BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the urgent need for sweeping 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 must prioritize fairness, enhance debt response mechanisms, and ensure increased participation of developing countries in major financial institutions.
He also called on multilateral development banks to bolster their capacities and provide better support to countries seeking development funding. According to Guterres, these institutions should expand, improve, and take bolder steps to meet financial demands. He further advocated for reforms within the United Nations and the Bretton Woods system, arguing that such changes should mirror current economic realities and elevate the representation and influence of developing nations.
Debt continues to hinder many developing economies, with governments contending with high borrowing costs and substantial interest payments. UN Trade and Development reported that the public debt of developing countries reached approximately $31 trillion in 2024. That same year, net interest payments amounted to around $921 billion. The organization also estimated that 3.4 billion people reside in countries where more is spent on interest than on health or education.
Debt levels intensify calls for reform
Discussions on financial reform have centered on debt relief, borrowing costs, and access to affordable development financing. António Guterres has consistently urged for greater involvement of developing countries in global economic decision-making. He has also noted that the current financial systems still mirror the economic and power structures established decades ago. Meanwhile, developing countries now contribute a larger share of global output and trade, and South-South cooperation has grown significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from 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. The event also featured an SCO Plus session that addressed the role of the UN in establishing a just international order.
Artificial intelligence governance joins the broader reform efforts
Artificial intelligence was also incorporated into the reform agenda discussed in Bishkek. Guterres stated that AI should serve all nations equally, rather than benefit only select groups. He called for effective safeguards and more inclusive governance frameworks for the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries build their capabilities and narrow the technology access gap.
The remarks made in Bishkek linked financial reform, debt alleviation, development finance, and AI governance as part of a broader multilateral strategy. The Secretary-General urged the creation of institutions that better reflect today’s global economic landscape and increase the influence of developing countries. His financial proposals are aligned with ongoing international efforts concerning development funding and debt reform, including measures associated with the Sevilla Commitment, which addresses issues related to financing, debt challenges, and reforming the international financial architecture.