egypts-imf-cure-poses-health-risk-for-middle-east
The sick man of the Middle East could finally be about to take a dose of financial medicine. Egypt is again in talks with the International Monetary Fund (IMF) to secure a $12 billion line of funding over the next three years. For an ailing economy that has been afflicted by a toxic combination of high inflation, a weak currency, rising unemployment and a gaping budget deficit, the cure is long overdue. But IMF bailout remedies could themselves be a risk.
Despite political headwinds, the economy has made some progress under President Abdel Fattah al-Sisi. Boosted by spending on infrastructure projects and financial aid from oil-rich Gulf states such as Saudi Arabia, growth is expected to be around 5 percent this year. But confidence in Egypt remains fragile. Spooked by security fears, foreign investors and tourists have stayed away. Visitor numbers fell by 45 percent year-on-year in the first quarter, according to a Reuters report.
Debt markets are now pricing in a 50 percent probability of default on the country’s 10-year bonds. As of June, the domestic budget deficit was almost 10 percent of gross domestic product. Urban consumer price inflation was running at 12.3 percent.
This crisis in confidence and the rising cost of living has fed through to the currency. A shortage of dollars has forced more Egyptians onto the black market, where they pay a premium to exchange their Egyptian pounds for U.S. dollars. Devaluations by the central bank have failed to narrow the gap, but have added to the rising cost of imports.
After two previous attempts to agree a deal with the IMF were rejected over fears of a political backlash, Egypt may be running out of options. It may now have to take the cure on offer. But that carries a big risk.
Cutbacks on government spending and subsidies are likely conditions of any deal with the fund. If mishandled these could stoke unrest – a potentially big deal in a large, politically volatile country where the Arab Spring uprisings hit in 2011 and the government was overthrown. A rejection of austerity on the streets of Cairo would be a big problem for the Egyptian authorities. It could be an even bigger risk for the wider Middle East.
IMF steps deeper into Middle East cauldron with loan to Egypt
Dubai: The International Monetary Fund (IMF) is stepping up lending in a region where economic reformers haven’t exactly had the most success.
Hoping to restore the confidence of foreign investors, Egypt announced an initial agreement Thursday to borrow $12 billion (Dh44 billion) over three years from the IMF, joining Iraq, Tunisia and Jordan in taking money from the Washington-based fund. Egypt’s programme is likely to see the government of President Abdul Fattah Al Sissi move toward a more flexible exchange rate, rebuild foreign-currency reserves and cut spending.
The influx of capital offers an opportunity to restore economic stability in a region beset by political turmoil, terrorism and the collapse in the price of oil, its most important export. While all the IMF borrowers except Iraq are fuel importers, they’ve received flows of aid and remittances from wealthy producers such as Saudi Arabia, which are now drying up.
The fund faces many of the challenges it encountered when it lent to Egypt and other countries decades ago, such as poor governance and public resistance to belt-tightening.
“The IMF is fighting an uphill battle,” said Jon Alterman, a former State Department official who’s now director of the Middle East programme at the Centre for Strategic and International Studies in Washington. “The events of the last five years didn’t convince Mideast leaders that the Washington Consensus was right. It deepened their suspicions of opening up systems, for fear that if you open up, you invite political instability.”
The Washington Consensus, a term coined in 1989, refers to a mix of policies espoused by Washington-based institutions such as the IMF and World Bank that emphasises budget cuts, open trade and capital flows, and deregulation. The IMF, now under the leadership of Christine Lagarde, has softened its position on the need for budget cuts and conceded that capital controls can be useful in some situations.
Urgent matter
“Egypt is a strong country with great potential but it has some problems that need to be fixed urgently,” Chris Jarvis, IMF mission chief for Egypt, said in a statement after the deal was announced. The new loan programme will support the “comprehensive” reforms approved by the nation’s parliament, he said.
If endorsed by the fund’s executive board and Egyptian lawmakers, the agreement will be the IMF’s second-biggest active traditional loan programme after Ukraine. Jordan signed a letter of intent last month for a $700 million credit facility, while Iraq in July received a three-year standby arrangement for about $5.3 billion.
The loan to Egypt conjures memories of the country’s experience with the IMF in the 1990s. At the time, then-President Hosni Mubarak implemented many of the policies recommended by the fund, including budget cuts and privatisation, and the IMF held up the country as an economic success story. But in the Arab Spring uprising that broke out in Tunisia in 2010, and spread to Egypt and other nations the following year, protesters argued the reforms didn’t improve poverty and inequality.
