Iraq has approved measures requested by the International Monetary Fund to unlock loans that should help the country overcome a cash crunch caused by declining oil revenue, Reuters reported.

As the OPEC nation sought budget support from the international community after a collapse in oil prices, the IMF in May agreed to provide $5.4b over three years. However, the funds are conditional on Iraq’s implementing measures to cut spending, increasing non-oil revenue, and settling several billion dollars in arrears to oil companies, according to The Daily Star.

Baghdad expects the IMF board to approve the disbursement of a first tranche of about $600m by the end of June or early July. The agreement with the IMF should unlock a total of $18b in international assistance over three years, Finance Minister, Hoshiyar Zebari, said.