Soaring global food prices will adversely impact government finances in countries like India and Pakistan and may result in bloating of their deficits by over five per cent of the GDP, according to a S&P report. India, Pakistan and Egypt would be hardest hit by the rise in food costs, with a general government deficits of 5.9 per cent, 6.5 per cent, and 6.9 per cent of GDP respectively, projected for 2008, says a Standard & Poors report.
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