BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the necessity for overhaul of the international financial framework amid mounting debt burdens and elevated financing expenses faced by developing nations. Addressing the Shanghai Cooperation Organisation summit in Bishkek on September 1, he advocated for modifications that would empower developing economies within global financial institutions. Guterres also urged for enhanced responses to sovereign debt challenges and broader access to affordable development financing.
During the event, Guterres highlighted the importance of expanding the capacity of multilateral development banks to support nations requiring long-term funding for their economic and social progress. He encouraged these institutions to become more robust, innovative, and proactive in meeting global financial demands. Furthermore, he called for reforms within the United Nations and the Bretton Woods system, focusing on representation, financial stability, and ensuring that institutions mirror the structure of today’s interconnected global economy.
In recent years, debt-related concerns have persisted as a primary issue for numerous developing economies. UN Trade and Development reported that public debt in developing countries hit approximately $31 trillion in 2024. Meanwhile, net interest payments totaled around $921 billion during that same period. The organization also estimated that 3.4 billion individuals live in countries where more is spent on interest payments than on health or education, with high borrowing costs restricting fiscal space for public services, infrastructure, and development initiatives.
Growing Debt Burden Challenges Developing Economies
The discussion on financial reform increasingly emphasizes debt management, borrowing costs, and access to development capital. Guterres has consistently advocated for developing countries to have a more influential voice in international economic decision-making processes. He also pointed out that many global financial structures still reflect arrangements established decades ago. Since then, these economies have expanded their shares of global output, trade, and investment, with cooperation among countries in the Global South also on the rise.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from international and regional organizations. Kyrgyz President Sadyr Japarov presided over the meeting held at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. Additionally, the summit featured an SCO Plus session discussing the role of the United Nations in fostering a more equitable international order and enhancing multilateral collaboration.
AI Governance Becomes Part of Broader Reform Discussions
Artificial intelligence also played a significant role in the agenda set forth by Guterres at Bishkek. He emphasized that the advantages of AI should be accessible to all nations, rather than remaining confined to a select few. The UN leader called for safeguards and more inclusive participation in the governance of advanced technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to enhance technical capabilities and improve access to artificial intelligence tools in developing countries.
Bringing together financial reform, debt issues, development finance, and AI governance, the Bishkek speech underscored the UN’s ongoing efforts to reform the global financial architecture through expanded development financing initiatives. These efforts include measures linked to the Sevilla Commitment, which addresses debt challenges, financing gaps, and institutional reform. The summit of the Shanghai Cooperation Organisation served as another platform for governments and international organizations to discuss issues related to representation, economic collaboration, and access to development resources.