BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the urgent need for substantial reforms within the international financial framework. His appeal addresses the increasing debt burdens faced by developing nations. Guterres expressed these concerns during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. He stated that the global financial structure must become fairer, incorporate stronger debt management strategies, and facilitate wider participation of developing countries in major financial bodies.
Furthermore, he called on multilateral development banks to enhance their capacity and support for countries seeking development funding. He urged these institutions to grow larger, improve their services, and be more ambitious in fulfilling financing requirements. Guterres also advocated for reforms within the United Nations and the Bretton Woods system. According to him, such changes should mirror current economic realities and elevate the representation and influence of developing nations.
Debt remains a significant obstacle for many developing economies. Governments are burdened with high borrowing costs and substantial interest payments. 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 in the same year. The organization also estimated that 3.4 billion people live in nations where interest payments surpass spending on health or education.
Debt pressure intensifies call for reform
The debate on financial reform has primarily centered on debt relief, borrowing expenses, and access to affordable development financing. António Guterres has repeatedly emphasized the importance of increased participation by developing countries in global economic decision-making. He pointed out that current financial systems still reflect economic and power structures established decades ago. Meanwhile, developing nations now constitute a larger share of global output and trade, and South-South cooperation has expanded significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from various international and regional institutions. Kyrgyz President Sadyr Japarov chaired the meeting held on September 1 at the Yrys-Ordo Congress Hall in Bishkek. During the summit, 28 documents were approved, including the Bishkek Declaration and amendments to the organization’s charter. The event also featured an SCO Plus session focused on the role of the UN in establishing a fairer international order.
Artificial intelligence governance becomes part of broader reform initiatives
Artificial intelligence was another key element in the reform agenda outlined at Bishkek. Guterres stressed that AI should serve all countries, not just a select few. He called for robust safeguards and more inclusive governance mechanisms to manage the technology effectively. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development. Its goal is to boost capabilities in developing countries and close access gaps to advanced technology.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within a broader multilateral framework. The Secretary-General urged institutions to better reflect current global economic conditions and to empower developing nations. His financial proposals are consistent with ongoing international efforts on development financing and debt reform. These efforts include initiatives related to the Sevilla Commitment, which tackles issues surrounding financing, debt, and the reform of the international financial architecture.