Business association Fenalco expects little from a meeting between the Colombian and Venezuelan foreign ministers regarding the payment of Venezuelan debt to Colombian exporters. Exporters are more positive.
While Venezuela has paid off 21% of the $800 million debt since agreeing to do so at the end of August, Fenalco president Guillermo Botero said the has “no high expectations” of this ministers meeting, claiming Venezuela does not have the money it owes to Colombia’s export sector.
“There are no high expectations that the payments will be made soon. What has been paid so far has been minimal and not significant … Moreover, they have several stories to justify the lack of resources,” the business leader said.
Export organization Analdex is more positive about Venezuela’s capacity to pay its debts. “One would want that it happened much faster, but I believe we have made progress. The payment issue is beginning to move; some $170 million has been paid and in the coming days they will pay a good amount,” the organization’s president told the same radio station.
Venezuela froze the payment of debt after clashes between President Hugo Chavez and his then Colombian counterpart Alvaro Uribe. Following attempts to normalize relations under the administration of Juan Manuel Santos, the socialist country vowed to repay the debt.