President Abdel Fattah El Sisi said on Saturday that the monthly National Dialogue for Youth is aimed at creating a knowledge and enlightenment context for ordinary people rather than the elite and intellectuals.

In a comment during the finance minister’s speech at the event, the president gave an explanation of the current economic situation in the country.

He pointed out to some reasons behind the decline in the livestock production. "Building on the agricultural lands amid post-revolution security chaos was among these reasons," he said.

"Citizens sold their cattle to get money to build homes," he said, adding that the move negatively affected the supply of meat and now the state is required to import.

"Egypt imports 60-70% of its needs, placing pressure on the dollar which has seen shortage due to the decline on tourism resources and exports after factories were closed," the president said.

"The bill of imports has been on the rise," he noted.

Source: MENA