BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the need for comprehensive reforms in the global financial system. His appeal highlighted increasing debt burdens faced by developing nations. He made these remarks at the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres argued that the international financial framework should become fairer, include more effective debt management, and involve greater participation from developing countries in key financial institutions.
He also called on multilateral development banks to enhance their capacities and offer better support for countries seeking development funding. Guterres stressed that these institutions must grow in size, improve in performance, and take bolder actions to meet financing demands. Additionally, he urged reforms within the United Nations and the Bretton Woods system. These changes, he stated, should better mirror current economic realities and expand the influence and representation of developing nations.
Debt continues to be a significant obstacle for many developing economies, with governments facing high borrowing costs and substantial interest payments. UN Trade and Development reported that the public debt of developing countries hit approximately $31 trillion in 2024. Interest payments alone reached about $921 billion that year. The organization also estimated that 3.4 billion people reside in countries where more is spent on interest than on health or education.
Debt Concerns Drive Calls for Reform
The debate on financial reform has largely centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has repeatedly urged for increased involvement of developing countries in global economic decisions. He also pointed out that current financial structures still reflect the economic and political arrangements created decades ago. Today, developing nations contribute a larger share of global output and trade. South-South economic cooperation has also grown significantly.
Leaders from member states and representatives of international and regional bodies gathered at the Shanghai Cooperation Organisation summit. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. The summit approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. A SCO Plus session focused on the role of the UN in establishing a fair international order was also part of the agenda.
Artificial Intelligence Governance Becomes Part of Broader Reform Efforts
Artificial intelligence was added to the reform agenda discussed in Bishkek. Guterres emphasized that AI should serve all countries, not just a select few. He called for robust safeguards and more inclusive governance mechanisms for AI. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development. The goal is to increase capabilities in developing countries and bridge the access gap to advanced technology.
The remarks in Bishkek linked financial reform, debt relief, development funding, and AI governance within the broader multilateral agenda. The UN Secretary-General stressed the importance of institutions that reflect today’s global economic landscape and give developing nations a stronger voice. His financial proposals align with ongoing international efforts on development finance and debt reform. These efforts include measures associated with the Sevilla Commitment, which addresses issues related to financing, debt, and the reform of the international financial architecture.