BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for significant reforms in the global financial architecture, highlighting the increasing debt burden on developing nations. His appeal was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres emphasized that the current international financial framework requires enhanced fairness, more effective debt management, and increased participation of developing countries in major financial institutions.
He further urged multilateral development banks to bolster their capacity and provide better support for countries seeking development funding. According to Guterres, these organizations need to grow bigger, become more efficient, and take bolder actions to meet the financing demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods institutions, emphasizing that such changes should better align with present-day economic realities and boost the representation and influence of developing nations.
Debt continues to pose a significant obstacle for many emerging economies as governments grapple with high borrowing expenses and hefty interest obligations. UN Trade and Development reported that the public debt of developing countries reached approximately $31 trillion in 2024. The total net interest payments for that year were around $921 billion. The organization also estimated that 3.4 billion people live in nations where interest payments surpass expenditures on health or education.
Debt crisis intensifies calls for reform
The ongoing debate on financial reform has predominantly centered on debt relief, borrowing costs, and the accessibility of affordable development financing. António Guterres has persistently advocated for greater involvement of developing countries in global economic decision-making. He also pointed out that current financial systems still mirror the economic and power structures established decades ago. Meanwhile, the share of global output and trade held by developing countries has increased, and South-South cooperation has expanded significantly.
The summit of the Shanghai Cooperation Organisation brought together leaders from member states along with representatives of various international and regional bodies. Kyrgyz President Sadyr Japarov chaired 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. A special SCO Plus session was also held, focusing on the role of the UN in establishing a more equitable international order.
AI governance featured in wider reform discussions
Artificial intelligence was another key element of the reform agenda presented at Bishkek. Guterres stated that AI should benefit all nations, not just a select few. He called for the implementation of robust safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he also proposed a $3 billion Global Fund on AI Capacity Development aimed at expanding capabilities in developing countries and closing the access gaps to advanced technologies.
These remarks from Bishkek linked issues of financial reform, debt alleviation, development finance, and AI governance within the broader multilateral framework. Guterres urged institutions to evolve in ways that better mirror current global economic conditions and to empower developing nations with greater influence. His proposals are also in line with ongoing international efforts related to development financing and debt reform, including initiatives connected to the Sevilla Commitment, which addresses issues of financing, debt, and the reform of the international financial architecture.