Amid weakening growth prospects and tightening global financial conditions, most emerging market and developing economies have limited fiscal space and greater exposure to international risk sentiment than before previous episodes of financial stress. In more than 80 percent of these countries, government debt is now higher than before the 2008-09 global financial crisis. Many of these economies need to urgently improve fiscal positions  within credible medium-term fiscal plans and tilt borrowing towards longer maturities and domestic currency.