BEIRUT, Lebanon 

Lebanon has inked an agreement with Iraq to import one million tons of fuel in a bid to ease the country's fuel shortages.

"The deal includes importing one million tons of fuel for the Electricity of Lebanon Corporation,” caretaker Energy Minister Raymond Ghajar told a press conference held at Beirut International Airport upon his return from Iraq on Saturday.

Ghajar said the agreement will guarantee sufficient electricity for four months and welcomed other countries to take a similar initiative.

For the past few months, cash-strapped Lebanon has been suffering from an acute shortage of fuel due to the lack of sufficient foreign exchange which has affected imports, causing frequent power cuts and a severe fuel shortage.

The Arab country has witnessed a severe economic crisis in the past two years that has left it on the verge of financial collapse.

*Writing by Ibrahim Mukhtar in Ankara