BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for comprehensive reforms to the world’s financial system, highlighting increasing debt burdens on emerging economies. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres stressed that the international financial framework requires enhanced fairness, more effective debt management strategies, and wider involvement of developing nations within major financial institutions.
He also called on multilateral development banks to boost their capacity and enhance their support for nations pursuing development funding. According to Guterres, these institutions should grow in size, improve in efficiency, and take bolder actions to meet financial demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system, arguing that these changes should better mirror current economic realities and increase the representation and influence of developing countries.
Many developing economies continue to face significant debt-related constraints, grappling with high borrowing rates and substantial interest expenses. UN Trade and Development reported that the public debt held by developing nations hit approximately $31 trillion in 2024, with net interest payments reaching around $921 billion that same year. The organization also estimated that 3.4 billion people live in countries where spending on interest payments exceeds expenditures on health or education.
Debt Levels Intensify Calls for Reform
The conversation surrounding financial reform has largely centered on debt relief, borrowing costs, and access to affordable development financing. Guterres has consistently urged for greater participation of developing countries in global economic decision-making processes. He pointed out that current financial structures still reflect economic and power arrangements established decades ago. Meanwhile, developing nations now represent a larger share of global output and trade, with South-South cooperation expanding significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states and representatives of various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. The leaders endorsed 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also hosted an SCO Plus session focused on the UN’s role in fostering a fair international order.
Artificial Intelligence Governance Integrates into Broader Reform Plans
Artificial intelligence was another key element of the reform agenda outlined in Bishkek. Guterres emphasized that AI should serve the interests of all countries rather than benefiting only a select few. He called for effective safeguards and more inclusive governance mechanisms for the emerging technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries expand their capabilities and bridge access gaps to advanced technology.
By linking financial reform, debt relief, development finance, and artificial intelligence governance, the Bishkek agenda underscores a broader multilateral effort. The Secretary-General advocated for institutions that better align with current global economic conditions and offer greater influence to developing nations. His proposals for financial reform also support ongoing international initiatives on development financing and debt restructuring, including measures related to the Sevilla Commitment, which addresses issues of financing, debt, and reform of the international financial architecture.