BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for reforming the international financial framework as developing nations grapple with increasing debt levels and elevated borrowing costs. During his speech at the Shanghai Cooperation Organisation summit in Bishkek on September 1, he advocated for changes that would enhance the influence of emerging economies within global financial institutions. Guterres also urged for more robust responses to sovereign debt challenges and improved access to affordable development financing.
According to Guterres, multilateral development banks must expand their capacity to support countries seeking long-term funding for economic and social progress. He called on these institutions to become more expansive, effective, and courageous in addressing global financial demands. Additionally, he proposed reforms within the United Nations and the Bretton Woods system, highlighting the importance of representation, financial stability, and the need for institutions to better mirror the realities of the modern global economy.
Debt-related issues remain a pressing concern for many developing nations. UN Trade and Development reported that public debt in developing countries 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 nations where interest payments surpass expenditures on health or education. Persistently high borrowing costs continue to constrain the fiscal space needed for public services, infrastructure, and development initiatives.
Growing debt burdens confronting developing nations
Discussions surrounding financial reform increasingly focus on debt management, borrowing expenses, and access to development capital. Guterres has consistently urged for a stronger voice for developing countries in global economic decision-making processes. He also pointed out that many international financial structures still reflect arrangements established decades ago. Since then, developing economies have increased their share of global output, trade, and investment, and regional cooperation among the Global South has also strengthened.
The summit of the Shanghai Cooperation Organisation assembled leaders from member states alongside representatives of 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 modifications to the organization’s charter. A SCO Plus session also took place, addressing the United Nations’ role in fostering a fairer international system and enhancing multilateral collaboration.
Artificial intelligence governance incorporated into broad reform discussions
Artificial intelligence was also a key topic on the agenda outlined by Guterres in Bishkek. He underscored that the advantages of AI should benefit all nations, rather than remaining confined to a select few. He called for safeguards and wider inclusion in the governance of cutting-edge technology. Earlier in 2026, Guterres proposed establishing a $3 billion Global Fund on AI Capacity Development, aiming to enhance technical capabilities and increase access to artificial intelligence tools in developing countries.
The address in Bishkek integrated discussions on financial reform, debt, development finance, and AI governance within the broader context of multilateral cooperation. The United Nations continues to advocate for changes to the global financial architecture through expanded development financing initiatives. These include measures connected to the Sevilla Commitment, which tackles debt issues, financing gaps, and institutional reform. The Shanghai Cooperation Organisation summit served as an additional platform for governments and international organizations to deliberate on representation, economic cooperation, and access to development resources.