BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for comprehensive reforms to the world’s financial architecture, highlighting increasing debt burdens on emerging economies. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres emphasized that the international financial system must be fairer, with more robust debt management strategies and increased involvement of developing nations in leading financial bodies.
He also pressed for multilateral development banks to enhance their capacities and offer better support to countries in need of development funding. According to Guterres, these institutions should expand and improve to meet the growing financial demands. He further advocated for reforms within the United Nations and the Bretton Woods institutions to better mirror current economic realities and to amplify the voices and influence of developing countries.
Many developing economies are still heavily constrained by debt, facing soaring borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing nations reached approximately $31 trillion in 2024, with net interest payments totaling around $921 billion for that year. The organization also noted that 3.4 billion individuals reside in countries where more is spent on interest payments than on health or education.
Debt Concerns Drive Calls for Structural Reforms
The conversation around financial reform has primarily centered on debt alleviation, borrowing affordability, and access to development finance. António Guterres has consistently urged for increased participation of developing nations in global economic decision-making processes. He pointed out that existing financial frameworks still mirror the economic and geopolitical structures established decades ago. Meanwhile, developing countries now contribute a larger share to global output and trade, and South-South cooperation has seen significant growth.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from various international and regional entities. Kyrgyz President Sadyr Japarov presided over the September 1 gathering at the Yrys-Ordo Congress Hall in Bishkek. Attendees approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The event also featured an SCO Plus session dedicated to discussing the UN’s role in establishing a just international order.
Artificial Intelligence Governance Becomes Part of the Broader Reform Framework
Artificial intelligence was incorporated into the reform agenda introduced at Bishkek. Guterres stressed that AI should benefit all nations, rather than serving only a select few. He emphasized the need for effective safeguards and more inclusive governance frameworks for the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development to help developing countries enhance their capabilities and bridge access gaps to advanced technologies.
The remarks made in Bishkek linked financial reform, debt relief, development funding, and AI governance as part of a wider multilateral strategy. Guterres called for reforms that better adapt to current global economic conditions and amplify the influence of developing nations. His financial proposals are aligned with ongoing international efforts on development finance and debt restructuring, including initiatives related to the Sevilla Commitment, which addresses financial challenges, debt issues, and the reform of the international financial architecture.