Venezuela owes foreign suppliers $10 billion, business group says

miércoles 22 de abril de 2015 16:27 GYT

By Corina Pons

CARACAS, April 22 (Reuters) - Venezuelan importers and private companies have racked up arrears of around $10 billion with international suppliers due to delays in the government's allocation of hard currency, the country's main business lobby said on Wednesday.

Under the OPEC country's strict currency controls, companies and individuals apply for access to preferential dollars.

But the government body that assigns dollars has restricted allocations in the last two years amid a severe economic crisis, crimping imports and leading to mounting debts.

Umbrella business group Fedecamaras released the estimate of companies' debt to suppliers at a news conference. "The debt is the same as it was last year," said Jorge Roig, president of the group, a fierce critic of President Nicolas Maduro's socialist government.

"There is a dollar drought like never before," he added, warning that private companies' inventories were running low.

Indeed, according to two sources close to the situation, the government told the local food industry that it is limiting dollar disbursements for food imports so that it can pay down foreign debt amid low oil prices.

The drop in imports and local production have triggered shortages of basics ranging from diapers to milk, as well as medicines and spare parts for vehicles and machines.

The government blames the economic crisis on an unscrupulous business elite seeking to stoke unrest by hoarding goods and fomenting smuggling to neighboring Colombia.   Continuación...