Ukraine will ask the International Monetary Fund (IMF) to refinance its debt stemming from a 2008-2009 bailout program, but can repay it if the fund turns down the request, Ukrainian Prime Minister Mykola Azarov said in an interview with Reuters on Monday.

"Ukraine will thoroughly meet all of its obligations, including those to the IMF, but we have the right to ask for our debt to be offset by the next tranche (under a new, current program). If they refuse, we will repay (the debt)," Azarov said.

He said that such a possibility was discussed at a meeting with IMF Managing Director Christine Lagarde late in January 2012.

"I told this to Mrs. Lagarde, when we discussed these questions... If the IMF, for example, fails to give us the second tranche of the stand-by loan for some reason, then, at least, Ukraine has the right to ask the IMF not to insist on the repayment of the debt that was formed in 2008," the prime minister said.

Ukraine, after paying USD 575 million in February 2012, must repay about USD 3.1 billion to the IMF by the end of the year.

Ukrinform