Pope Leo XIV Observes Feast Day With New Fundraising Campaign to Address Vatican’s Nearly $68 Million Deficit

Pope Leo XIV on Sunday observed Mass in St. Peter’s Basilica for the Feast of Saints Peter and Paul, according to a report published by The Associated Press.

Pope Celebrates Mass, Expresses Gratitude to Donors

The feast day, a highlight of the Catholic calendar, is traditionally spent collecting funds for the running of the Vatican. During Mass, Pope Leo expressed gratitude to donors, noting that their gifts marked solidarity with his young pontificate, the report said.

According to the report, the Feast of Saints Peter and Paul traditionally involves a solemn collection for Peter’s Pence, which is used to support both the Vatican central administration as well as the pope’s charity work. This year, however, the Vatican introduced a new, contemporary fundraising campaign designed to address the financial woes of Holy See.

New Fundraising Strategy to Tackle Approx. $68 Million Deficit

In a bid to bridge the Vatican’s projected $57-$68 million gap, the Vatican under the first American pope initiated a US-style campaign to raise money, employing a promotional video, posters, and a QR code to invite donations by credit card, PayPal, bank transfer, and post office transfer, as reported by The Associated Press. The video reportedly included moving images of Pope Leo XIV’s initial days as pope, including his moving appearance on the St. Peter’s Basilica loggia and his initial moments as St. Peter’s successor.

Assist him in preaching the Gospel to the world and in offering a hand to our brothers and sisters in need, the message on the video states. Pope Leo echoed the statement Sunday in his blessing, referring to the Peter’s Pence collection as “a sign of communion with the pope and solidarity with his Apostolic Ministry,” as reported by the US-based news agency.

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What Are the Financial Challenges?

In recent times, the Peter’s Pence fund has come under criticism because of alleged mismanagement and poor investments, the most notable among them being the London property transaction, reports suggest. Donations towards Peter’s Pence had fallen sharply because of the COVID-19 pandemic, plummeting to €43.5 million in 2022, the report further said, adding that contributions went up again in 2023 to €48.4 million and even reached €54.3 million in 2024. The fund, reports say, has been generating higher costs, which in turn is adding to the Vatican’s constant budget problems.

Aside from the operating deficit, the Vatican is also reportedly dealing with a €1 billion shortage in its pension fund, making its financial future more complicated.

Vatican’s Hope for Financial Reform

With Pope Leo XIV at the fore and a renewed emphasis on financial controls, Vatican officials are hoping to reassure donors that their donations will be used properly. American Catholics, who in the past have donated on average a quarter of the overall Peter’s Pence donations, will likely be pivotal to this campaign, the report suggests.

This is a tangible means to be close to the Holy Father in his work of service to the universal Church, the Vatican’s economy ministry recently said, according to the publication, while also noting that the campaign enables Catholics to be part of the Pope’s mission to advance peace, spread the Gospel, and Christian charity.

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