BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has issued a plea for comprehensive reforms to the world’s financial architecture, 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 current global financial system must evolve to incorporate greater equity, more robust debt management strategies, and increased participation from developing countries within major financial institutions.
During the summit, he also called on multilateral development banks to enhance their capacities and offer better support to nations seeking development funding. Guterres stated these financial institutions should grow stronger, more effective, and more daring in addressing the financial needs of countries. Additionally, he proposed reforms extending to the United Nations and the Bretton Woods system, advocating for updates that mirror current economic realities and amplify the influence and representation of developing nations.
Debt continues to serve as a significant obstacle for many developing economies, as governments contend with rising borrowing costs and substantial interest payments. UN Trade and Development reported that in 2024, the total public debt of developing countries neared $31 trillion. That same year, net interest payments amounted to approximately $921 billion. The organization further estimated that 3.4 billion individuals reside in countries where interest payments surpass expenditures on health or education.
Debt pressures intensify calls for systemic reform
The ongoing debate around financial reform has largely centered on debt relief, the costs associated with borrowing, and access to affordable development finance. António Guterres has consistently advocated for increased participation by developing countries in shaping the global economic landscape. He also pointed out that the current financial structures still mirror power and economic arrangements established decades ago. Today, developing nations contribute a larger share to global output and trade, and South-South economic cooperation has seen notable growth.
At the summit, leaders from member states and various international and regional organizations gathered for the first time. Kyrgyz President Sadyr Japarov presided over the September 1 session at the Yrys-Ordo Congress Hall in Bishkek. The summit resulted in the approval of 28 documents, including the Bishkek Declaration and modifications to the organization’s charter. The gathering also featured an SCO Plus segment dedicated to discussing the UN’s role in establishing a just international order.
Artificial intelligence governance integrated into the wider reform framework
Artificial intelligence was another key topic added to the reform agenda presented at Bishkek. Guterres underscored that AI should serve all nations equally rather than benefit only select groups. He called for the implementation of effective safeguards and the development of more inclusive governance mechanisms for the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to boost capabilities in developing countries and bridge access gaps to advanced technology.
The remarks made in Bishkek linked financial reform, debt alleviation, development finance, and AI governance within a broader multilateral framework. The Secretary-General urged the creation of institutions that better reflect today’s global economic realities and that provide developing countries with increased influence. His proposals on financial reform align with ongoing international initiatives, including measures related to the Sevilla Commitment, which addresses issues of financing, debt, and reform of the international financial architecture.