BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for significant reforms to the world’s financial architecture amid mounting debt challenges faced by developing nations and soaring borrowing costs. During the Shanghai Cooperation Organisation summit in Bishkek on September 1, he emphasized the need for reforms that would enhance the influence of developing economies within international financial bodies. Guterres also advocated for more effective measures to address sovereign debt issues and to improve access to affordable development funding.
Guterres highlighted that multilateral development banks must increase their capacity to aid nations seeking long-term financing for economic and social growth. He urged these institutions to become larger, more effective, and more proactive in meeting global funding demands. Additionally, he called for reforms within both the United Nations and the Bretton Woods system, emphasizing the importance of representation, financial stability, and aligning institutions with the structure of today’s global economy.
Debt burdens remain a key concern for many emerging markets. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments totaling around $921 billion in the same year. The organization also estimated that 3.4 billion individuals live in nations where interest payments surpass expenditures on health or education. Elevated borrowing costs continue to restrict the fiscal capacity for public services, infrastructure, and development initiatives.
Growing Debt Challenges for Developing Nations
The discussion on financial reform increasingly emphasizes debt management, borrowing expenses, and access to development capital. Guterres has persistently advocated for stronger representation of developing countries in global economic policymaking. He also pointed out that many international financial frameworks are still based on arrangements established decades ago. Since then, these economies have increased their shares in global output, trade, and investment, alongside a rise in regional cooperation among the Global South countries.
At the summit, leaders from member states and representatives of international and regional organizations convened in Bishkek. Kyrgyz President Sadyr Japarov presided over the meeting at the Yrys-Ordo Congress Hall. The summit resulted in the approval of 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. A notable component was the SCO Plus meeting, which discussed the role of the United Nations in fostering a fairer international order and enhancing multilateral collaboration.
Artificial Intelligence Governance Integrated into Broader Reform Agenda
Artificial intelligence also featured prominently in Guterres’s agenda during the Bishkek summit. He emphasized that the advantages of AI should benefit all nations, rather than remain limited to a few. Guterres called for safeguards and increased participation in the governance of emerging technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to boost technical capabilities and improve access to AI tools for developing countries.
The Bishkek speech linked discussions on financial reform, debt, development financing, and AI governance within a single multilateral framework. The United Nations remains committed to reforming the international financial infrastructure via expanded development finance initiatives. These include measures linked to the Sevilla Commitment, which tackles debt-related challenges, funding gaps, and institutional reforms. The summit of the Shanghai Cooperation Organisation offered another platform for governments and international entities to debate representation, economic collaboration, and resource access for development.