President Abelardo de la Espriella announced on August 12, during a news conference held around 5:30 p.m. in Bogotá, his decision to declare an economic emergency to finance earthquake response and reconstruction. He also presented a “Fondo Milagro,” or Miracle Fund. No decree or implementing text accompanied the publications reviewed.
An announcement, not yet a verified decree
The president described the economic emergency as the instrument for mobilising resources quickly. His 7:44 p.m. message confirms his decision to declare it without giving a decree number, an effective date or the legal text.
An economic emergency can allow the government to issue decrees with force of law. Those acts remain subject to Constitutional Court review, so specific measures must be established from the official documents.
The announced “Miracle Fund”
The fund presented by the president is intended to receive public resources, private contributions and international cooperation. The announcement gives no initial capital, amount already contributed or disbursement timetable.
The government links it to rebuilding homes, infrastructure and essential services and supporting the hardest-hit territories.
Relief measures under consideration
The Presidency lists housing and rent subsidies, temporary utility relief, fiscal and financial measures, and support for vulnerable families, businesses and producers. It also mentions employment and economic recovery.
These are described as measures under consideration. They are not the same as aid already awarded or paid.
Infrastructure and humanitarian response
The announced priorities include roads, bridges, aqueducts, schools and health facilities, alongside searches for missing people and humanitarian assistance. The Presidency also mentions international cooperation.
Geographic priorities, sector budgets and oversight mechanisms are not yet detailed in the reviewed publications.
What still needs confirmation
Publication of the decree should establish the emergency’s legal scope, duration and financing. Acts creating or organising the Miracle Fund should also define its governance and eligibility conditions.
The disaster situation declared on August 10 is separate from this new economic announcement.