BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the urgent need for significant 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. Guterres stressed that the global financial structure requires enhanced fairness, more effective debt management strategies, and increased participation from developing countries in key financial institutions.
He also called on multilateral development banks to boost their capacity and strengthen their support for nations seeking development funding. According to Guterres, these institutions should grow in size, improve in effectiveness, and take bolder actions to meet financial demands. Furthermore, he advocated for reforms within the United Nations and the Bretton Woods system, arguing that these changes should align with current economic realities and amplify the representation and influence of developing nations.
Debt remains a critical obstacle for many developing economies, as governments face soaring borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. The report also indicated that net interest payments amounted to around $921 billion in that year. Additionally, the organization estimated that 3.4 billion people live in countries where interest payments surpass spending on health or education.
Debt Challenges Intensify Calls for Reform
Discussions on financial reform have primarily centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has repeatedly urged for greater involvement of developing countries in shaping global economic policies. He pointed out that the existing financial structures still mirror economic and power dynamics established decades ago. Today, developing nations contribute a larger share of global output and trade, and South-South economic cooperation has expanded significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from its member states along with representatives from various international and regional institutions. 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. The event also featured an SCO Plus meeting, which focused on the United Nations’ role in fostering a just international order.
Artificial Intelligence Governance Becomes Part of the Broader Reform Strategy
Artificial intelligence was also integrated into the reform agenda discussed in Bishkek. Guterres emphasized that AI should serve all nations rather than benefit only a select few. He called for the implementation of effective safeguards and the development of inclusive governance mechanisms to oversee the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to enhance capabilities in developing countries and bridge gaps in access to advanced technology.
The remarks made in Bishkek tied together themes of financial reform, debt relief, development financing, and AI governance within a comprehensive multilateral framework. The Secretary-General underscored the need for institutions that better reflect the current global economic landscape and offer greater influence to developing nations. His proposals for financial reform are consistent with ongoing international efforts, including measures linked to the Sevilla Commitment, which addresses financing, debt issues, and reform of the international financial architecture.