Venezuela Vows to Pay Colombian Companies, El Nacional Reports

Caracas, June 18 (<a href=quote.bloomberg.com>Bloomberg) - Venezuela promised to pay $55 million owed to 43 Colombian companies within two weeks, part of a program to speed up late payments to the neighboring country's exporters, El Nacional reported.

Venezuelan Foreign Minister Roy Chaderton said that the payments will be completed, fulfilling an April 23 promise by President Hugo Chavez.

Colombian companies say they are owed as much as $300 million by Venezuelan customers, with 50 Venezuelan companies accounting for 80 percent of the money owed.

Colombian companies have complained that their payments have been frozen because of Venezuela's system of foreign exchange restrictions, which have choked off sales of dollars to Venezuelan importers. Venezuela imposed currency restrictions in January to arrest a decline in international reserves.

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