BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for extensive changes to the international financial architecture, highlighting the increasing debt burdens on developing nations. His appeal was delivered during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres emphasized that the global financial system must be reformed to ensure fairness, enhance debt management responses, and enable greater involvement of developing countries in key financial institutions.
He also urged multilateral development banks to broaden their capacity and provide more robust support to nations seeking development financing. According to Guterres, these financial institutions should evolve to become larger, more effective, and more courageous in addressing global needs. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system to better mirror current economic realities and to amplify the voices and influence of developing nations.
Debt remains a significant obstacle for many developing economies, as governments grapple with high borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. In that same year, net interest payments were around $921 billion. The organization also estimated that 3.4 billion people reside in countries where more money is spent on interest payments than on health or education.
Debt pressures intensify calls for reform
The ongoing debate over financial reform has largely centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has consistently emphasized the need for greater participation by developing countries in global economic policymaking. He also pointed out that the current financial structures still mirror the economic and power arrangements established decades ago. As developing nations now contribute a larger share to global output and trade, and South-South cooperation has expanded, he advocates for reforms reflecting these shifts.
The summit of the Shanghai Cooperation Organisation gathered leaders from its member states and representatives from various international and regional organizations. Kyrgyz President Sadyr Japarov chaired the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and modifications to the organization’s charter. The event also featured an SCO Plus session focusing on the UN’s role in establishing a fair international order.
Artificial intelligence governance integrated into wider reform efforts
Artificial intelligence was also incorporated into the reform agenda discussed in Bishkek. Guterres stressed that AI should serve all countries equally rather than benefit a select few. He called for effective safeguards and more inclusive governance frameworks for the emerging technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries enhance their capabilities and bridge access gaps to advanced technologies.
The remarks made in Bishkek linked discussions on financial reform, debt relief, development finance, and AI governance into a broader multilateral strategy. The Secretary-General urged institutions to better adapt to current global economic conditions and to amplify the influence of developing nations. His financial proposals align with ongoing international initiatives on development finance and debt reform, including measures associated with the Sevilla Commitment, which addresses issues related to financing, debt management, and the reform of the international financial system.