Economic Emergency: These are the five decrees issued by the Petro government and what each seeks
Tax changes and the shift in rules for generating companies are the most concerning. Photo: UNGRD
TL;DR
- Five decrees have been issued to address the economic emergency caused by severe rains in Colombia.
- A temporary wealth tax will be implemented for legal entities and partnerships with significant assets to fund emergency response.
- Measures include expedited land acquisition for displaced farmers, allowing direct contracting without public tenders, and ensuring continuity of the School Feeding Program.
- The decrees aim to promote climate-smart economic and social restructuring, relocating agricultural activities away from flood-prone areas.
- An additional 2% contribution from electricity generators is mandated for environmental recovery, along with mandatory adjustments to dam operations.
- The government is considering suspending in-person classes and shifting to remote learning due to damage to educational facilities.