BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the urgent need for sweeping modifications to the international financial framework, highlighting 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 global financial structure must become more equitable, with enhanced mechanisms for debt management and increased participation of developing countries in major financial bodies.
He also called on multilateral development banks to boost their capacity and provide better support to countries seeking development funding. Guterres stressed that these institutions should grow stronger, more effective, and more confident in addressing financing demands. Additionally, he urged reforms within the United Nations and the Bretton Woods system, advocating for changes that reflect today’s economic realities and amplify the representation and influence of developing nations.
Debt continues to be a significant obstacle for many developing economies, with governments grappling with high borrowing costs and substantial interest payments. UN Trade and Development reported that in 2024, public debt in developing countries reached roughly $31 trillion, with net interest payments totaling approximately $921 billion that year. The organization also estimated that 3.4 billion people reside in countries where interest payments surpass spending on health or education.
Debt levels intensify calls for reform
The debate on financial reform predominantly centers on debt relief, borrowing costs, and access to affordable development financing. Guterres has consistently advocated for increased involvement of developing nations in global economic decision-making. He pointed out that existing financial frameworks still mirror economic and power structures established decades ago. Today, developing countries represent a larger share of global output and trade, with South-South cooperation expanding significantly.
The summit of the Shanghai Cooperation Organisation brought together leaders from member states alongside representatives of several international and regional organizations. Kyrgyz President Sadyr Japarov presided over the September 1 gathering held 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 summit also featured an SCO Plus session focused on the UN’s role in fostering a fair international order.
AI governance becomes part of broader reform efforts
Artificial intelligence was incorporated into the reform agenda discussed in Bishkek. Guterres emphasized that AI should serve all countries, not just a select few. He advocated for effective safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to enhance capabilities in developing nations and bridge gaps in access to advanced technology.
The remarks in Bishkek linked financial reform, debt alleviation, development finance, and AI governance as part of a wider multilateral strategy. The Secretary-General called for institutions that better mirror current global economic conditions and provide greater influence to developing countries. His financial proposals are aligned with ongoing international efforts on development financing and debt reform, including initiatives related to the Sevilla Commitment, which addresses challenges in financing, debt, and the reform of the international financial architecture.