“The IMF has a historical problem of advocating one-size-fits-all policies,” said Wael Gamal, a prominent Egyptian economic commentator and a critic of past agreements with the fund. “It still does.”
Tough measures
Ahmad Kamaly, economics professor at the American University in Cairo, said that the “autocratic nature of most Arab countries means that governments can impose tough economic measures to dodge the bullet with relative ease.”
“But once the urgency fades, officials turn away from undertaking reforms, either to appease the public or to protect the interests of cronies,” Kamaly said.
Egypt’s experience with IMF programmes in the 1990s are a clear example, he said. The reform momentum that started in 1991 faded by the end of the decade as the economy stabilised, Kamaly said.
The risk that the new IMF money would be spent without real reforms is a “big concern,” former Deputy Prime Minister Ziad Bahaa Al Din said in a phone interview.
“It’s extremely important for parliament, the society, the media to monitor carefully whether the programme is implemented in the right way to ensure positive impact,” he said. “It’s extremely important to have a dialogue on who bears the cost because everybody knows that there will be some level of pain with this.”
the Economist’s messages
An Egyptian personality, who had wide ranging relations with British circles, asked Andrew Knight – who rescued the Economist and took it from utter failure to absolute success before he retired – about the possibility of reducing the intensity of the media campaigns prior to the visit by the Egyptian president to the British capital, London, last November.
His answer was an expression of the magnitude of the crisis, he said: “There is nothing much we can possibly do.”
It is as if he wanted to say that Egypt should help itself before seeking the help of others and that improving its image requires a change in the general political environment, which is plagued by disturbing conditions that preclude any possible sympathy.
A year later, it would seem his conclusions were accurate and his reckoning was right on the spot. The strong language used by the Economist in its special edition headlined “The ruining of Egypt”, was a reflection of the deterioration of the political image well beyond the economic figures.
In any reckoning that looks into the future and what is likely to happen in it, it would not be possible to separate what is economic from what is political.
The state’s prestige is made by its image, its vitality, its strength and its ability to build wide national accords.
Notwithstanding any reservations regarding the excessive politicisation pursued by this most respectable, most prestigious and most globally influential economic magazine, which impacts on economic and financial elites and affects investments and financial and business communities, its overall critique is based on a foundation that cannot be denied. The economic crisis in Egypt is escalating and the government is looking to sign a contract with the IMF for the value of $12 billion and for other loans worth $9 billion from other international institutions as a final resort before any possible collapse.
The most serious message is that Egypt is losing the necessary international sympathy at a moment when existential dangers are looming and are threatening its future.
And this deals a heavy blow to the opportunity of attracting foreign investments or of the return of tourism to what it used to be.
Despite indications by the Economist that the World Bank and the African Development Bank have backed down from handing over the loans Egypt has asked for, it is unlikely that it will be left to drown. The strategic repercussions are beyond anybody’s bearing.
The most likely scenario is that the IMF will proceed with imposing its strict conditions under the pretext that it is too late to remedy the sick economy irrespective of the social impact or the turmoil that might follow.
In as much as the IMF loan may be considered an international vote of confidence to attract investments, the report in the Economist is a call for a stricter approach in dealing with the Egyptian negotiator.
The general image – according to the most influential magazine – portrayed of the Egyptian economic team is that it lacks any competence and that it has failed completely in handling its own files to the extent that it is “ruining Egypt”.
The report draws attention to a Gulf dismay and willingness to reconsider completely the question of economic aid.
The report, timewise, is disturbing and the magazine has its contacts with the economic decision makers in the countries of the Gulf allies.
What exactly is the truth?
What are the reasons behind the rift with the brothers in the Gulf?
Why this frustration?
These are essential questions that we cannot escape from and should address.
The easiest answer would be to dismiss the disturbing signals and to accuse the British magazine of spreading lies.
“The state of denial” is one of the critical headlines in the latest edition of the Economist. This is a charge that is not without basis in reality. No one is admitting the depth of the economic crisis and is willing to reflect on its deep causes that led to failure or to establish coherent policies prior to proceeding with the implementation of the projects some of which were undertaken without feasibility studies or willingness to reconsider the economic community and its choices.
