Colombia expands disaster region in 2nd emergency decree
Colombia’s government drastically expanded the region affected by the August 10 earthquake in a second decree declaring an economic emergency. According to the decree, President Abelardo de la Espriella declared the emergency in 15 of the country’s 32 provinces “for a period of thirty (30) calendar days, in order to conjure the crisis and prevent […] The post Colombia expands disaster region in…
Colombia's government has expanded the region affected by the August 10 earthquake with a second emergency decree. President Abelardo de la Espriella declared an economic emergency in 15 out of the country's 32 provinces for a period of thirty days. This expansion includes all municipalities listed in UNGRD Situational Report No. 36 and any additional areas with direct damage from the earthquake.
The decree grants the government the power to adopt necessary measures and budgetary/credit operations to address the crisis. The government is considering various extraordinary measures, including tax, credit, and budgetary flexibility, expedited public credit operations, and using the Royalty Savings and Stabilization Fund (FAE) as repayable loans.
They also plan to expand the "Works for Taxes" mechanism, direct management of seized assets, and authorize financial cooperatives to provide credit and savings services to affected non-members. The government has already received COP1.6 trillion ($526 million) from elite donations, and it estimates it needs $30 billion for reconstruction.
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