The government announced just before the weekend that adherence to its offer to restructure US$41.7 billion in bonds issued under national legislation had risen to 99.49 percent.
In a statement issued by the Economy Ministry, the government said that it had received additional agreements "raising to 99.49 percent of the total outstanding capital amount of all eligible securities accepting the invitation to exchange securities denominated in foreign currency issued under Argentine Law.
The text said that creditors who accepted the proposal "will receive new bonds to be issued that will be settled next Monday, November 30."
On September 5, the Alberto Fernández administration announced that 98.8 percent of bondholders had agreed to its proposal.
In its offer, Argentina offered local bondholders a debt swap on the same terms as those agreed with creditors holding bonds issued under foreign legislation.
On August 28, after months of tough negotiations and a much-improved offer, the government closed restructuring talks for US$66 billion held by creditors, paying US$54.8 for every US$100 issued under foreign law.
The government is currently in talks with the International Monetary Fund (IMF) to refinance a US$57-billion loan taken in 2018 by the government of former president Mauricio Macri. To date, Argentina only US$44,000 million. President Alberto Fernández refused to receive the rest of the pending tranches after taking office in December last year.
Economy Minister Martín Guzmán says the government will seek to postpone repayments to the Fund for up to 10 years, with at least a four-year grace period. He said over the weekend that a deal would not be sealed soon.
An IMF mission team visited Buenos Aires last week for the latest round of talks, holding meetings with government officials, business groups, politicians and civil society leaders.
Argentina's economy has been in recession since 2018, with inflation running at around 40 percent annually. Unemployment stands at just over 10 percent, while poverty affects 40.9 percent of the population, according to government data.
The IMF forecasts that Argentina's GDP will contract by 11.8 percent this year.