Denying the crisis is one of the causes of augmenting it and of the decline in the confidence that it can be surpassed.
If no one can afford to ignore the Economist and keep silent, confronting it with shouting through the media is at best a substance for local consumption that changes nothing of the fundamental equations.
Synonymous with the edition of the Economist entitled “The ruining of Egypt”, the New York Times lamented in its main editorial the loss of Egypt’s standing and said that” wretched Egypt” has no more influence compared to its previous roles or compared with the Iranian and Saudi roles that are competing in the region’s arenas.
This may be considered an act in order to apply maximum pressure and political blackmail. However, conspiracy theories do not justify the scandalous mistakes that encourage disregard for any Egyptian interests.
Although the most renowned American newspaper has been used to undermine the Egyptian regime since 30 June, and has lost its influence due to its excessive enmity, it gained momentum when the Economist joined the path of raucous criticisms.
It is noteworthy within this context that the Immigration Department within the British Home Office has recommended granting the right of political asylum to any Muslim Brotherhood member or to any journalist proven to have been subjected to repression in Egypt.
Within the same context, the new British Prime Minister Teresa May has delayed for more than is natural and appropriate – for nearly three weeks – her response to a request from the Egyptian president to call and congratulate her.
This was diplomatic rudeness on the part of the prime minister of a country well known for attending to principles and traditions.
Clearly, we are heading towards extremely difficult conditions in international relations that range from a declining relationship with Russian President Vladimir Putin to other relations with the US that may suffer major tremors during the next presidential period.
The economy is the principal point of weakness in the entire position.
According to the Economist, as mentioned in the last sentence of its editorial “Ruining Egypt”, the point that is being targeted by all sharp criticisms is “shortening the Sisi presidency” or pressuring him so as not to stand for a second term in 2018.
This is not new. There have been “indications of an increasing tendency by some Western parties toward pressuring President Abdel Fatah Al-Sisi so as not to complete his first presidential term” as I wrote exactly in this very space on 9 March.
What used to take place behind closed doors has now come to the open through the pages of the most respectable and most widely influential magazines in the world.
This is an act that deviates away from the nature of economic journalistic work and enters the field of direct political action.
Why is this demand being made public now?
The most essential of all reasons is the loss of major bets on 30 June and the disintegration of the support base under the yoke of both political and social frustrations.
By virtue of wide cohesion, Egypt was able to deter the campaigns waged against it; it has even managed to open windows through which it managed to advance with self-confidence.
However, this is no longer the case. The political void has led to brittleness in the overall structure in the face of any likely storms.
The entire situation needs immediate revision that in turn necessitates opening the windows of public dialogue instead of treating personal initiatives as if they are intended to shed doubt on the project. Collective complaints should be listened to and political injustices immediately lifted by releasing all the detainees who have been mistreated without having been embroiled in any violence.
If this country is not able to unite over immediate measures aimed at rectifying the various aspects of its disorder, then it will be heading towards one of its worst crises in modern history.
Economy before politics at Putin Erdogan meeting
Analysts say the outcome of the meeting at St. Petersburg on August 9 between the presidents of Russia and Turkey saw impressive results in economic issues. Analysts however caution that many elements in bilateral ties between Moscow and Ankara depend on whether solutions to political problems can be found, primarily concerning the issue of Syria.
The meeting between Vladimir Putin and Recep Tayyip Erdogan, the first after the Turkish Air Force downed a Russian jet in November last year, took place on August 9 at Saint Petersburg. Analysts who predicted that the talks would lead to important breakthroughs in economic issues between Turkey and Russia were correct.
After the main part of the summit, progress was claimed on the two most important Russian-Turkish energy projects: construction of the Akkuyu Nuclear Power Plant by Russia and laying of the Turkish Stream gas pipeline along the Black Sea seabed. At the press conference following their meeting President Erdogan said both projects would be renewed and brought to a logical completion. President Putin said the construction cost of both projects was several dozen billion dollars.
Analysts surprised by the talks
Construction of Turkish Stream is of particular interest for Russia. This pipeline presents a possible alternative to the Ukrainian transit route for Russian gas to Europe. Talks are now on about two out of the initial four lines, to deliver gas to Turkey, not European countries.
