BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for significant reforms to the world’s financial architecture amid increasing debt levels and elevated borrowing costs faced by developing nations. During his speech at the Shanghai Cooperation Organisation summit in Bishkek on September 1, he emphasized the need for reforms that would enhance the influence of developing countries within international financial institutions. Guterres also advocated for more robust measures to address sovereign debt issues and broader access to affordable development funding.
He highlighted that multilateral development banks require expanded capacity to support nations seeking long-term financing for their economic and social development objectives. He urged these institutions to grow stronger, more efficient, and more proactive in meeting global financial demands. Furthermore, Guterres emphasized the necessity for reform within the United Nations and the Bretton Woods system, focusing on representation, financial stability, and restructuring institutions to better mirror the realities of today’s global economy.
Debt remains a primary concern for many emerging economies. UN Trade and Development reported that developing-country public debt hit approximately $31 trillion in 2024. The same report revealed net interest payments of around $921 billion for the year. Additionally, the organization estimated that 3.4 billion people reside in countries that allocate more funds to interest payments than to health or education. The high costs associated with borrowing continue to constrain public budgets, limiting investments in infrastructure, public services, and development initiatives.
Debt Challenges Intensify for Developing Nations
The discourse on financial reform increasingly emphasizes debt management, borrowing expenses, and access to development capital. Guterres has consistently advocated for developing countries to have a stronger voice in global economic decision-making. He has also pointed out that many international financial systems still reflect frameworks established decades ago. Despite these outdated structures, developing economies have expanded their shares of global production, trade, and investment, with regional cooperation among countries in the Global South also growing.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives from international and regional organizations. Kyrgyz President Sadyr Japarov presided over the event at the Yrys-Ordo Congress Hall in Bishkek. The leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus session took place during the summit, focusing on the role of the United Nations in fostering a fairer international order and enhancing multilateral collaboration.
AI Governance Integrated into Broader Reform Discussions
Artificial intelligence also featured prominently in Guterres’s agenda presented in Bishkek. He emphasized that the advantages of AI should be accessible to all nations and not restricted to a select few. Guterres called for safeguards and wider participation in governing advanced technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aimed at expanding technical expertise and improving access to AI tools for developing countries.
The Bishkek speech integrated discussions on financial reform, debt management, development finance, and AI governance into a single multilateral platform. The United Nations continues to promote reforms to the international financial system through initiatives such as the Sevilla Commitment, which addresses debt issues, financing gaps, and institutional restructuring. The summit of the Shanghai Cooperation Organisation provided a further platform for governments and global organizations to deliberate on representation, economic cooperation, and access to developmental resources.