Colombian authorities declared a state of economic emergency in the country after the republic's Congress rejected the funding bill, according to the decree.
Earlier, German Avila Plazas, the country's finance minister, announced that the Colombian government is considering declaring an economic emergency, after the republic's Congress rejected the financing bill.
"A state of emergency in the economic sphere is declared throughout the country for a period of thirty calendar days, calculated from the date of entry into force of this decree," the decree reads.
Colombian President Gustavo Petro's government previously proposed a tax reform to raise an additional $2.5-3 billion to cover budget spending, but the Colombian Senate rejected the reform in early December.
