BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for significant overhaul of the world’s financial system, highlighting the increasing debt burdens faced by developing nations. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres emphasized that the international financial framework must be made more equitable, incorporate more effective debt management strategies, and involve greater participation of developing countries within major financial institutions.
Additionally, he urged multilateral development banks to enhance their capacity and provide better support to nations seeking development funding. According to Guterres, these institutions should grow larger, more efficient, and more courageous in fulfilling financing needs. Furthermore, he advocated for reforms across the United Nations and the Bretton Woods institutions, stressing that these changes should mirror current economic realities and increase the representation and influence of developing nations.
Debt continues to be a significant obstacle for many developing economies, as governments grapple with high borrowing costs and hefty interest payments. UN Trade and Development reported that the public debt in developing countries reached approximately $31 trillion in 2024. The net interest payments for that year amounted to around $921 billion. The organization further estimated that 3.4 billion people reside in countries where interest payments surpass expenditures on health or education.
Debt pressures intensify push for reforms
The ongoing discussions on financial reform primarily concentrate on debt relief, borrowing costs, and access to affordable development funding. António Guterres has consistently advocated for increased participation of developing nations in global economic policymaking. He has also pointed out that existing financial frameworks still reflect power dynamics and economic structures established decades ago. Today, developing countries represent a larger share of global output and trade, and South-South cooperation has grown significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. During the summit, participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus session also took place, focusing on the role of the UN in establishing a just international order.
Artificial intelligence governance integrated into broader reform efforts
Artificial intelligence was another key component of the reform agenda discussed at Bishkek. Guterres stated that AI should benefit all nations rather than only select groups. He emphasized the importance of implementing safeguards and developing inclusive governance mechanisms for the technology. Earlier in 2026, he also proposed a $3 billion Global Fund on AI Capacity Development aimed at expanding capabilities in developing countries and bridging gaps in access to advanced technology.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within the broader multilateral framework. The Secretary-General called for institutions that better represent current global economic conditions and provide developing countries with more influence. His proposals on finance are aligned with ongoing international initiatives addressing development funding and debt reform. These initiatives include measures related to the Sevilla Commitment, which tackles issues of financing, debt, and reform of the international financial system.