Colombia Declares 30-Day Economic Emergency Amid Fiscal Crisis
According to the International Desk of Webangah News Agency, Colombian President Gustavo Petro announced a 30-day economic emergency after the country’s Congress rejected a tax reform bill aimed at generating additional revenue for the 2026 budget. Petro cited an “imminent financial crisis” as the reason for the emergency measure.
The decree allows the government to implement special taxes to meet a $41 billion target, which Petro stated is necessary to manage the nation’s finances next year. The specific scope of these measures and the taxes to be imposed remain unclear.
This decision comes despite Colombia’s strengthening economy, which has outperformed analysts’ expectations. GDP growth is projected to reach between 2.6% and 2.7% by year’s end, exceeding earlier forecasts.
