BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has urged for comprehensive reforms to the international financial framework, highlighting the growing debt burdens faced by developing nations. During the summit of the Shanghai Cooperation Organisation in Bishkek on September 1, he emphasized the need for a fairer global financial structure, more robust debt management strategies, and increased participation of developing countries in key financial institutions.
He further called on multilateral development banks to enhance their capacities and offer better support to countries seeking development funds. Guterres stressed that these institutions should grow in size, improve their effectiveness, and take bolder actions to meet rising financing demands. Additionally, he proposed reforms within the United Nations and the Bretton Woods system, advocating for changes that better reflect current economic realities and amplify the representation and influence of developing nations.
Debt continues to be a significant hurdle for many developing economies, as governments grapple with elevated borrowing costs and hefty interest payments. According to UN Trade and Development, public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments totaling about $921 billion that year. The organization also estimates that 3.4 billion people live in countries where more money is spent on interest payments than on health or education.
Debt crisis intensifies calls for reform
Debates surrounding financial reform have largely centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has consistently emphasized the importance of greater developing country involvement in global economic decision-making. He also pointed out that existing financial structures still mirror the economic and power arrangements established decades ago. As developing nations now constitute a larger share of the world’s output and trade, and South-South cooperation has expanded, calls for reform have grown louder.
The summit of the Shanghai Cooperation Organisation convened leaders from member states and representatives of various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 gathering held at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session dedicated to discussing the role of the UN in establishing a more equitable international order.
Artificial intelligence governance integrated into reform discussions
Artificial intelligence also played a key role within the broader reform agenda presented in Bishkek. Guterres emphasized that AI should serve all nations equally, rather than benefit only a select few. He advocated for implementing safeguards and establishing more inclusive governance mechanisms for the technology. Earlier in 2026, he proposed a $3 billion Global Fund on AI Capacity Development aimed at expanding capabilities in developing countries and closing access gaps to advanced technologies.
By linking financial reform, debt alleviation, development financing, and AI governance, the Bishkek summit underscored a comprehensive multilateral approach. The Secretary-General called for institutions that better mirror current global economic conditions and empower developing nations. His proposals align with ongoing international efforts on development finance and debt reform, including initiatives associated with the Sevilla Commitment, which addresses financing, debt issues, and reforming the international financial architecture.