BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has urged comprehensive reforms to the international financial architecture, highlighting the increasing debt burdens on emerging economies. His appeal was made at the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres emphasized that the global financial framework must become more equitable, with enhanced debt response mechanisms and broader involvement of developing nations in key financial institutions.
He also called on multilateral development banks to enhance their capacity and bolster support for countries seeking development funding. According to Guterres, these institutions should grow in size, improve their efficiency, and take bolder actions to meet financial demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system to better mirror contemporary economic realities and to augment the representation and influence of developing countries.
Debt continues to serve as a significant obstacle for numerous developing nations, which face elevated borrowing costs and substantial interest payments. UN Trade and Development reported that the public debt of developing countries reached approximately $31 trillion in 2024. In that year, net interest payments amounted to around $921 billion. The organization also estimated that 3.4 billion people reside in countries where interest payments surpass expenditures on health or education.
Debt Pressures Amplify Calls for Structural Reform
Discussions on financial reform primarily center on debt relief, borrowing costs, and access to affordable development finance. António Guterres has consistently emphasized the importance of increased participation by developing nations in global economic decision-making. He pointed out that current financial systems still reflect economic and power arrangements established decades ago. As developing economies now contribute a larger share to global output and trade, and with the growth of South-South cooperation, calls for reform have gained urgency.
The summit of the Shanghai Cooperation Organisation convened leaders from member states alongside representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 gathering at the Yrys-Ordo Congress Hall in Bishkek. During the meeting, participants approved 28 documents, which included the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session dedicated to exploring the UN’s role in establishing a just international order.
Artificial Intelligence Governance Becomes Part of Broader Reform Strategy
Artificial intelligence was integrated into the reform agenda discussed in Bishkek. Guterres stated that AI should serve the interests of all countries rather than benefit only a select few. He called for the implementation of effective safeguards and the development of inclusive governance mechanisms for the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aimed at expanding capabilities in developing nations and closing access gaps to advanced technology.
The remarks in Bishkek linked issues of financial reform, debt alleviation, development financing, and AI governance within a broader multilateral framework. Guterres urged the creation of institutions that more accurately reflect current global economic conditions and empower developing countries with greater influence. His financial proposals align with ongoing international initiatives addressing development finance and debt restructuring, including efforts linked to the Sevilla Commitment, which tackles financing, debt issues, and the reform of the international financial architecture.