Argentina said on Tuesday it had issued new government bonds worth a total of 314 billion pesos ($4.795 billion) in a debt swap aimed at helping stave off a sovereign default.

The Economy Ministry exchanged local Treasury bonds worth 98.328 billion pesos ($1.5 billion) for the new instruments maturing in 2020, 2021 and 2022, a swap it said was equal to approximately 90% of total outstanding debt due to mature later this month.

The swap of local-law bonds which had been due to mature on April 28 for the later-dated instruments is part of Argentina’s broader drive to give itself breathing space to restructure a more significant level of international debt.

Argentina will likely make an offer to creditors to revamp around $70 billion of foreign-law bonds this week, which the country has said it cannot pay unless given time to revive stalled economic growth, an economy ministry source told Reuters this week.

Demand for the new local-law instruments outstripped availability of the old, largely due to the large gap between the two values.

Argentina is also in talks about restructuring its borrowings from the International Monetary Fund, which extended a then $57 billion credit facility to the South American grains producer in 2018. The IMF has so far disbursed around $44 billion.