Venezuela falls short $100 million to have completely paid off its debt to Colombian exporters, a Venezuelan government official said Tuesday.
In an interview with Spanish press agency Efe, Manuel Barroso, head of the Venezuelan Currency Administration Commission (Cadivi) said that after a revision to filter “simulated imports,” “overbilling and other perversions in order to obtain (foreign) currency,” the Venezuelan government concluded importers did not owe $800 million, but $600 million to Colombian businesses.
The debt was caused when — following clashes with Colombia’s then-President Alvaro Uribe — Venezuelan President froze trade with Colombia in July 2010 and Venezuelan importers stopped paying outstanding debts to Colombian exporters.
After Colombia’s current President Juan Manuel Santos and Chavez took the first steps to normalize relations, Venezuela began revising and paying these outstanding debts.
According to Barroso, the Venezuelan government “by the end of 2010 authorized” the payment of “about 500 million dollars” of the debts
The finance official said he hoped to have completed revising remaining claims “in the coming weeks.”