank, which has been plagued by allegations of waste poor decision-making.
Cardinal Pell, 72, served with Pope Francis, then Cardinal Jorge Bergoglio, for 10 years when they worked on the Congregation of Sacraments, a part of the Curia overseeing worship. He was also a member of the “C8”, a council of eight cardinals set up by Pope Francis after his election last year to advise him on the governance of the church and reform of the Curia.
His current post as Archbishop of Sydney will become vacant after he relocates to Rome. He is expected to give evidence at the royal commission into child sexual abuse before he takes up his appointment.
