WASHINGTON - US President George W. Bush held a telephone conversation Monday with Libyan leader Muammar Gaddafi to discuss future relations between the two countries, U.S. National Security Council spokesman Gordon Johndroe said. "The president called Libyan leader Col. Gaddafi to express his satisfaction that the claims settlement agreement was fully implemented on October 31," said Johndroe, referring to a 1.5-billion-dollar payment to compensate victims of terrorism. "The two leaders discussed that this agreement should help to bring a painful chapter in the history between our two countries closer to closure." On Aug. 14, the United States and Libya signed a compensation agreement in Tripoli for American victims of Libyan attacks and U.S. reprisals. The agreement calls for the creation of a 1.8 billion-U.S. dollar fund, with 1.5 billion dollars for American victims and 300 nmillion dollars for Libyan victims of U.S. airstrikes ordered in retaliation for the Berlin disco bombing in April 1986. Last month, the United States begun receiving money from Libya for compensating the families of American victims of Libyan-linked terror attacks in the 1980s. "The settlement agreement is an important step in repairing the relationship between Libya and the United States," Johndroe noted. "The United States will continue to work on the bilateral relationship with Libya, with the aim of establishing a dialogue that encompasses all subjects, including human rights, reform, and the fight against terrorism," he added.