Putin also said that he intends to gradually lift restrictions on Turkish companies working in Russia. He made it clear that charter flights to Turkey would soon begin operating again, something which brought cheer to the Turkish tourist industry.
Elena Suponina, advisor to the director of the Russian Institute of Strategic Studies, said this bore witness to the fact that "the reestablishment of economic relations is moving at a pace that did not appear possible in such conditions."
Trade and economic ties between Russia and Turkey have become the priority, as this is the area that the countries find easiest to re-establish mutual ties, said Vladimir Sotnikov from the RAS Institute of Middle East Studies.
Without romantic illusions
Analysts also note that it may take a long while for relations to return to normalcy. Victor Nadein-Ranevsky, from the RAS Institute of World Economy and International Relations, said that Turkey had lost contracts worth $40-45 billion just in the construction business, much of which will be impossible to recover.
It is also not certain that Moscow and Ankara will be able to return to the level of relations that existed before November 24, 2015. Vladimir Avatkov, Turkish scholar and director of the Centre for Middle East Studies, International Relations and Public Diplomacy, believes that after the incident with the Russian plane Moscow will not nurture any "romantic illusions" in respect to Russia-Turkey relations and Ankara's policies. There will only be precise understanding of each other's interests.
Contradictions on Syria
Unlike economic issues, talks on political problems between Russia and Turkey are not simple. The issue of Syria was off the table at the summit in St. Petersburg, but it was discussed after Putin and Erdogan's joint press conference. Analysts point out that Moscow would like Turkey to close the Turkish-Syrian border so that the Syrian Islamists can no longer receive reinforcements from inside Turkey. Also, Ankara does not recognize the militants from the radical Al-Nusra Front as terrorists, and considers them as part of the opposition to the Syrian government. Analysts believe it will be exceptionally difficult to obtain progress from Turkey on these issues, but some points of contact can still be found.
Avatkov said that besides discussions on the Syrian problem, Putin and Erdogan must find some kind of mechanism in the field of security that would prevent a repeat of the November 24 incident. The future of Russia’s relations with Turkey depends on whether or not this mechanism will be found.
Turkish analyst: positive atmosphere of the talks
Kerim Has, analyst of Eurasian politics at the International Strategic Research Organization independent think-tank in Ankara said:
“The most significant outcome of the talks is that the sides are again speaking of security issues. Secondly, statements about economic cooperation are also important. Thirdly, it is important that with the normalization of bilateral cooperation the sides will pay more attention and make more efforts to guarantee regional security. This cooperation concerns the regulation of the Syrian crisis and the security issues of the Black Sea region.
Fourthly, decisions in the energy field are also crucial. Now we can see that talks on Turkish Stream are continuing. And finally, it is very important that the talks were held in a positive atmosphere.”
Egypt agrees $12bn IMF loan for 'urgent' economic problems
#EgyptTurmoil
International Monetary Fund says initial agreement comes with conditions, including subsidy cuts and new taxes
Egypt has reached an initial agreement with the International Monetary Fund for $12bn in funding over three years, the fund said on Thursday.
The Egyptian government hopes the deal will provide a lifeline amid a dollar shortage, dwindling foreign reserves and an economy battered by years of unrest.
The agreement, which will have to be ratified by the IMF and Egyptian authorities, will require Cairo to undertake economic reforms.
"Egypt is a strong country with great potential but it has some problems that need to be fixed urgently," a statement from the fund said quoting the head of its delegation to Egypt, Chris Jarvis.
Jarvis said in a news conference that the IMF was looking to Egypt's parliament to pass a value added tax law.
The IMF's extended fund facility is aimed at countries with payment imbalances and tepid growth to aid structural reforms, according to the fund's website.
Analysts have said the IMF also pushed for a more flexible exchange rate for the Egyptian pound, which the government has been propping up amid capital controls.
The shortage has affected imports and created a flourishing black market trade that the government fought unsuccessfully.
Jarvis said the goal was to have no foreign currency shortage and to create a "balance between supply and demand".
"The central bank is progressing on exchange rate policy, the government has its program, the budget was approved in June, the VAT is in parliament...the government's fuel subsidy reform program continues to unfold," Jarvis said.
Egypt's central bank chief, Tarek Amer, said the IMF deal would boost confidence in Egypt's reform programme.
The deal "is a certificate that says the programme is serious," he said. "We ask citizens to have trust and stand behind us."
