Venezuela firms to pay $55 mln in Colombia debts

Reuters, 06.17.03, 1:03 PM ET BOGOTA, Colombia, June 17 (Reuters) - Venezuelan firms will over the next two weeks pay $55 million in money owed to Colombian companies but delayed due to currency restrictions, Colombia's state news agency CNE reported on Tuesday. Venezuela's Foreign Minister Roy Chaderton promised the payments after meeting his Colombian counterpart Carolina Barco in Bogota on Monday, CNE said. The transfers to 43 companies are part of a total $220 million owed to Colombian exporters which has been held up by Venezuela's exchange rate controls put in place early this year, the agency said, citing a figure provided by Deputy Trade Minister Jose Manuel Soto. The debts have strained already difficult relations between the two Andean neighbors, but the Venezuelans have promised that their currency board will make dollars available to its debtors so that they can pay off their Colombian suppliers. Venezuela was Colombia's second-largest trading partner last year, but exports have collapsed this year due to Venezuela's economic crisis and the exchange controls enacted in order to halt devaluation and capital flight.