MOSCOW -- Ukraine is in negotiations with the International Monetary Fund to restructure a $3 billion loan due later this year and extend the repayment period until 2022, officials said Thursday.

"Ukraine has the right to raise the question of restructurization," said Vitaliy Lukyanenko, a spokesman for Ukrainian Prime Minister Mykola Azarov told Dow Jones Newswires.

He said Kiev is ready to pay the IMF loan if necessary. "It is already figured into the budget."

Earlier in the day, Ukrainian First Deputy Economy Minister Vadim Kopylov said the country was delaying repayment of its IMF loan by 10 years.

"With refinancing, it's necessary to move something from one pocket to another, and this diverts certain funds," Kopylov said, according to an Interfax report. "But when it comes to restructuring, there's no need to get anything, we simply postpone [the repayment of debt]."

Ukraine's economy has been slowed by weakening demand for metals exports, while imports of natural gas from Russia have between the two on a new price have so far been unsuccesful.

Kiev has some $9 billion in outstanding Eurobonds. This year's debt stems from a bailout program the IMF extended in 2008-2009.

-By Ira Iosebashvili, Dow Jones Newswires; 7-495-232-9192; ira.iosebashvili@dowjones.com