BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the necessity for comprehensive reforms to the international financial framework, highlighting the increasing debt burdens faced by emerging economies. His appeal was delivered during the Shanghai Cooperation Organisation summit in Bishkek on September 1. Guterres argued that the global financial architecture should be more equitable, incorporate stronger measures for debt management, and ensure greater involvement of developing nations within leading financial institutions.
He further encouraged multilateral development banks to enhance their capacity and provide more effective support to countries pursuing development financing. Guterres stated these institutions need to grow larger, more efficient, and more courageous in addressing financial requirements. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system that better mirror contemporary economic realities and amplify the representation and influence of developing countries.
Debt continues to pose a significant obstacle for many developing nations, as governments grapple with elevated borrowing costs and substantial interest expenses. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. Net interest payments amounted to around $921 billion that year. The organization also estimated that 3.4 billion people reside in countries where more is spent on interest payments than on health or education.
Debt pressures intensify calls for reform
The debate over financial reform has concentrated largely on debt forgiveness, reducing borrowing costs, and gaining access to affordable development finance. António Guterres has consistently advocated for increased involvement by developing nations in global economic policymaking. He has also pointed out that current financial structures still reflect the economic and political arrangements established decades ago. Today, developing countries constitute a larger share of global output and trade, while South-South cooperation has grown significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives of various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus session also took place, emphasizing the role of the UN in establishing a fairer international order.
AI governance integrates into the broader reform framework
Artificial intelligence was another focal point within the reform agenda introduced at Bishkek. Guterres emphasized that AI should serve all nations equally, rather than benefiting a select few. He called for robust safeguards and more inclusive governance structures to oversee the technology. Earlier in 2026, he had also proposed establishing a $3 billion Global Fund on AI Capacity Development aimed at expanding capabilities in developing countries and bridging gaps in access to advanced technologies.
These remarks in Bishkek linked financial reform, debt alleviation, development financing, and AI governance within a comprehensive multilateral strategy. The Secretary-General urged the creation of institutions that better reflect today’s economic realities and enhance the influence of developing nations. His financial proposals align with ongoing international efforts related to development finance and debt reform, including initiatives tied to the Sevilla Commitment, which addresses issues of financing, debt, and reform of the global financial architecture.