Millhouse

To second Weasel's view a bit...

My sense is that the government are placing a lot of hope on the IMF deal in Feb. They believe that it will restore confidence and everything will be back to normal.

Of course, the IMF are coming for two weeks, starting end of Jan. In those two weeks, they will screw the Egyptians Thailand style and force a number of reforms, tariff adjustments, tax increases, subsidy removals etc. I would be very surprised if they realize what is coming their way.

The Government has recently announced a number of projects in the media (including mine at $2.5bn) with all reports saying starting immediately etc. This simply cannot be the case as the money does not exist, and the government is unable to pass decisions to launch projects. Combine all this with an unknown outcome to the IMF deal and you have an interesting political situation over the next three months.

Anyway - good luck. None of the above is reason not to go, but it's reason to keep your peepers open.

weasel decentral

Yeah exactly, still do it but not paid in local currency of course. Maybe a minimum hire period so if it all goes tits up you can still be paid off for the minimum contract.
A few large contracts were signed in local currency recently which I assume is now a major hammering for all involved, so they might not get off the ground.

Also the fuel subsidy they have tried to remove before but backed off after a few hours but it will come back again, there is even a subsidy on bread at the moment!
Anyhow this makes it all the cheaper for the marauding foreigner. Get your raping and pillaging hat on.

Millhouse

That's been there years... The finished bread is cheaper than the materials used to make it... so guess what the cows eat Subsidies always result in the misuse of materials.

The cheap gas they so desperately need locally... used to make fertilizer that is sold for export. Makes the few rich while screwing the masses

weasel decentral

The gas ain't cheap anymore, they got hosed by the Qataris on a loan deal for 2bn dollar aid but they have to buy Qatari gas at a much higher rate than before and of course they are contracted into selling their own to Jordan at a much lower rate.

So its lose-lose. I honestly think by the end of the year the whole country will just fall to pieces.

Paracletus

Not been to India then?