BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has urged significant changes to the world’s financial framework, 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 the necessity for a fairer international financial structure, more effective debt management strategies, and increased involvement of developing countries in key financial institutions.
He also appealed to multilateral development banks to enhance their capabilities and provide better support to nations seeking development funds. Guterres argued that these organizations should grow in size and become more effective and courageous in addressing financial needs. Additionally, he called for reforms within the United Nations and the Bretton Woods institutions, suggesting that such changes should mirror current economic realities and boost 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. According to UN Trade and Development, public debt in developing countries reached approximately $31 trillion in 2024. In the same year, net interest payments totaled around $921 billion. The organization also estimated that 3.4 billion people reside in countries where more is spent on interest payments than on health or education.
Debt Concerns Intensify Calls for Reform
The ongoing debate over financial reform has centered on debt alleviation, borrowing costs, and gaining access to affordable development financing. António Guterres has consistently called for increased participation by developing nations in global economic decision-making processes. He also pointed out that current financial structures still mirror the economic and power arrangements established decades ago. Today, developing countries constitute a larger share of global output and trade, with South-South economic cooperation expanding significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives from various international and regional organizations. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. During the event, leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus discussion focusing on the role of the UN in establishing a more equitable international order.
AI Regulation and Broader Reform Goals Intersect
Artificial intelligence was also incorporated into the broader reform agenda introduced in Bishkek. Guterres emphasized that AI should serve all nations rather than benefiting a limited 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 to help developing countries expand their technological capabilities and bridge access gaps to advanced systems.
The remarks made in Bishkek linked discussions on financial reform, debt relief, development finance, and AI governance within the wider multilateral effort. Guterres urged for institutions that better reflect current global economic realities and promote greater influence for developing countries. His proposals on finance align with ongoing international initiatives addressing development funding, debt reform, and the international financial architecture, including measures tied to the Sevilla Commitment, which tackles issues surrounding financing, debt, and systemic reform.