BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the necessity 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 in Bishkek on September 1. Guterres stressed that the global financial structure must be more equitable, incorporate stronger mechanisms for debt management, and allow greater involvement of developing countries in leading financial institutions.
He further called on multilateral development banks to boost their capacity and enhance their support for countries pursuing development financing. Guterres urged these organizations to grow in size, improve their effectiveness, and be more ambitious in fulfilling financial needs. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system, ensuring these institutions better reflect current economic realities and amplify the influence and representation of developing nations.
Debt continues to be a significant obstacle for many developing economies, as governments grapple with high borrowing costs and substantial interest obligations. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments amounting to about $921 billion that year. The organization also estimated that 3.4 billion people live in nations where more is spent on interest payments than on health or education.
Debt pressures intensify calls for reform
The debate on financial reform has largely centered around debt alleviation, borrowing costs, and access to affordable development finance. António Guterres has consistently advocated for increased participation of developing countries in shaping the global economy. He pointed out that the current financial systems still mirror the economic and power structures established decades ago. Today, developing nations contribute a larger share of global output and trade, and South-South economic cooperation has grown significantly.
The summit of the Shanghai Cooperation Organisation saw leaders from member states along with representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov led the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. A total of 28 documents were approved, including the Bishkek Declaration and amendments to the organization’s charter. The event also featured an SCO Plus session emphasizing the role of the UN in establishing a fair international order.
Artificial intelligence governance becomes part of broader reform discussions
Artificial intelligence was another key aspect of the reform agenda discussed in Bishkek. Guterres stated that AI should serve the interests of all countries rather than benefiting only a select few. He called for effective safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he had also proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing nations build capabilities and bridge access gaps to advanced technologies.
The remarks from Bishkek linked the topics of financial reform, debt relief, development finance, and AI governance within the larger multilateral framework. The Secretary-General emphasized the need for institutions that better mirror current global economic conditions and grant developing countries more influence. His financial proposals align with ongoing international efforts concerning development financing and debt reform, including initiatives tied to the Sevilla Commitment, which addresses issues related to financing, debt management, and reform of the international financial architecture.
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