BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for significant reforms to the global financial architecture amid escalating debt levels and high borrowing costs faced by developing nations. Addressing the Shanghai Cooperation Organisation summit in Bishkek on September 1, he emphasized the need for changes that would enhance the influence of developing economies within international financial institutions. Guterres also advocated for more robust measures to tackle sovereign debt issues and broaden access to affordable development funding.
According to Guterres, multilateral development banks must expand their capacity to provide long-term support for countries pursuing economic and social progress. He urged these organizations to grow in size, improve their effectiveness, and respond more decisively to global financial demands. His speech also highlighted the necessity for reforms within the United Nations and the Bretton Woods institutions, focusing on better representation, financial stability, and the adaptation of institutions to mirror the structure of today’s global economy.
Debt burdens continue to be a primary concern for many emerging markets. UN Trade and Development reported that public debt in developing countries hit approximately $31 trillion in 2024. During the same year, net interest payments reached around $921 billion. The organization further estimated that 3.4 billion people reside in nations where interest payments surpass spending on health or education. Persistently high borrowing costs restrict fiscal space, impacting investments in public services, infrastructure, and development initiatives.
Debt Challenges Intensify for Developing Countries
The discussion around financial reform increasingly centers on debt management, borrowing costs, and access to development capital. Guterres has repeatedly emphasized the importance of amplifying developing countries’ voices in global economic decision-making. He pointed out that many international financial frameworks still reflect structures established decades ago. Meanwhile, developing economies have expanded their share of global output, trade, and investment, with regional cooperation among the Global South on the rise.
The summit of the Shanghai Cooperation Organisation saw leaders from member states and representatives of international and regional organizations convene. Kyrgyz President Sadyr Japarov presided over the gathering at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and modifications to the organization’s charter. An SCO Plus session also took place, discussing the role of the United Nations in fostering a fairer international order and enhancing multilateral cooperation.
AI Governance Becomes Part of Broader Reform Discussions
Artificial intelligence was another key topic addressed by Guterres in Bishkek. He highlighted that the advantages of AI should benefit all nations rather than remain limited to a select few. Guterres called for safeguards and increased participation in the governance of advanced technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to bolster technical skills and improve access to AI tools in developing countries.
This address in Bishkek integrated issues of financial reform, debt, development finance, and AI governance into a unified multilateral dialogue. The United Nations continues to advocate for reforms to the international financial system through expanded development financing initiatives. These efforts include measures aligned with the Sevilla Commitment, which focuses on debt management, closing funding gaps, and institutional reform. The Shanghai Cooperation Organisation summit provided a platform for governments and international bodies to discuss representation, economic cooperation, and access to development resources.