Colombia declares economic emergency after earthquake

Colombian President Abelardo de la Espriella has declared a state of "economic emergency" to address the severe crisis triggered by a magnitude 7.4 earthquake that struck the country on Monday.

The powerful tremor has so far claimed 265 lives and caused extensive damage across various regions. The declaration, made on Wednesday, invokes a constitutional mechanism to mobilize resources and facilitate a swift response to the disaster.

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I inform the country that I have decided to use the economic emergency, a mechanism contemplated by the Constitution, to face this crisis as it should be.

"I inform the country that I have decided to use the economic emergency, a mechanism contemplated by the Constitution, to face this crisis as it should be," De la Espriella stated in a televised address.

This emergency measure will establish a "miracle fund" (fondo milagro). This entity is designed to channel both national and international funds specifically for the reconstruction of critical infrastructure, including hospitals, educational centers, buildings, roads, and airports.

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this instrument "will create a 'miracle fund,' an entity that will channel national and international funds for the reconstruction of hospitals, educational centers, buildings, roads, and airports.