BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for fundamental changes to the world’s financial architecture, highlighting the increasing debt burdens faced by emerging economies. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres underscored that the international financial framework must become more equitable, include more robust debt management strategies, and facilitate greater participation of developing nations in key financial institutions.
He also pressed multilateral development banks to enhance their capacity and to bolster support for countries pursuing development financing. According to him, these institutions should grow in size, improve in efficiency, and be more daring in addressing the financing demands. Additionally, Guterres called for reforms within the United Nations and the Bretton Woods system. He argued that such reforms should mirror current economic realities and bolster the representation and influence of developing countries.
High debt levels continue to hinder many developing economies, as governments grapple with rising borrowing expenses and sizable interest obligations. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. The total interest payments amounted to about $921 billion that same year. The organization also estimated that 3.4 billion people live in nations where more is spent on interest payments than on health or education.
Debt pressures intensify calls for reform
The discussion around financial reforms has been largely centered on debt relief, the costs of borrowing, and access to affordable development finance. António Guterres has consistently advocated for increased involvement of developing countries in global economic decision-making processes. He has pointed out that current financial structures still echo the economic and power dynamics established decades ago. As developing countries now contribute a larger share to global output and trade, and South-South cooperation has grown, the need for reform has become even more urgent.
The summit of the Shanghai Cooperation Organisation convened leaders from member states along with representatives from several international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at Bishkek’s Yrys-Ordo Congress Hall. Attendees approved 28 resolutions, which included the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session that discussed the role of the UN in establishing a fair international order.
Artificial intelligence governance incorporated into broader reform plans
Artificial intelligence was another key aspect of the reform agenda unveiled in Bishkek. Guterres argued that AI should serve all countries equally, rather than benefiting only a select few. He called for effective safeguards and more inclusive governance mechanisms to oversee the technology. Earlier in 2026, he had also proposed a $3 billion Global Fund on AI Capacity Development aimed at expanding capabilities in developing nations and narrowing gaps in access to advanced technologies.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within a wider multilateral framework. The Secretary-General urged the creation of institutions that better reflect the realities of today’s global economy and amplify the voices of developing countries. His financial proposals align with ongoing international initiatives on development finance and debt restructuring. These include measures connected to the Sevilla Commitment, which addresses challenges related to financing, debt, and reform of the international financial architecture.