Vatican City, Mar 12, 2021 / 12:01 pm (CNA).- The Vatican said Friday it plans to lower operational expenses by 8% in 2021, while it relies on donations and funds from Peter’s Pence to contain a growing deficit amid the coronavirus crisis.

The Secretariat for the Economy released a 2021 budget for the Holy See March 12, showing a projected deficit of nearly $60 million.

Peter’s Pence will provide the Holy See with $57 million in income, with $37 million being used for operational costs and $20 million for charitable grants.

Praise the Lord

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