BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for reforming the international financial framework as countries in the developing world grapple with increasing debt levels and elevated borrowing costs. During the Shanghai Cooperation Organisation summit held in Bishkek on September 1, he advocated for adjustments that would empower developing nations within global financial institutions. Guterres also stressed the importance of enhanced responses to sovereign debt issues and improved access to affordable development financing.
Guterres highlighted that multilateral development banks must expand their capacity to support nations requiring long-term funding for social and economic growth. He called for these institutions to grow bigger, improve, and be more proactive in addressing worldwide funding demands. Additionally, he requested reforms within the United Nations and the Bretton Woods system. His statements mainly focused on representation, financial stability, and the need for institutions to better mirror the structure of today’s global economy.
Debt burdens continue to be a major issue for many developing countries. UN Trade and Development reported that public debt in developing nations reached approximately $31 trillion in 2024. During that year, net interest payments amounted to roughly $921 billion. The organization also estimated that 3.4 billion individuals live in countries where interest payments surpass spending on health or education. Ongoing high borrowing costs restrict the fiscal space necessary for public services, infrastructure, and development initiatives.
Developing nations under increasing debt strain
The discussion around financial reform increasingly emphasizes debt management, borrowing costs, and access to development funding. Guterres has consistently urged for a stronger voice for developing countries in global economic decision-making processes. He has also pointed out that many international financial structures still reflect arrangements established decades ago. Since then, the share of developing economies in global output, trade, and investment has grown significantly, alongside increased economic cooperation among countries of the Global South.
The summit of the Shanghai Cooperation Organisation assembled leaders from member states and delegates from international and regional entities. Kyrgyz President Sadyr Japarov presided over the meeting held at the Yrys-Ordo Congress Hall in Bishkek. The leaders endorsed 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session that discussed the United Nations’ role in fostering a fairer global order and enhancing multilateral collaboration.
AI regulation integrated into broader reform efforts
Artificial intelligence was also part of the agenda presented by Guterres at Bishkek. He emphasized that the advantages of AI should benefit all nations rather than be limited to a select few. He 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 boost technical capabilities and improve access to AI tools in developing countries.
The Bishkek address united discussions on financial reform, debt management, development financing, and AI governance within a multilateral context. The United Nations continues its push for reforms to the global financial structure through expanded development finance initiatives. These include measures related to the Sevilla Commitment, which tackles debt issues, financing gaps, and institutional reforms. The Shanghai Cooperation Organisation summit offered a platform for governments and international organizations to deliberate on representation, economic cooperation, and access to development resources.