BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres urged reforms to the international financial system amid rising debt levels and high borrowing costs faced by developing nations. During the Shanghai Cooperation Organisation summit in Bishkek on September 1, he emphasized the need for reforms that would amplify the influence of developing economies within global financial institutions. Guterres also advocated for more robust measures to address sovereign debt issues and for increased access to affordable development financing.
He highlighted that multilateral development banks require enhanced capacity to support nations needing long-term funding for economic and social growth. His call was for these institutions to expand, improve, and become more proactive in meeting global financial demands. Additionally, he proposed reforms within the United Nations and the Bretton Woods system, focusing on representation, financial stability, and the importance of adapting institutions to reflect the structure of today’s global economy.
Debt challenges remain a key concern for many developing countries. UN Trade and Development reported that public debt for developing nations reached approximately $31 trillion in 2024, with net interest payments around $921 billion during 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. High borrowing costs continue to constrain fiscal space, impacting public services, infrastructure, and development initiatives.
Growing Debt Burdens for Developing Nations
The discussion on financial reform increasingly focuses on debt management, borrowing expenses, and access to development capital. Guterres has consistently called for developing countries to have a stronger voice in international economic decisions, pointing out that many global financial structures still mirror arrangements established decades ago. As these economies have increased their share of global output, trade, and investment, regional cooperation among the Global South has also grown.
The SCO summit in Bishkek brought together leaders from member states and representatives of regional and international organizations. Kyrgyz President Sadyr Japarov chaired the event at the Yrys-Ordo Congress Hall in Bishkek, where 28 documents, including the Bishkek Declaration and amendments to the organization’s charter, were approved. The summit also hosted an SCO Plus meeting that discussed the United Nations’ role in fostering a fairer international order and enhancing multilateral cooperation.
AI Governance Included in Broader Reforms
Artificial intelligence was also part of the agenda presented by Guterres in Bishkek. He emphasized that the benefits of AI should be accessible to all nations rather than limited to a few. He advocated for safeguards and broader participation in overseeing advanced technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to enhance technical capabilities and expand access to AI tools in developing countries.
By bringing financial reform, debt issues, development finance, and AI governance together, the Bishkek address integrated these topics into the wider multilateral discourse. The United Nations continues to push for changes in the international financial architecture through efforts to increase development financing. These initiatives include measures linked to the Sevilla Commitment, which addresses debt difficulties, financing gaps, and institutional reform. The summit of the Shanghai Cooperation Organisation offered another platform for governments and international organizations to discuss representation, economic cooperation, and access to development resources.