BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres called for fundamental changes to the global financial system, highlighting increasing debt pressures on developing nations. He made this appeal during the Shanghai Cooperation Organisation summit in Bishkek on September 1. Guterres emphasized that the international financial framework requires enhanced fairness, more effective debt management, and greater involvement of developing countries in key financial institutions.
He also urged multilateral development banks to boost their capacity and provide better support to nations seeking development financing. According to Guterres, these institutions should grow larger, improve their effectiveness, and take bolder actions to meet financing demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system. He stated that such reforms should mirror current economic realities and aim to increase the representation and influence of developing countries.
Debt continues to act as a significant obstacle for many developing economies, as governments grapple with elevated borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. Net interest payments amounted to about $921 billion in that year. The organization also estimated that 3.4 billion people live in countries where more is spent on interest payments than on health or education.
Growing debt burden intensifies push for reform
The debate over financial reform has predominantly centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has consistently called for increased participation by developing nations in global economic decision-making. He also pointed out that current financial systems still mirror economic and power structures established decades ago. Developing countries now contribute a larger share to global output and trade, while South-South economic cooperation has grown significantly.
The summit of the Shanghai Cooperation Organisation convened leaders from member states along with representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov chaired the September 1 gathering at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session focused on the UN’s role in establishing a just international order.
AI governance integrates into the wider reform agenda
Artificial intelligence was another element incorporated into the reform proposals presented in Bishkek. Guterres stated that AI should benefit all countries rather than serving only a select few. He urged for effective safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he also proposed establishing a $3 billion Global Fund on AI Capacity Development to enhance capabilities in developing nations and address disparities in access to advanced technology.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within the broader multilateral framework. The UN Secretary-General called for institutions that better reflect current global economic conditions and empower developing countries. His financial initiatives are consistent with ongoing international efforts on development financing and debt reform, including measures related to the Sevilla Commitment, which addresses issues of financing, debt, and the reform of the international financial architecture.