Vatican Begins Campaign to Cut $57M-$68M Deficit

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    In Rome, Pope Leo XIV marked an important Catholic feast on Sunday, emphasizing the need for financial contributions from the faithful amid the Vatican’s ongoing fiscal challenges. With the current pope being the first American-born leader of the Catholic Church, a new initiative has been launched to encourage lay Catholics to assist in addressing the Holy See’s financial deficits.

    The pope led the Mass at St. Peter’s Basilica on the Feast of Saints Peter and Paul, a day traditionally devoted to recognizing and supporting the Church’s needs. During this celebration, Pope Leo bestowed the pallium, a woolen vestment, upon 54 newly appointed archbishops. Expressing gratitude towards those who have already donated, he spoke of their financial support as a testament to the bond with his fledgling papacy.

    The June 29 feast day is often accompanied by special collections in churches worldwide called Peter’s Pence. This fund is critical for supporting the central operations of the Catholic Church and also for funding the pope’s personal charitable endeavors.

    In an effort to enhance fundraising, the Vatican has introduced an American-styled approach, utilizing a promotional video, posters, QR codes, and a website to facilitate donations. This initiative, under the leadership of the Chicago-born Pope Leo, aims to minimize the Holy See’s sizeable deficit, estimated between 50 million to 60 million euros ($57-68 million).

    The campaign’s video highlights personal moments from Leo’s early days as pope, alongside an inspiring soundtrack, to persuade viewers worldwide to support Peter’s Pence. The message, available in multiple languages, calls for contributions to assist Pope Leo in spreading the Gospel and supporting those in need.

    At the conclusion of his noon blessing, Pope Leo reiterated the importance of Peter’s Pence, referring to it as a gesture of unity and participation with his Apostolic Ministry. He expressed heartfelt thanks to those who have supported his mission.

    Peter’s Pence has faced scrutiny in recent times due to poor management and questionable investments within the Vatican’s secretariat of state, leading to legal issues. A recent investigation into a failed London property investment revealed that much of the fund had been diverted to cover budget shortfalls instead of charitable purposes.

    The financial strain was further exacerbated by the COVID-19 pandemic, which severely affected traditional church collections, leading to a drop in donations. Although contributions to Peter’s Pence increased from 43.5 million euros in 2022 to 54.3 million euros in 2023, the fund still faced expenses of 75.4 million euros in 2024, continuing its financial strain.

    Additionally, the Vatican is dealing with an alarming 1 billion euro ($1.17 billion) gap in its pension fund, which, before his passing, had been flagged by Pope Francis as unsustainable in the medium term. Unlike nations, the Holy See does not issue bonds or tax its citizens but relies on contributions, investments, and various commercial activities for revenue.

    Historically, American Catholics have been the largest contributors to Peter’s Pence, donating nearly a quarter of the total annually. Vatican officials now hope that with Pope Leo’s leadership and an American overseeing financial reforms, donors will feel confident in the responsible use of their contributions.

    In a recent press briefing, the Vatican’s economy ministry emphasized the importance of Peter’s Pence as a key support mechanism for the pope’s mission. This initiative is seen not only as a financial contribution but as a means of fostering unity and furthering the pope’s objectives to disseminate the Gospel, promote peace, and encourage Christian charity.