Dec. 24 (UPI) -- Colombian President Gustavo Petro's government declared a state of economic and social emergency, arguing that the country faces a grave and urgent situation that is undermining the state's ability to meet its obligations.
The decision followed Congress' rejection of a financing bill that sought to raise about $4.2 billion to fund the 2026 national budget and was formalized through a decree issued Monday.
Under the emergency declaration, the government is authorized to issue legislative decrees with the force of law to address the fiscal situation, reorganize the budget and adopt urgent measures that would normally require congressional approval.
The government also cited a deterioration in public order as one of the factors that increase pressure on state spending.
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