Colombia faces earthquake reconstruction with 96% of the year's debt quota already used
Colombian President Abelardo de la Espriella declared an economic emergency on Wednesday to address the consequences of Monday's magnitude 7.4 earthquake in the west of the country. The move comes against a backdrop of fiscal constraints that will shape how reconstruction is financed.
Colombian President Abelardo de la Espriella declared an economic emergency on Wednesday following Monday's magnitude 7.4 earthquake in the west of the country. The quake caused widespread destruction across a broad area that includes the city of Cali.
But reconstruction efforts are beginning under serious fiscal strain, since the government has already used 96% of its debt quota set for the year. That leaves open questions over how additional spending will be financed.
Officials are trying to balance emergency relief with longer-term rebuilding as fiscal room narrows. Rescue operations are still ongoing even as the government's budget maneuvering space shrinks.
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