President Abdel Fattah al-Sisi has been preparing public opinion for the economic reform measures, including further subsidy cuts.
Although the funding is spread out over three years, the IMF will be looking for a quick implementation of the reform measures.
"The IMF would like to see change right now, not delayed," said Angus Blair, president of the economy think tank Signet.
Egypt has been in tentative negotiations for an IMF loan since the removal of president Hosni Mubarak in a 2011 uprising that set off years of political turmoil culminating in the military overthrow of his Islamist successor two years later.
Mohamed Morsi's removal in 2013 unleashed a bloody police crackdown on the Muslim Brotherhood and militant attacks that have affected tourism, a key dollar earner for Egypt.
With tourist revenues and foreign remittances down, the country's foreign reserves have fallen to $15.5bn.
Sisi urges women to use less water and electricity to ease economic crisis
#EgyptTurmoil
President says he will not shirk from tough reforms as Egypt turns to IMF for loan, and highlights 'economic burden' of 'the great Egyptian lady'
Egyptian President Abdel Fattah al-Sisi said on Saturday he would not shy from tough economic reforms he said previous rulers had avoided because they feared unrest, and urged Egyptian women in particular to cut back on their use of water and electricity.
Sisi's comments came after an initial agreement with the International Monetary Fund for $12 billion in financing that hinges on a reform package slashing state spending and the devaluation of the Egyptian pound.
Parliament is also expected to pass a law introducing a value added tax to raise state revenues.
Egypt's economy has been battered by turmoil since a 2011 uprising ousted former president Hosni Mubarak, ushering in unrest that has driven away tourists and foreign investments.
"The first attempt at real reform was in 1977," Sisi said in a speech aired by state television during the launch of an ethynyl plant in the coastal city of Alexandria.
The country had been rocked by riots that year after president Anwar Sadat said he would end basic subsidies as demanded by the World Bank in return for a loan.
"The people's reaction caused the state to backtrack, and it has continued to delay [the reforms] till now," said Sisi.
"All the hard decisions that many over the years were scared to take: I will not hesitate for a second to take them," he said.
Sisi took aim at the country's bloated bureaucracy, saying the state had hired hundreds of thousands of people who were not needed.
"When I appoint 900,000 people in the public sector because of pressure for jobs, at a time when I really don't need anything from them... what effect will this have?"
Paying their salaries, Sisi added, had increased state debts.
"We borrow and we borrow and we borrow, and the more we borrow the more the debt grows," he said.
The government has already partially cut fuel and electricity subsidies, but the gradual reforms have been limited so far.
"We are trying to bridge the gap between resources and spending," Sisi said.
He called on Egyptians, especially "the great Egyptian lady," to use less electricity and water.
"Please... she can - with her presence in society and the family - decrease a lot the consumption of water and electricity, and other things that are a burden on the economy."
Although growth increased under Mubarak, economic disparity fuelled the 2011 uprising that ended his three-decade rule.
He was succeeded in 2012 by Mohamed Morsi, Egypt's first democratically elected president, whose government negotiated for an IMF loan but avoided austerity measures that could provoke unrest.
Sisi, a former army chief, led the military coup against Morsi in 2013, winning elections a year later.
Morsi's overthrow unleashed a brutal police crackdown on his Muslim Brotherhood support base, while attacks by Islamic militants have further driven tourists away and severely reduced a major source of foreign currency income.
In October 2015, the Islamic State (IS) group's Egypt affiliate announced it had downed a Russian passenger plane carrying holidaymakers over the Sinai Peninsula, killing all 224 people on board.
The attack prompted Russia to cancel flights to Egypt, and Britain to stop flights to the Sharm el-Sheikh resort airport in Sinai, where the bomb was planted on the Russian plane.
Fears Grow for Jordan’s Stability as Economy Slows, Joblessness Rises
Experts say country faces time bomb in which mass unemployment, especially among the young, could lead to radicalization and upheaval.
Sabri Mashaaleh feels misled and angry: The 29-year-old studied counseling expecting to find a civil service job, in line with what used to be a typical life path for college-educated Jordanians.
Four years later, he's still unemployed.
His last hopes were crushed earlier this summer when troops tore down the tent in his small, remote hometown of Dhiban where he and other jobless young men had staged daily sit-ins for two months, demanding employment.
With protests silenced, Mashaaleh sees a dark future for Dhiban.
