Colombia to declare economic emergency after earthquake without raising taxes

Colombia to declare economic emergency after earthquake without raising taxes

Posted on 8/12/2026, 9:11 AM AST | Updated on 8/12/2026, 9:11 AM AST

BOGOTA - President Abelardo De La Espriella’s government is preparing to declare an economic and social emergency following the magnitude 7.4 earthquake that struck Colombia on Monday and caused damage across 593 municipalities.

The declaration will allow the government to act more quickly, issue decrees with the force of law and mobilize funding for victims and reconstruction.

Finance Minister Miguel Gomez said the government does not currently plan to introduce new taxes. Instead, Colombia intends to activate up to US$450 million in World Bank financing, redirect funds within the 2026 national budget and make spending adjustments and cuts.

The government is also considering postponing income-tax payments for some of those affected. The overall cost of reconstruction has yet to be determined as authorities continue assessing the extent of the damage.