BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has urged for comprehensive reforms in the international financial architecture, emphasizing the increasing debt burdens faced by developing nations. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1, where he stressed that the current global financial framework requires enhanced fairness, more effective debt management strategies, and increased involvement of developing countries in key financial institutions.
Furthermore, he called upon multilateral development banks to bolster their capacity and provide better support for countries pursuing development financing. Guterres emphasized that these institutions should evolve to become larger, more efficient, and more courageous in addressing financial needs, while also advocating for reforms within the United Nations and the Bretton Woods institutions. He highlighted that such reforms should mirror contemporary economic realities and promote greater representation and influence for developing nations.
Debt continues to serve as a significant obstacle for many developing economies, as governments grapple with elevated borrowing costs and substantial interest payments. According to UN Trade and Development, developing countries’ public debt amounted to approximately $31 trillion in 2024, with net interest expenses reaching around $921 billion that same year. The organization also estimated that 3.4 billion individuals live in countries where interest payments surpass expenditures on health or education.
Debt Load Intensifies Calls for Reform
The ongoing debate on financial reform has largely centered on debt relief, the costs associated with borrowing, and improving access to affordable development finance. António Guterres has repeatedly emphasized the importance of increased participation by developing countries in global economic policymaking, criticizing the fact that the current financial structures still reflect economic and power arrangements established decades ago. As developing countries now comprise a larger share of global output and trade, and with South-South economic cooperation expanding, the need for reform becomes even more pressing.
The summit of the Shanghai Cooperation Organisation convened leaders from member states along with representatives of various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 gathering at the Yrys-Ordo Congress Hall in Bishkek, where delegates approved 28 documents, including the Bishkek Declaration and amendments to the organisation’s charter. The summit also featured an SCO Plus meeting focusing on the UN’s role in establishing a fair international order.
Artificial Intelligence Governance Integrated into Broader Reform Framework
Artificial intelligence was another key element of the reform agenda outlined in Bishkek. Guterres stated that AI should serve all nations rather than benefit only a select few, emphasizing the importance of implementing effective safeguards and fostering more inclusive governance structures for the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development aimed at expanding capabilities in developing countries and bridging access gaps to advanced technologies.
These remarks in Bishkek tied together themes of financial reform, debt relief, development financing, and AI governance within the wider context of multilateral efforts. The Secretary-General called for institutional reforms that better reflect current economic realities and provide developing nations with greater influence. His financial proposals are aligned with ongoing international initiatives focused on development funding and debt restructuring, including measures associated with the Sevilla Commitment, which addresses issues related to financing, debt challenges, and reform of the international financial architecture.