BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the urgent need for sweeping reforms in the international financial system, highlighting the increasing debt burdens on developing nations. He delivered this message during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres stressed that the current global financial structure must be more equitable, incorporate stronger debt management mechanisms, and involve greater participation from developing countries in key financial institutions.
He further called on multilateral development banks to boost their capacities and enhance their support for nations pursuing development financing. According to Guterres, these financial bodies should grow larger, improve their effectiveness, and become more daring in fulfilling their funding roles. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system. These reforms, he argued, should better mirror contemporary economic realities and promote increased representation and influence for developing nations.
Many developing economies continue to face significant debt-related obstacles, grappling with high borrowing costs and hefty interest payments. UN Trade and Development reported that the public debt of developing countries reached approximately $31 trillion in 2024. The same report revealed that net interest payments amounted to about $921 billion during that year. The organization also estimated that 3.4 billion people live in countries where more is spent on interest payments than on health or education.
Debt Pressures Intensify the Push for Reform
The discussion around financial reform largely revolves around debt relief, borrowing costs, and securing affordable development finance. António Guterres has consistently urged for increased involvement of developing countries in global economic decisions. He has also pointed out that many existing financial frameworks still mirror the economic and power dynamics established decades ago. Today, developing countries represent a larger share of global output and trade, and South-South cooperation has seen significant growth.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives of various international and regional organizations. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. The leaders approved 28 documents, which included the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session focused on the role of the UN in establishing a fairer international order.
Incorporating AI Governance into the Broader Reform Framework
Artificial intelligence emerged as another key topic within the reform agenda discussed in Bishkek. Guterres stated that AI should serve all countries equally, rather than benefit only a select few. He called for the implementation of effective safeguards and the development of more inclusive governance mechanisms for the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries build capabilities and close access gaps to advanced technologies.
The remarks in Bishkek tied together themes of financial reform, debt relief, development financing, and AI governance within a comprehensive multilateral agenda. The Secretary-General emphasized the importance of institutions that truly reflect today’s global economic landscape and provide more influence to developing nations. His financial proposals are aligned with ongoing international efforts on development financing and debt reform, including initiatives related to the Sevilla Commitment, which addresses issues of financing, debt, and the reform of the international financial architecture.