BUENOS AIRES Argentina will make scheduled payments totaling some $1.9 billion to the International Monetary Fund (IMF) on Wednesday, an economy ministry source said.

The South American country is in talks with the IMF to revamp its $44 billion loan program with the lender as it battles with dwindling foreign currency reserves, a weak peso currency and annual inflation over 100%.

Argentina has $2.7 billion due to the fund this month alone.

The government hopes to bring forward over $10 billion in IMF disbursements this year, though has been reluctant to agree to tough austerity measures as the next general elections scheduled for October approach.

Economy Minister Sergio Massa is set to travel to Washington once an agreement to ease economic targets is drafted with IMF officials.

(Reporting by Jorge Otaola and Walter Bianchi; Editing by Conor Humphries)