Hi, could you please summarize and analyze this article (in 2 pages maximum) from a financial point of view? Thank you

Pope Francis ordered Vatican officials to close a widening budget deficit at the Holy See and stop poorly managed spending and investments from undermining the operations of the Catholic Churchs global headquarters. The Holy Sees deficit doubled in 2018 to roughly 70 million ($76.7 million) on a budget of about 300 million, reflecting persistent inefficiencies and hits to investment income, according to senior Vatican officials. The gap is a measure of how the pope has fallen short of his mandate when elected six years ago to overhaul the Vaticans management and finances. The Vatican also remains without a finance chief more than two years after the last one, Cardinal George Pell, left to face sex-abuse charges in Australia. I ask you to study all measures deemed necessary to safeguard the economic future of the Holy See and to ensure that they are put into effect as soon as possible, Pope Francis told the head of the Vaticans financial oversight council, Cardinal Reinhard Marx, in a May letter seen by The Wall Street Journal. The pope asked Cardinal Marx to inform the respective heads about the gravity of the situation and to find immediate remedies. The cardinal called an extraordinary meeting of Vatican department chiefs for Sept. 20 to address the issue. Some Vatican officials have complained for years that the Holy See is lax about controlling spending and income. Money at the Vatican: Finances at the Holy See and Vatican City are ultimately the responsibility of the pope.Holy See spending (2018) 300 million, Holy See deficit (2018) 70 million, Holy Sees financial assets 1.8 billion*, Vatican Citys financial assets* 500 million*= 10 employees, Holy See employees 3,000*, Vatican City employees 2,000. Redundant jobs, wasteful procurement and a costly car fleet push up costs, while real-estate holdings around Rome are sometimes not maintained and rents not collected, they say. The Vatican also took a heavy loss last year on a loan to a Catholic hospital. Pope Francis election in 2013 followed cases of alleged corruption, waste and incompetence at the Vatican, including the expenditure of 550,000 on a Christmas manger scene in St. Peters Square. The pope established several new bodies to control finances early in his pontificate, and gave the now-disgraced Cardinal Pell authority over the Vaticans purse. Cardinal Pell clashed with established interests at the Vatican and the pope curtailed his role. Last year the cardinal was found guilty of sexually abusing minors in Australia in the 1990s, a conviction upheld on appeal last month. The pope hasnt named a successor. Also vacant is the job of auditor general, whose first and last occupant resigned in 2017 and accused powerful officials of obstructing him. Some Vatican officials said they believe a management vacuum has contributed to poorly planned spending at the Holy See, which consists of the diocese of Rome headed by the pope and the central administration of the global Catholic Church. Persistent deficits could run down the Holy Sees financial reserves, Vatican officials fear, eventually jeopardizing the popes mission in costly areas such as diplomatic relations, the preservation of the Vaticans historic buildings and art treasures, and other commitments such as employee pensions. What the Holy Father is calling for is that we need an administration, that is the Holy See administration, to be self-sustainable, said Joseph Zahra, a Maltese businessman who is the top layman on the Council for the Economy, which supervises Vatican finances. What he is saying is this cant go on forever. One can see incremental changes but there have to be radical steps, Mr. Zahra said.The Vatican plans to release financial figures this fall for the first time since 2015, he said. Mr. Zahra said the Sept. 20 meeting will address short-term measures to reduce the deficit, such as centralizing IT operations and spacing out costly initiatives such as conferences, while considering ways to improve returns on the Holy Sees financial assets, which total some 1.8 billion, and its considerable real-estate holdings in Rome. Mr. Zahra described the meeting as part of an awareness campaign aimed at Vatican officials. Many of them dont realize the situation the Vatican is in. They think that money is no problem, he said. Vatican officials say that about 30 million of last years shortfall was from a one-time expense: the partial write-off of a loan given around four years ago to a Catholic hospital in Rome, the Istituto Dermopatico dellImmacolata, that was being reorganized following financial difficulties. Asked about the loan, a spokesman for the hospital, Andrea Barbieri, called this account baseless but declined to elaborate. With better decisions, with better decision-making, we hope that we wont find ourselves in other situations requiring such heavy write-offs, Mr. Zahra said. Aside from the IDI loan, the Holy Sees 2018 deficit expanded by several million euros over the previous year, continuing a long-term trend as investment returns and other income have failed to match expenses. About 45% of the Holy Sees budget of around 300 million is devoted to salaries for its roughly 3,000 employees. While the staff is small for the headquarters of a global church with 1.3 billion members, some Vatican officials privately complain that too many employees are in obsolete functions. Many offices employ multiple doormen and ushers whose jobs could be largely eliminated through the use of automated security systems, these officials say. On the other hand, secretarial and research staff are scarce, usually available only to senior officials. Vatican officials say the pope, who has often inveighed against the social ill of unemployment, wont countenance layoffs. The focus now isnt on cutting payrolls but on improving employees productivity, in some cases through retraining, Mr. Zahra said. The Holy See regularly covers much of its annual deficit with a contribution of about 30 million from Vatican City State, the sovereign territory inside Italy ruled by the pope, which keeps separate accounts from the Holy See and regularly enjoys a surplus. The city states revenue comes notably from the Vatican Museums, which usually make at least 40 million in profit a year. Pope Francis decision in 2017 to stop selling cigarettes in the city states shops cut annual profits by several million euros. The Vatican Bank, another separate entity, used to contribute at least 50 million a year to the Holy See, regardless of its performance. But since 2015 the bank now transfers only its profit, which was 17.5 million last year. The forthcoming financial statements for 2018 will be the Vaticans first that completely follow international public sector accounting standards, Mr. Zahra said.