BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the necessity of fundamental reforms within the international financial system, highlighting the increasing debt burdens on developing nations. This appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres asserted that the global financial framework must become fairer, incorporate more effective debt management strategies, and enable greater involvement of developing countries in leading financial institutions.
He further called on multilateral development banks to enhance their capacity and bolster assistance to countries seeking development funding. Guterres stated that these institutions should grow in size, improve in efficiency, and act more boldly to meet financial demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system that better mirror current economic realities and increase representation and influence for developing nations.
Debt continues to be a significant barrier for many developing economies, as governments grapple with elevated borrowing costs and substantial interest obligations. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments totaling around $921 billion that year. The organization also estimated that 3.4 billion individuals reside in countries where interest payments surpass spending on health or education.
Debt Challenges Amplify the Call for Reform
The debate over financial reform has largely centered on debt relief, borrowing costs, and access to affordable development financing. António Guterres has consistently urged for a stronger role for developing countries in global economic decision-making. He has pointed out that the existing financial structures still mirror economic and power arrangements established decades ago. Today, developing countries constitute a larger share of worldwide output and trade, with South-South economic cooperation also expanding.
The summit of the Shanghai Cooperation Organisation convened leaders from member states alongside representatives of several international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. During the gathering, 28 documents received approval, including the Bishkek Declaration and amendments to the organization’s charter. A subsequent SCO Plus meeting focused on the role of the UN in fostering a just international order.
Artificial Intelligence and Broader Reform Initiatives
Artificial intelligence was integrated into the wider reform agenda presented in Bishkek. Guterres emphasized that AI should serve all nations equally, rather than benefiting only a select few. He called for effective safeguards and more inclusive governance mechanisms for AI technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to bolster capabilities in developing countries and bridge access gaps to advanced technology.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within a comprehensive multilateral framework. Guterres urged for institutions that better reflect the realities of today’s global economy and offer developing countries greater influence. His proposals for financial reform complement ongoing international efforts on development financing and debt restructuring, including measures related to the Sevilla Commitment, which addresses issues of financing, debt, and reforming the international financial architecture.