RIO DE JANEIRO, July 6. /TASS/. High external debt levels in several countries limit their ability to address urgent development challenges, according to the BRICS summit declaration adopted in Rio de Janeiro.

"We note that high debt levels in some countries reduce the fiscal space needed to address ongoing development challenges aggravated by spillover effects from external shocks, particularly from fluctuations in financial and monetary policies in some advanced economies as well as the inherent problems with the international financial architecture," the document said.

The declaration emphasized that rising interest rates and tighter financing conditions increase the debt vulnerability of many countries.

The BRICS group believes that the issue of international debt must be addressed comprehensively, taking into account the national laws and domestic procedures of each country.