KAZAN, October 23. /TASS/. The BRICS countries have underscored the need to reform the current international financial architecture to solve financial problems, as stated in the Kazan Declaration of the 16th BRICS summit.

"We underscore the need to reform the current international financial architecture to meet the global financial challenges including global economic governance to make the international financial architecture more inclusive and just," the document says.

The BRICS countries noted that high debt levels in some countries reduce the fiscal space needed to address ongoing development challenges.

"High interest rates and tighter financing conditions worsen debt vulnerabilities in many countries. We believe it is necessary to address the international debt properly and in a holistic manner to support economic recovery and sustainable development, taking into account each nation’s laws and internal procedures, accompanied by sustainable external debt and fiscal prudence. We recognize the need to address in an effective, comprehensive and systematic manner the debt vulnerabilities of both low and middle income countries," the declaration says.