BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for comprehensive reforms to the global financial framework amid growing debt burdens and elevated financing costs faced by developing nations. At 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 institutions. Guterres also urged for more robust measures to address sovereign debt challenges and to expand access to affordable development financing.
Guterres highlighted the necessity for multilateral development banks to increase their capacity in supporting countries requiring long-term funding for economic and social progress. He encouraged these institutions to become more ambitious, effective, and responsive to the world’s funding demands. Additionally, he called for reforms within the United Nations and the Bretton Woods system, focusing on fair representation, financial stability, and ensuring that institutional structures mirror the realities of today’s global economy.
Debt-related issues remain a major concern for numerous developing economies. UN Trade and Development reported that developing-country public debt had reached approximately $31 trillion in 2024. During the same year, net interest payments amounted to roughly $921 billion. The organization also estimated that 3.4 billion people reside in countries where interest payments outweigh expenditures on health or education. Persistently high borrowing costs restrict fiscal space, hampering investments in public services, infrastructure, and development initiatives.
Rising debt burdens challenge developing nations
The discussion surrounding financial reform increasingly emphasizes debt management, borrowing costs, and access to development funds. Guterres has consistently advocated for stronger voices for developing countries in international economic decisions. He has also pointed out that many global financial structures still operate on frameworks established decades ago. Since then, developing economies have increased their share of global output, trade, and investment, with cooperation among the Global South also seeing significant growth.
Leaders from member states and representatives of regional and international organizations gathered at the Shanghai Cooperation Organisation summit, which was held at the Yrys-Ordo Congress Hall in Bishkek and chaired by Kyrgyz President Sadyr Japarov. The summit approved 28 resolutions, including the Bishkek Declaration and amendments to the organization’s charter. An SCO Plus meeting also took place, addressing the United Nations’ role in fostering a more equitable international order and enhancing multilateral cooperation.
Discussion of AI regulation added to broader reform agenda
Artificial intelligence also featured prominently in Guterres’ agenda outlined during the Bishkek summit. He stressed that the advantages of AI should benefit all nations, rather than remain confined to a select few. He advocated for safeguards and wider participation in the governance of advanced technologies. Earlier in 2026, Guterres proposed establishing a $3 billion Global Fund on AI Capacity Development aimed at boosting technical capabilities and increasing access to AI tools for developing countries.
The address in Bishkek integrated issues of financial reform, debt, development financing, and AI governance within a unified multilateral discussion. The United Nations persists in promoting reforms to the international financial architecture through expanded development financing initiatives. These include measures linked to the Sevilla Commitment, which seeks to tackle debt challenges, close financing gaps, and reform institutions. The summit of the Shanghai Cooperation Organisation served as an additional platform for governments and international organizations to deliberate on representation, economic collaboration, and access to development resources.