The IMF report said that "Deficits in advanced economies fell by 0.75 per cent of GDP last year. They dropped both in headline and in cyclically-adjusted terms, and are projected to fall at a faster pace in 2013." It also mentioned that "In India, subsidy reduction measures, other spending cuts and tax administrative measures recommended by the government appointed Kelkar Commission will contribute to a reduction in the projected 2013 deficit of about 0.75 per cent of GDP relative to previous forecasts."
The report also added that "This would leave the country's deficit almost unchanged from its 2012 level in headline and cyclically adjusted terms."
It can be inferred from the report that the overall debt situation will remain better in emerging market economies and low-income countries as compared to the advanced economies.