BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for sweeping reforms to the international financial architecture during the Shanghai Cooperation Organisation summit in Bishkek on September 1, highlighting the increasing debt burden on developing nations. In his address, he stressed that the global financial framework should be made more equitable, with enhanced debt response mechanisms and increased involvement of developing countries in key financial institutions.
Guterres also called on multilateral development banks to broaden their capacities and strengthen support for nations seeking development funds. He advocated for these institutions to grow larger, more efficient, and more daring in addressing the world’s financing needs. Additionally, he urged reforms within the United Nations and the Bretton Woods system to better mirror current economic realities and to amplify the representation and influence of developing nations.
Debt continues to pose a significant challenge for many developing economies, as governments are burdened with high borrowing costs and substantial interest payments. According to UN Trade and Development, public debt in developing countries hit approximately $31 trillion in 2024, with net interest payments reaching about $921 billion that year. The organization further estimated that 3.4 billion people live in countries where interest expenses exceed spending on health or education.
Debt Pressures Fuel Urgency for Reform
The ongoing debate about financial reform has largely centered on debt alleviation, the cost of borrowing, and access to affordable development finance. Guterres has repeatedly urged for increased participation of developing countries in global economic decision-making processes. He also pointed out that existing financial systems still reflect the economic and geopolitical structures established decades ago. As developing countries now represent a larger share of global output and trade, and South-South cooperation continues to grow, reforms are urgently needed.
The summit of the Shanghai Cooperation Organisation assembled leaders from member states along with representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 event at the Yrys-Ordo Congress Hall in Bishkek. The leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus session was also held, focusing on the UN’s role in establishing a just global order.
Artificial Intelligence Governance Becomes Part of Reform Strategy
Artificial intelligence also featured prominently in the reform agenda discussed in Bishkek. Guterres emphasized that AI should serve all nations rather than benefit a select few. He called for robust safeguards and more inclusive governance frameworks to oversee the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries build capabilities and bridge access gaps to advanced technologies.
The remarks made in Bishkek linked financial reform, debt relief, development funding, and artificial intelligence governance within a broader multilateral strategy. The Secretary-General urged for institutions that better mirror current global economic conditions and enhance the influence of developing countries. His proposals are aligned with ongoing international efforts on development financing and debt reform, including initiatives related to the Sevilla Commitment, which addresses financing, debt issues, and reforming the international financial architecture.