Colombia declares economic emergency after devastating earthquake

The Colombian government is declaring an economic emergency following a 7.4 magnitude earthquake that has caused more than 180 deaths, primarily affecting regions including Chocó, Cali, Pereira, Manizales, and Armenia.

Finance Minister Miguel Gómez Martínez announced several measures to address the humanitarian and financial crisis. These include the activation of a credit of up to $450 million from the World Bank, which is expected to be available within the week pending the formal emergency decree. Additionally, the government will make the entire budget of the National Fund for Disaster Risk Management available and prioritize budget items to channel funds toward disaster relief.

To provide relief to citizens, the Ministry of Finance is postponing the income tax payment schedule for individuals in affected areas by one month. Minister Gómez noted that requiring tax compliance during such a crisis is “inviable from a human and operational standpoint,” and suggested the deadline could be extended further if the emergency persists. The Minister also expressed concerns regarding the execution of these funds by the National Unit for Disaster Risk Management (UNGRD), citing previous issues with corruption and mismanagement.