Colombia's President Declares Economic Emergency to Accelerate Earthquake Recovery

In response to the 7.4-magnitude earthquake that hit Colombia on Monday, President Abelardo de la Espriella invoked constitutional authority to declare a state of economic emergency, allowing him to issue swift, decree-like actions for up to 30 days. He announced the creation of a "Miracle Fund" to gather national and international contributions for rebuilding damaged hospitals, schools, roads and airports. Additional temporary relief proposals include utility payment exemptions, rent assistance for displaced households, and tax benefits for families and small businesses.

Authorities report 265 fatalities, almost 3,500 injuries, 496 missing persons, 11,347 destroyed homes and extensive damage to public infrastructure, especially in Cali, Pereira, Quindío, Manizales and Armenia. The president highlighted that the disaster arrives amid Colombia's most severe fiscal crisis, with high debt and an underfunded budget. The emergency measures must be reviewed by Congress and the Constitutional Court and are limited to a total of 90 days per year.