Iraqi officials have approached the International Monetary Fund (IMF) about securing financial assistance as a result of the conflict in the Middle East, a source close to the Fund and an Iraqi government official said, Reuters reports.

Initial conversations took place during last month’s spring meetings of the IMF and World Bank in Washington, and discussions are ongoing about how much funding Iraq would need and how any loan would be structured, the source close to the IMF said.

An Iraqi official advising on financial policy said Iraq is in preliminary discussions with the IMF and World Bank over a loan to finance the country’s budget, given a sharp revenue shortfall caused by halted oil exports following the Iran war and the closure of the Strait of Hormuz.