NEW YORK - Citibank, which heads the working committee overseeing Argentina's debt restructuring, said the government will pay about $1.2 billion of additional interest arrears to foreign creditors on Wednesday.

Of the total, about $1.1 billion will be in floating-rate bonds and $103 million in cash, the Citicorp unit said.

With these disbursements, less than 4% of the total interest arrears will remain to be reconciled. Citibank said the final disbursement is expected during the first quarter of 1994.

About $8.4 billion in bonds and cash has been disbursed to external creditors of Argentina. Last April, the government of Argentina placed in escrow the 12-year bonds and the cash payment, pending interest reconciliation. The bonds and cash form part of the government's commercial-bank financing package.

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