Covid-19 epidemic and its economic impact have led to a sharp increase in the fiscal deficit ratio and government debt ratio in many countries, which has a greater impact than the 2008 international financial crisis.This paper does not agree to the view of modern monetary theory (MMT), nor does it agree to the pessimistic view.In view of the major factors affecting sovereign debt risk, some emerging market economies in particular need to pay attention to three risk premiums of interest rates: inflation risk premium, currency depreciation risk premium and credit (default risk) premium. It will take several years of fiscal and government debt adjustment in advanced and emerging market economies to deleverage the government sector in a gradual manner.