BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for substantial reforms to the global financial system, highlighting the 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 international financial framework must be more equitable, with enhanced debt response mechanisms and broader engagement by developing countries within major financial institutions.
He also called on multilateral development banks to enhance their capacity and improve their support for countries pursuing development funding. Guterres insisted these institutions should grow larger, more efficient, and more courageous in addressing financing demands. Additionally, he proposed reforms for the United Nations and the Bretton Woods system to better mirror current economic realities and to bolster the representation and influence of developing nations.
Debt continues to be a significant obstacle for many developing economies, with governments burdened by elevated borrowing costs and substantial interest payments. UN Trade and Development estimated that public debt in developing countries reached approximately $31 trillion in 2024. That year, net interest expenses amounted to around $921 billion. The organization also noted that 3.4 billion people reside in countries where interest payments surpass expenditures on health or education.
Debt pressures intensify calls for reform
Discussions on financial reform have heavily centered on debt alleviation, borrowing costs, and access to affordable development financing. António Guterres has consistently advocated for increased involvement of developing countries in global economic decision-making. He pointed out that current financial structures still reflect economic and power systems established decades ago. As developing countries now contribute a larger share of global output and trade, and South-South economic cooperation has grown, these disparities become more evident.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 session at the Yrys-Ordo Congress Hall in Bishkek. Attendees approved 28 resolutions, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus meeting dedicated to discussing the UN’s role in establishing a just international order.
Artificial intelligence governance expands reform efforts
Artificial intelligence was another key aspect of the reform agenda outlined in Bishkek. Guterres emphasized that AI should serve all nations equally, rather than benefit only a select few. He urged for the implementation of effective safeguards and more inclusive governance structures for the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development to bolster capabilities in developing countries and bridge the gap in access to advanced technology.
The remarks in Bishkek integrated discussions on financial reform, debt relief, development finance, and AI governance within the broader multilateral framework. The Secretary-General advocated for institutions that better align with contemporary global economic conditions and enhance the influence of developing countries. His financial proposals are consistent with ongoing international efforts on development financing and debt reform, including initiatives related to the Sevilla Commitment, which addresses issues of financing, debt challenges, and reform of the international financial architecture.