BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the urgent need for comprehensive reforms to the world’s financial architecture, pointing to the increasing debt burdens faced by developing nations. His appeal was made during the Shanghai Cooperation Organisation summit in Bishkek on September 1. Guterres argued that the current global financial framework must be made fairer, incorporate more robust debt management strategies, and involve greater participation from developing countries in key financial institutions.
He further called on multilateral development banks to enhance their capacity and provide better assistance to nations pursuing development financing. According to Guterres, these institutions should grow bigger, improve their effectiveness, and take bolder steps to meet the financing demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system, emphasizing that these changes should mirror present-day economic realities and boost the representation and influence of developing countries.
Many developing economies continue to face serious debt-related constraints, with governments dealing with high borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing countries hit 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 that allocate more funds to interest payments than to health or education.
Debt Pressures Intensify Calls for Structural Reforms
The discourse surrounding financial reform has largely centered on debt relief, borrowing costs, and the accessibility of affordable development financing. Guterres has repeatedly urged for increased participation of developing nations in global economic decision-making processes. He pointed out that current financial structures still reflect economic and power configurations established decades ago. As developing countries now represent a larger share of global output and trade, South-South economic cooperation has also expanded.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives of several international and regional entities. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at Bishkek’s Yrys-Ordo Congress Hall. During the gathering, leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus session was also held, focusing on the role of the UN in establishing a fair international order.
Artificial Intelligence Governance Becomes Part of Broader Reform Strategy
Artificial intelligence emerged as another key component of the reform agenda introduced in Bishkek. Guterres stated that AI should serve all nations equally, rather than benefiting only a select few. He emphasized the necessity of establishing effective safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he proposed creating a $3 billion Global Fund on AI Capacity Development to help developing countries expand their capabilities and bridge the technology gap.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within the wider multilateral effort. The Secretary-General urged for institutions that better align with the current global economic landscape and empower developing nations. His financial proposals are consistent with ongoing international initiatives on development finance and debt reform, including measures associated with the Sevilla Commitment, which addresses issues related to financing, debt, and reform of the international financial architecture.