Join Pope Leo XIV’s Feast Day Celebration: Vatican Launches Bold Campaign to Eliminate $57-68 Million Deficit

ROME (AP) — Pope Leo XIV recently marked a special feast day aimed at encouraging donations from the faithful. During the Feast of Saints Peter and Paul, he held Mass at St. Peter’s Basilica and expressed gratitude to those who have contributed. Leo highlighted that these donations represent support for his early days as pope.

Traditionally, the Feast on July 29 sees special collections for Peter’s Pence—a fund that helps finance the Catholic Church’s central government and the pope’s charitable activities. This year, the Vatican is trying a more innovative approach to fundraising, hoping that a campaign influenced by American methods will help alleviate its significant budget deficit, estimated between 50 million to 60 million euros (approximately $57-68 million).

The Vatican’s promotion includes a video showcasing Leo’s heartfelt moments as pope, inviting people to donate. The message is clear: contributions to Peter’s Pence enable the pope to spread the Gospel and assist those in need.

However, the fund has faced scrutiny. Recent scandals revealed mismanagement of its assets, raising questions about where the donations actually go. A trial related to a failed investment in London showed that many contributions were used to cover the Holy See’s financial shortfalls rather than charitable initiatives.

In 2022, donations plummeted to just 43.5 million euros, the lowest since 1986, largely due to the pandemic and church closures. While contributions rebounded to 48.4 million euros in 2023 and 54.3 million euros in 2024, expenses for the fund exceeded its income, reaching 75.4 million euros ($88.3 million).

Beyond the operational deficit, the Vatican is dealing with a substantial 1 billion euro (about $1.17 billion) shortfall in its pension fund, a problem noted by Pope Francis before his passing. The Vatican doesn’t have the option of issuing bonds or taxing its residents, relying instead solely on donations, investments, and earnings from the Vatican Museums and other ventures.

Historically, American Catholics have been the largest contributors to Peter’s Pence, accounting for around a quarter of all donations. With the new financial oversight introduced under Leo’s leadership, there is cautious optimism that donors can trust their contributions will be used responsibly.

Expert Insights: According to a report from the National Catholic Reporter, the Vatican’s financial challenges reflect broader trends seen in many religious organizations today, where traditional methods of fundraising are evolving. Experts suggest that transparency and effective communication will be key to building donor confidence moving forward.

In summary, as Pope Leo XIV begins his pontificate amid financial difficulties, his innovative approach to fundraising and commitment to transparency may play a crucial role in revitalizing support for the Holy See.

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