BRICS countries raise alarm over spillovers from sharp monetary tightening in advanced economies

JOHANNESBURG, Aug. 24 (Xinhua) -- The BRICS countries noted here on Thursday that high debt levels in some countries have reduced the fiscal space needed to address ongoing development challenges aggravated by the spillover effects from external shocks, particularly from sharp monetary tightening in advanced economies.

In the Johannesburg II Declaration adopted following the three-day 15th BRICS Summit, the BRICS countries pointed out that rising interest rates and tighter financing conditions have worsened debt vulnerabilities in many countries, noting that it is necessary to address the international debt agenda properly to support economic recovery and sustainable development, while taking into account each nation's laws and internal procedures.