Emerging Markets and Low Income Countries

Rising rates in advanced economies and including the global risk of sentiment, particularly in the last few weeks has put pressure on foreign exchange and sovereign spreads. We have seen clearly that emerging markets spreads, sovereign spreads have widened. The widening has been way more pronounced for frontier and I yield some of the investment grade countries than for investment grade. There were important regional differences in terms of inflationary pressure. For example, there were more evident saying Latin American centers in Europe and Asia but also in terms of the extent and pace of timing. And so you spoke mostly about the advanced economies of the world there. What do all these rate increases mean for emerging markets and the low income countries?