The Iraqi government announced Tuesday (September 4th) that it will waive interests and charges on all outstanding government loans.

Ali al-Dabbagh, the Iraqi government spokesperson, said in a statement that the government decided to cancel all interests, charges and administrative expenses incurred in connection with such loans. Borrowers will still be required to pay the principal amount of the loan.

"The decision is consistent with the Iraqi government's policy to alleviate economic burdens on citizens and help them benefit from loans without having to pay any interest to government banks," al-Dabbagh said.