BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the necessity for comprehensive reforms within the international financial framework, highlighting the increasing debt burdens faced by developing nations. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1, where he stressed that the current global financial architecture must be made more equitable, incorporate more robust mechanisms for debt management, and ensure greater involvement of developing countries in key financial institutions.
Guterres further encouraged multilateral development banks to enhance their capacity and provide stronger support to countries pursuing development financing. He argued that these institutions should grow in size, improve their effectiveness, and be more daring in addressing the financing needs of nations. Additionally, he called for reforms across the United Nations and the Bretton Woods system, asserting that such changes should mirror present-day economic realities and amplify the representation and influence of developing nations.
Debt continues to serve as a significant obstacle for many emerging economies, as their governments grapple with elevated borrowing expenses and substantial interest payments. According to UN Trade and Development, public debt in developing countries approached approximately $31 trillion in 2024, with net interest obligations totaling roughly $921 billion during that year. The organization also estimated that 3.4 billion people reside in countries where expenditure on interest payments surpasses spending on health or education.
Heightened Debt Concerns Accelerate Calls for Reform
The discussion surrounding financial reform has increasingly centered on issues such as debt alleviation, borrowing costs, and access to affordable development financing. Guterres has repeatedly advocated for a more active role for developing nations in global economic decision-making processes. He has also pointed out that the existing financial structures still mirror the economic and political arrangements established decades ago, despite the fact that developing countries now constitute a larger share of the world’s output and trade, with South-South economic cooperation expanding significantly.
The summit of the Shanghai Cooperation Organisation brought together leaders from member states along with representatives from various international and regional organizations. Kyrgyz President Sadyr Japarov presided over the September 1 event at the Yrys-Ordo Congress Hall in Bishkek, where participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The gathering also featured an SCO Plus session dedicated to discussing the UN’s role in establishing a fair international order.
Artificial Intelligence Governance Part of Broader Reform Strategy
Artificial intelligence was integrated into the wider reform agenda discussed in Bishkek. Guterres emphasized that AI should serve all nations equally, rather than benefiting only a select few, and called for the establishment of effective safeguards along with more inclusive governance mechanisms for the technology. Earlier in 2026, he had also proposed creating a $3 billion Global Fund on AI Capacity Development to bolster capabilities in developing countries and to address disparities in access to advanced technologies.
The remarks made in Bishkek linked financial reform, debt alleviation, development financing, and AI governance within a broader multilateral framework. Guterres urged international institutions to better adapt to current economic realities and to provide developing countries with greater influence. His financial proposals align with ongoing efforts related to development financing and debt reform, including initiatives linked to the Sevilla Commitment, which focuses on tackling financing, debt, and reforms in the international financial architecture.