BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the necessity for extensive changes in the world’s financial architecture, highlighting the increasing debt burdens faced by developing nations. His appeal was made at the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres underscored the importance of creating a fairer international financial system, enhancing debt management mechanisms, and encouraging broader participation from developing countries in prominent financial institutions.
He further encouraged multilateral development banks to boost their capacities and strengthen their support for nations seeking development funding. Guterres argued that these financial institutions should grow in size, improve their effectiveness, and become more courageous in addressing financing requirements. Additionally, he called for reforms within the United Nations and the Bretton Woods system, suggesting that these adjustments should mirror current economic realities and boost the representation and influence of developing countries.
Debt continues to serve as a significant obstacle for numerous developing economies, with governments burdened by high borrowing rates and substantial interest payments. According to UN Trade and Development, the public debt of developing nations hit approximately $31 trillion in 2024. In that same year, net interest payments amounted to about $921 billion. The organization also estimates that 3.4 billion individuals reside in countries that allocate more funds to interest payments than to healthcare or education.
Debt pressures intensify calls for reform
The ongoing debate over financial reform has predominantly centered around debt forgiveness, borrowing costs, and accessing affordable development financing. António Guterres has consistently urged for greater involvement of developing countries in global economic decision-making processes. He also pointed out that current financial systems still mirror the economic and political structures established many decades ago. Today, developing nations contribute a larger share to global output and trade, and South-South economic cooperation continues to grow.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives from several international and regional organizations. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. The participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus session also took place, focusing on the United Nations’ role in establishing a just international order.
The inclusion of AI governance expands the reform agenda
Artificial intelligence was identified as a key component of the broader reform framework discussed in Bishkek. Guterres emphasized that AI should serve all nations, rather than benefit only a select few. He advocated for robust safeguards and more inclusive governance frameworks to oversee the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund for AI Capacity Development to enhance capabilities in developing countries and bridge the technological access gap.
The remarks made in Bishkek linked the issues of financial reform, debt alleviation, development finance, and AI governance within the larger multilateral reform agenda. The UN Secretary-General urged for institutions that better reflect the realities of today’s global economy and for increased influence for developing nations. His financial proposals are aligned with ongoing international efforts on development financing and debt reform, including measures related to the Sevilla Commitment, which addresses issues of financing, debt, and reforms to the international financial architecture.