Colombia Declares 30-Day Economic Emergency After 7.4 Quake Kills 314
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Colombia declared a 30-day economic emergency after a 7.4-magnitude earthquake struck western Colombia on Aug. 10, killing at least 314 people and leaving 4,430 injured and 262 missing. President Abelardo de la Espriella signed the decree with his full cabinet late Wednesday, granting temporary authority to issue economic and tax regulations without Congress. The emergency tests De la Espriella's pledges to shrink the state by 40% and avoid tax increases, even as Finance Minister Miguel Gómez estimates the budget deficit at close to 8% of GDP.
Key Facts
- The 30-day economic emergency applies to 15 departments affected by the Aug. 10 earthquake.
- At least 314 people were killed and 262 are missing after the 7.4-magnitude earthquake.
- More than 30,600 homes were destroyed and about 137,000 damaged; 302 buildings collapsed and over 5,800 properties have structural damage.
- Preliminary economic damage is at least 30 trillion pesos ($9.8 billion), equivalent to 1.5% of GDP.
- Finance Minister Miguel Gómez puts Colombia's budget deficit at close to 8% of GDP this year, against a 5.1% forecast left by former President Gustavo Petro.
The Emergency Decree
President Abelardo de la Espriella signed the decree with the full cabinet late Wednesday. The decree grants him temporary authority to issue economic and tax regulations without congressional approval. It enables budget and public-credit operations, temporary tax, customs and foreign-exchange relief, special funds, budget reallocations, faster public-debt authorization, and use of royalty funds. The emergency applies in 15 departments affected by the quake.
Quake Casualties and Damage
The 7.4-magnitude earthquake struck central and western Colombia on Aug. 10. At least 314 people died and 262 remain missing. The quake injured 4,430 people. More than 30,600 homes were destroyed and about 137,000 damaged; 302 buildings collapsed and over 5,800 properties have structural damage.
Fiscal Pressure
The decree cites preliminary economic damage of at least 30 trillion pesos ($9.8 billion), equivalent to 1.5% of GDP. De la Espriella previously said reconstruction will require about $10 billion. Finance Minister Miguel Gómez estimates the budget deficit at close to 8% of GDP this year, compared with the 5.1% forecast left by former President Gustavo Petro. Gómez told lawmakers the administration would not raise taxes despite the emergency. De la Espriella took office less than a week ago promising to shrink the state by 40%.
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Colombia Declares 30-Day Economic Emergency After 7.4 Quake Kills 314
