BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for overhaul of the global financial architecture as emerging economies grapple with mounting debt and elevated borrowing costs. During the Shanghai Cooperation Organisation summit in Bishkek on September 1, he advocated for reforms that would amplify the influence of developing nations within international financial institutions. Guterres also urged for more robust measures to address sovereign debt issues and to expand access to affordable development financing.
Guterres highlighted that multilateral development banks must enhance their capacity to assist nations requiring long-term funding for economic and social growth. He called on these institutions to become larger, more effective, and more proactive in meeting worldwide funding demands. His remarks also addressed the necessity for reforms within the United Nations and the Bretton Woods system, focusing on fair representation, financial stability, and the need for institutions to mirror the realities of today’s global economy.
Concerns over debt remain a pressing issue for many developing countries. UN Trade and Development reported that public debt in developing nations reached approximately $31 trillion in 2024. During the same year, net interest payments amounted to about $921 billion. The organization further estimated that 3.4 billion people live in countries where more is spent on interest payments than on health or education. Persistently high borrowing costs restrict the fiscal space necessary for funding public services, infrastructure, and development initiatives.
Growing Debt Burden Challenges Developing Economies
Debates surrounding financial reform increasingly focus on debt management, borrowing expenses, and access to development capital. Guterres has consistently advocated for developing countries to have a stronger voice in global economic policymaking. He also pointed out that many international financial structures still reflect frameworks established decades ago. Since then, the share of developing economies in global output, trade, and investment has expanded, accompanied by increased economic cooperation among countries in the Global South.
The summit of the Shanghai Cooperation Organisation brought together leaders from member states along with representatives from various international and regional organizations. Kyrgyz President Sadyr Japarov presided over the meeting 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 that discussed the UN’s role in fostering a fairer global order and enhancing multilateral cooperation.
AI Governance Becomes Part of Broader Reform Discussions
Artificial intelligence also played a significant role in the agenda presented by Guterres in Bishkek. He emphasized that AI’s benefits should be accessible to all countries, rather than remaining concentrated among a few. Guterres called for the implementation of safeguards and increased participation in the governance of advanced technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to enhance technical capabilities and broaden access to AI tools in developing nations.
The Bishkek speech integrated discussions on financial reform, debt relief, development finance, and AI governance within a single multilateral framework. The United Nations continues to promote reforms to the international financial system through expanded development financing initiatives. These efforts include actions related to the Sevilla Commitment, which addresses debt issues, financing gaps, and institutional reform. The SCO summit offered another platform for governments and international organizations to discuss representation, economic cooperation, and resource access for development.