Egypt has spent $400 billion over the past seven years to tackle poverty, President Abdel Fattah Al-Sisi said yesterday.
Speaking at the World Youth Forum, Al-Sisi said: "There were no other solutions, and this amount of effort should not be attributed to the President of the Republic alone, but also to the government and state agencies."
More than half of the country's population live below the poverty line and nearly 17 per cent of the youth are unemployed. The country has cut back on subsidies and a number of financial aid packages for the poor while building luxurious palaces and buying planes for Al-Sisi.
Meanwhile, the Egyptian regime continues holding celebrations and mass events that cost the state treasury millions of dollars, including the World Youth Forum, which is held annually, with the aim of promoting the state's "achievements" in areas such as infrastructure and energy.