Iraq has signed an agreement allowing the cash-strapped Lebanese government pay for 1mn tonnes of heavy fuel oil a year in goods and services, helping Lebanon ease its acute power shortage, the two sides said on Saturday. Lebanon is in the throes of an economic meltdown threatening its stability. It has all but run down foreign reserves and faces a growing shortage of fuel, medicine and other basic goods. Most Lebanese face power cuts for many hours a day. Lebanese caretaker Energy Minister Raymond Ghajar, speaking on his return to Beirut after signing the deal, said the fuel would be used for electricity generation and was enough for four months. He said it was worth about $300mn to $400mn
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