BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the need for substantial reforms within the global financial system, highlighting the increasing debt burden faced by developing nations. He expressed this view at the Shanghai Cooperation Organisation summit held in Bishkek on September 1, stressing that the international financial architecture should be more equitable, include stronger mechanisms for debt resolution, and involve greater participation from developing countries in key financial institutions.
He also called on multilateral development banks to enhance their capacity and improve support for countries seeking development funding. Guterres argued these institutions need to become larger, more efficient, and more daring in fulfilling their financial roles. Furthermore, he advocated for reforms within the United Nations and the Bretton Woods system, asserting that such changes should better mirror current economic realities and amplify the representation and influence of developing nations.
High debt levels continue to hinder many emerging economies, as governments grapple with elevated borrowing costs and hefty interest payments. According to UN Trade and Development, public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments amounting to around $921 billion in the same year. The organization also estimated that 3.4 billion people reside in countries where interest payments surpass expenditures on health or education.
Debt Challenges Intensify Calls for Reform
The discussion around financial reform has largely concentrated on debt relief, borrowing costs, and access to affordable development financing. Guterres has consistently urged for increased involvement of developing nations in global economic decision-making, criticizing the current financial frameworks for reflecting outdated economic and power structures established decades ago. While developing countries now represent a larger share of global output and trade, South-South economic cooperation has also seen significant growth.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states and representatives of various international and regional bodies, with Kyrgyz President Sadyr Japarov presiding over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. A total of 28 documents, including the Bishkek Declaration and amendments to the organization’s charter, received approval. The event also featured an SCO Plus session dedicated to discussing the UN’s role in establishing a fairer international order.
AI Regulation and Broader Reforms Discussed
Artificial intelligence was incorporated into the reform agenda presented in Bishkek. Guterres emphasized that AI should benefit all nations rather than just a select few, advocating for strong safeguards and more inclusive governance mechanisms. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to bolster capabilities in developing countries and bridge gaps in access to advanced technologies.
By linking financial reform, debt relief, development funding, and AI governance, Guterres integrated these topics into a broader multilateral framework. He urged for institutions that more accurately reflect today’s global economic landscape and allow developing nations to have a greater say. His proposals align with ongoing international efforts on development finance and debt restructuring, including measures related to the Sevilla Commitment, which addresses financial and debt challenges, as well as reforms of the international financial architecture.