Earthquake in Colombia: What is the economic emergency that Abelardo de la Espriella will declare and why will “every peso transferred be at risk”?

Following a major earthquake that struck Colombia on Monday, the death toll has risen to 265, with 3,494 people injured and 496 remaining missing. The official figures and status updates were released on Wednesday.

In response to the disaster, Colombian President Abelardo de la Espriella announced the declaration of an economic emergency. The measure is intended to mobilize resources and address the ongoing crisis prompted by the seismic event.