BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the need for significant reforms in the world’s financial architecture, highlighting the increasing debt burdens faced by developing nations. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres underlined that the international financial system must become fairer, with enhanced mechanisms for debt management and increased involvement of developing countries in leading financial institutions.
He also urged multilateral development banks to grow in capacity and to better support nations seeking development funding. According to Guterres, these institutions should expand and become more effective and courageous in addressing financing demands. Additionally, he called for reforms within the United Nations and the Bretton Woods system, advocating changes that mirror current economic realities and elevate the voice and influence of developing countries.
Debt continues to be a significant obstacle for many developing economies, as governments grapple with high borrowing costs and substantial interest obligations. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments around $921 billion that same year. The organization further estimated that 3.4 billion people live in nations where interest payments surpass expenditures on health or education.
Debt Challenges Intensify Push for Reforms
Discussions around financial reform have heavily centered on debt alleviation, borrowing costs, and the accessibility of affordable development financing. Guterres has consistently advocated for greater involvement of developing nations in global economic decision-making processes. He also pointed out that current financial frameworks still mirror the economic and power structures established decades ago. As developing countries now contribute a larger share to global output and trade, and as South-South economic cooperation grows, these issues have gained prominence.
Leaders from SCO member states and representatives of several international and regional bodies attended the summit, which was chaired by Kyrgyz President Sadyr Japarov at the Yrys-Ordo Congress Hall in Bishkek. The participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. A dedicated SCO Plus session also took place, focusing on the role of the UN in establishing a fairer international order.
Artificial Intelligence Governance Adds to Reform Agenda
Artificial intelligence also features prominently within the broader reform framework discussed in Bishkek. Guterres emphasized that AI should serve all countries equally, rather than benefiting a select few. He called for effective safeguards and more inclusive governance structures to oversee the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing nations expand their technological capabilities and bridge the gap in access to advanced systems.
The remarks made in Bishkek integrated financial reform, debt relief, development finance, and AI governance into a comprehensive multilateral reform strategy. Guterres urged for institutions that better represent current global economic conditions and for a greater influence for developing countries. His proposals align with ongoing international efforts related to development financing and debt restructuring, including measures tied to the Sevilla Commitment, which addresses issues of financing, debt management, and reforming the international financial architecture.