Colombian President declares economic emergency to address earthquake crisis

Colombian President Abelardo de la Espriella declared an "economic emergency" to address the crisis caused by the magnitude 7.4 earthquake that struck earlier this week and has so far left 265 people dead.

"As I was saying earlier, it is absolutely necessary, essential and critical to speed up the reconstruction of the affected areas. Therefore, I inform the country that I have decided to declare an economic emergency, a mechanism provided for by our Constitution to address this crisis as it should be,” Reuters quoted the Colombian President as saying in a televised speech.

"The emergency I am proposing will create a Miracle Fund, an entity that will channel national and international contributions to be used for the reconstruction of hospitals, educational centers, bridges, roads and airports that were damaged by the earthquake,” he added.

 "With the declaration of the emergency, the National Government is sending a clear message of commitment to addressing, as a priority and effectively, the needs of the victims and the reconstruction of the territories affected by the disaster that has plunged the nation into mourning,” the President concluded.

More than 500 people are missing, and according to officials, the disaster injured 3,770 people and destroyed more than 9,550 homes.