"Dhiban has become a fertile environment for radical thoughts, and it's a fertile environment for drug problems, and a fertile environment for criminals," said Mashaaleh, speaking at the roundabout where the tent once stood.
The Dhiban unrest highlights what the Jordanian government now says is its biggest challenge— rising unemployment, particularly among the young, fueled by an economic slump and spillover from conflicts in Syria and Iraq.
Youth unemployment is endemic in the troubled Middle East, where a demographic "youth bulge" has increased the number of jobseekers, including college graduates, while economies have stalled amid spreading violence.
Even though Jordan's unemployment problem is not unique, some say the pro-Western monarchy warrants special attention because of its strategic importance. The country is part of the U.S.-led military coalition against Islamic State extremists who control parts of Syria and Iraq and have attracted thousands of followers in Jordan.
Any destabilization of Jordan, possibly triggered by economic problems, would alarm the kingdom's allies.
The government needs to take urgent action, said economist Omar Razzaz, who chairs a national team of experts trying to devise a new employment strategy. "We cannot afford to have the unemployment problem turn into a radicalization problem," he said. "That's the time bomb we are facing."
Economic growth in Jordan dropped from 3.1 percent in 2014 to 2.4 percent last year and 2.3 percent in the first quarter of 2016, according to the World Bank. Continued fighting in Syria and Iraq forced the closure of Jordan's main overland trade routes in 2015 and also harmed tourism and construction.
Unemployment rose from 13 percent last year to 14.7 percent in 2016. Among 18- to 24-year-olds, 35 percent have no jobs, said Lea Hakim, the World Bank's country economist for Jordan. "The economy has not been generating enough jobs, not quantity and not quality jobs, for its population," she said.
The influx of Syrian refugees since 2011 has further expanded the labor force. Jordan hosts some 660,000 registered refugees, though a recent census counted twice as many Syrians in Jordan, out of a total population of 9.5 million.
In the first years of the Syria crisis, Jordan barred refugees from working legally to protect its labor force. Instead, tens of thousands of Syrians worked informally in construction, farming and retail — sectors until then dominated by migrant workers from Africa and Asia because the jobs paid too little to attract Jordanians.
Earlier this year, Jordan changed course.
It struck a deal with donors to try to turn the refugee crisis into a development opportunity for Jordan and to deter Syrians from migrating to Europe by improving their lives in the region.
The kingdom agreed to issue work permits to tens of thousands of Syrians. In exchange, Europe eased trade restrictions to encourage investment in Jordan, while donors, including the World Bank, promised concessional financing and grants for development and labor-intensive projects in the country.
Ferid Belhaj, the World Bank's regional director, said he expects this tradeoff to generate growth and jobs in three or four years. "The crisis is a huge challenge, but it can turn into an opportunity," he told The Associated Press.
Razzaz, the economist, said that in the meantime, the government should launch an ambitious public works program, including employing large numbers of Jordanians to care for children and the elderly.
"We should ... start this program before we see protests," said Razzaz, who also heads the Jordan Strategy Forum think tank. The government and donor countries have funded pilot programs that fall short of needs, he said.
Planning Minister Imad Fakhoury described lowering unemployment as the government's top priority. This includes a $35 million fund to encourage young Jordanians to set up small businesses.
Jordanians need to understand that the public sector can no longer be the main employer, Fakhoury said. Opportunities are available outside the civil service, "but it requires also a change of mindset," he said.
In Dhiban, a town of 25,000 about 70 kilometers (44 miles) from the capital of Amman, many feel marginalized.
Two dozen protesters, including Mashaaleh, were initially detained when troops backed by armored vehicles dismantled the protest tent in June, but all have been released. Mashaaleh said the protests were peaceful, though the Interior Ministry said three officers were wounded when shots were fired at them during a clash in Dhiban.
The town's mayor, Fhaid al-Rawahneh, 61, said that "we don't want to fight with the security."
He said the government must do more to bring factories to the region. An attempt to attract a pre-fab home construction company to Dhiban with the promise of free land became entangled in red tape, he said.
Young people in Dhiban have few options. Those who can mostly sign up for police or military work in Amman, and the high transportation costs take a big cut from their meager wages.
Al-Rawahneh said only one of his four college-educated children has a job.
"There is unemployment in every family," he said. "Our only demand is to find jobs."
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