BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for comprehensive reforms in the world’s financial system, pointing to increasing debt burdens faced by developing nations. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres highlighted that the international financial framework requires enhanced fairness, more effective debt management, and increased participation of developing countries within major financial institutions.
He also called on multilateral development banks to boost their capacity and provide better support for nations seeking development funding. Guterres stated these organizations should grow larger, improve their operations, and take bolder actions to meet financial demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods institutions, emphasizing that such changes should align with current economic realities and amplify the voice and influence of developing nations.
Debt continues to be a significant obstacle for many developing economies, as governments grapple with high borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments around $921 billion that year. The organization also estimated that 3.4 billion people live in countries where interest expenses surpass spending on health or education.
Debt pressures intensify reform efforts
The ongoing debate on financial reform has largely centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has consistently advocated for greater involvement of developing nations in global economic decision-making, criticizing the fact that current financial structures still mirror the economic and political arrangements established decades ago. As developing countries now make up a larger portion of global output and trade, and South-South cooperation has grown, calls for reform have gained momentum.
Leaders from member states and representatives of various international and regional bodies gathered at the SCO summit, which was chaired by Kyrgyz President Sadyr Japarov at the Yrys-Ordo Congress Hall in Bishkek on September 1. The summit participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter, with a special SCO Plus meeting focusing on the UN’s role in establishing a fair international order.
Artificial intelligence joins reform priorities
Artificial intelligence was another key aspect of the reform agenda discussed in Bishkek. Guterres argued that AI should serve all nations equally, rather than benefitting only a select few. He urged for effective safeguards and more inclusive governance frameworks for the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries expand capabilities and bridge access gaps to advanced technology.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance as part of a broader multilateral effort. Guterres called for international institutions to better reflect present-day economic conditions and to enhance the influence of developing countries. His financial proposals are aligned with ongoing international initiatives on development financing and debt reform, including measures related to the Sevilla Commitment, which addresses issues of financing, debt, and reform of the international financial architecture.