BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the necessity for sweeping changes to the world’s financial framework, highlighting the increasing debt burdens on developing nations. During the Shanghai Cooperation Organisation summit in Bishkek on September 1, he urged for a fairer global financial structure, more effective debt management strategies, and greater involvement of developing countries in key financial institutions.
Guterres also called on multilateral development banks to enhance their capacity and provide better support for countries in need of development funding. He stated these institutions should grow stronger, more efficient, and more courageous in addressing financing demands. Additionally, he proposed reforms within the United Nations and the Bretton Woods system to better mirror current economic realities and increase representation and influence for developing nations.
Many developing economies are hindered by debt as governments grapple with high borrowing costs and substantial interest payments. According to UN Trade and Development, public debt in developing countries hit approximately $31 trillion in 2024, with net interest payments reaching around $921 billion that year. The report also estimates that 3.4 billion people live in countries where interest payments exceed expenditures on health or education.
Debt pressures intensify calls for systemic reform
The debate around financial reform has centered on debt relief, borrowing costs, and access to affordable development finance. Guterres has repeatedly emphasized the need for greater participation by developing nations in global economic decision-making, criticizing the current financial structures for reflecting outdated economic and power arrangements established decades ago. He pointed out that developing countries now represent a larger share of global output and trade, with South-South cooperation expanding significantly.
The summit, held at the Yrys-Ordo Congress Hall in Bishkek and chaired by Kyrgyz President Sadyr Japarov, brought together leaders from SCO member states and representatives of various international and regional bodies. A total of 28 documents were adopted, including the Bishkek Declaration and amendments to the organization’s charter. The event also featured an SCO Plus session focused on the UN’s role in creating a fairer international order.
Artificial intelligence governance integrates into broader reform efforts
Artificial intelligence was also a key topic within the reform agenda discussed in Bishkek. Guterres emphasized that AI should benefit all countries, not just a select few. He called for robust safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development aimed at expanding technological capabilities in developing nations and bridging access gaps.
The remarks from Bishkek connected themes of financial reform, debt alleviation, development finance, and AI governance under a broader multilateral framework. Guterres advocated for institutions that better reflect current global economic conditions and amplify the voice of developing countries. His proposals align with ongoing international initiatives on development financing and debt reform, including measures related to the Sevilla Commitment, which addresses issues of financing, debt management, and reforms to the international financial architecture.