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President Abelardo de la Espriella Declares Economic State of Emergency to Fund Reconstruction of Earthquake-Devastated Regions

President Abelardo de la Espriella has declared an economic state of emergency to address the reconstruction of regions devastated by a magnitude 7.4 earthquake. The administration announced that the process will be managed by the newly created "Fondo Milagro," which aims to consolidate a plan for reconstruction with an estimated cost of 30 trillion pesos. While some voices suggest a cost of 50 trillion pesos may be required, the administration has already secured over 2 billion pesos in private donations and a 450 million dollar loan from the World Bank. To facilitate recovery, President Abelardo de la Espriella met with major business leaders to secure an 8% effective annual rate for housing credits for victims. Additionally, Vice President José Manuel Restrepo and Interior Minister Rodrigo Lara coordinated reconstruction activities in Quindío and Valle del Cauca, where subsidies for housing rentals will begin next week. The administration also received over 220 tons of international aid from countries including China, Germany, India, and Paraguay. Simultaneously, the government is managing forest fires in the Tolima department, which are allegedly caused by Farc dissidence, illegal mining, or narco-terrorists.

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