Pope Francis has declared that the Vatican will follow a new set of financial procedures meant to curb corruption and discourage waste as the city-state anticipates revenue drops of as much as 45 percent due to lack of tourists, according to the Wall Street Journal.

The Vatican, which has been in a state of financial reorganization since Pope Francis was first elected in 2013, released the new measures as part of a 34-page papal edict. First, anyone convicted of, or currently under investigation for, crimes such as fraud, money laundering, tax evasion, or participation in organized crime will be forbidden from bidding on Vatican contracts. Second, those same contracts will now be approved through a centralized panel that will use as guidance a list of standardized prices and fees set by the Vatican.

Even before the COVID-19 pandemic, the Holy See had been experiencing severe budget shortfalls, with the church relying mostly on donations to plug the widening gap. With global tourism now but a pale shadow of its former glory, these problems will likely escalate; for example, the Vatican's number one source of revenue are the Vatican Museums, which draw about 40 million euros per year. While the museum recently re-opened, it is experiencing sharply reduced attendance.