BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for significant reforms to the international financial architecture amid rising debt levels and elevated borrowing costs faced by developing nations. Addressing the Shanghai Cooperation Organisation summit in Bishkek on September 1, he emphasized the need for reforms that would empower developing economies within global financial institutions. Guterres also stressed the importance of more robust measures to address sovereign debt issues and to broaden access to affordable development funding.
He highlighted that multilateral development banks should have enhanced capabilities to support countries requiring long-term financing for their economic and social progress. He urged these institutions to become larger, more effective, and more proactive in meeting global financial demands. His remarks also called for reforms within the United Nations and the Bretton Woods system, focusing on fair representation, financial stability, and ensuring these institutions accurately reflect the structure of today’s global economy.
Debt remains a key concern for many developing nations. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. During the same year, net interest payments amounted to roughly $921 billion. The organization further estimated that 3.4 billion people live in countries where more money is spent on interest payments than on health or education. Persistently high borrowing costs continue to restrict fiscal space, hindering investments in public services, infrastructure, and development initiatives.
Growing debt burden challenges developing nations
The discussion on financial reform increasingly revolves around debt management, borrowing rates, and access to development capital. Guterres has consistently advocated for giving developing countries a stronger voice in global economic decision-making processes. He has also pointed out that many international financial structures still mirror arrangements established decades ago. Despite this, developing economies have expanded their share of global output, trade, and investment, and economic cooperation among countries in the Global South has seen notable growth.
The summit of the Shanghai Cooperation Organisation gathered leaders from its member states along with representatives from international and regional organizations. Kyrgyz President Sadyr Japarov presided over the meeting held at the Yrys-Ordo Congress Hall in Bishkek. The participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. Additionally, the summit featured an SCO Plus session that focused on the United Nations’ role in fostering a fairer international order and enhancing multilateral collaboration.
AI regulation integrated into broader reform discussions
Artificial intelligence was also a key topic in Guterres’ agenda during the Bishkek summit. He emphasized that the advantages of AI should be accessible to all nations, rather than concentrated within a limited few. He called for safeguards and wider participation in the governance of advanced technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to enhance technical capabilities and facilitate access to AI tools in developing countries.
This address in Bishkek linked discussions on financial reform, debt management, development finance, and AI governance within a single multilateral framework. The United Nations persists in advocating for reforms to the international financial structure, including efforts tied to the Sevilla Commitment, which addresses debt issues, funding gaps, and institutional reform. The Shanghai Cooperation Organisation summit provided another platform for governments and international organizations to deliberate on representation, economic collaboration, and access to development resources.