BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for substantial changes to the global financial system, highlighting the increasing debt burdens on developing nations. His appeal was made during the Shanghai Cooperation Organisation summit in Bishkek on September 1. Guterres argued that the international financial structure must become fairer, incorporate stronger mechanisms for debt management, and involve greater participation from developing countries in leading financial institutions.
He also called on multilateral development banks to enhance their capacity and provide better support for countries seeking development funding. Guterres emphasized that these institutions should grow larger, operate more effectively, and be more courageous in addressing financing demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods institutions to better mirror current economic realities and to increase the representation and influence of developing nations.
Debt continues to be a significant barrier for many emerging economies, with governments contending with high borrowing costs and substantial interest obligations. UN Trade and Development reported that the public debt of developing countries reached approximately $31 trillion in 2024. In that year, net interest payments totaled roughly $921 billion. The organization further estimated that 3.4 billion people reside in countries where more is spent on interest payments than on health or education.
Debt pressure intensifies call for reforms
Debates around financial reform have primarily focused on debt relief, borrowing costs, and access to affordable development finance. António Guterres has consistently urged for increased involvement of developing nations in global economic decision-making. He also pointed out that existing financial frameworks still reflect economic and power structures established decades ago. Today, developing countries constitute a larger share of global output and trade, while South-South cooperation has expanded significantly.
The summit of the Shanghai Cooperation Organisation saw leaders from member states and representatives of various international and regional bodies convene. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. The leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The event also featured an SCO Plus session focused on the UN’s role in establishing a just international order.
Artificial intelligence governance integrates into broader reform efforts
Artificial intelligence was another element incorporated into the reform agenda discussed in Bishkek. Guterres emphasized that AI should serve all countries equally, rather than favoring a select few. He advocated for effective safeguards and more inclusive governance mechanisms to oversee the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development to boost capabilities in developing nations and bridge the technological access gap.
The remarks in Bishkek linked financial reform, debt relief, development financing, and AI governance within the larger multilateral framework. The Secretary-General urged for institutions that better adapt to current global economic conditions and provide greater influence to developing countries. His proposals align with ongoing international efforts concerning development finance and debt restructuring, including initiatives related to the Sevilla Commitment, which addresses issues related to financing, debt challenges, and the reform of the international financial architecture.