Colombia Issues Economic, Social Emergency Decree Over Budget Crisis
The move aims to cope with the current severe situation that the country is facing and take necessary measures to curb the spread of the crisis, said the reports.
Media outlets analyzing the decision identified Congress's December 9 rejection of the administration's tax reform proposal as the catalyst, creating a fiscal chasm of roughly 16 trillion Colombian pesos (approximately 4.2 billion U.S. dollars) in Colombia's 2026 national budget.
Under the emergency declaration, the government gains authority to issue legally binding decrees to address the crisis and prevent its spread. It can also temporarily introduce new taxes or amend existing ones, according to the decree.
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