BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres highlighted the necessity for comprehensive overhauls of the world’s financial frameworks, citing increasing debt burdens on emerging economies. He made this appeal during the summit of the Shanghai Cooperation Organisation held in Bishkek on September 1. Guterres emphasized that the international financial system requires enhanced fairness, more robust debt response mechanisms, and greater inclusion of developing nations within key financial institutions.
He also called upon multilateral development banks to bolster their capacity and provide better support to countries pursuing development financing. Guterres urged these institutions to grow in size, improve in performance, and take bolder steps to meet the financing demands. Additionally, he advocated for reforms to both the United Nations and the Bretton Woods system. These reforms, he argued, should mirror current economic realities and increase the representation and influence of developing countries.
Debt continues to be a significant obstacle for many emerging economies as governments grapple with elevated borrowing costs and substantial interest payments. UN Trade and Development reported that public debt in developing nations reached approximately $31 trillion in 2024. The same report indicated that net interest payments amounted to roughly $921 billion in that year. Furthermore, the organization estimated that 3.4 billion people live in countries where interest expenses surpass spending on health or education.
Debt Pressures Amplify Calls for Structural Reforms
Discussions on financial reform have largely centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has persistently called for increased participation of developing nations in global economic policymaking. He also pointed out that the current financial structures still mirror economic and power arrangements formed decades ago. Today, developing countries constitute a larger share of global output and trade, and South-South economic cooperation continues to grow.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from various international and regional bodies. Kyrgyz President Sadyr Japarov presided over the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. Attendees approved 28 resolutions, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session focusing on the United Nations’ role in establishing a just international order.
Artificial Intelligence Governance Becomes Part of Broader Reforms
Artificial intelligence was also integrated into the reform agenda discussed at Bishkek. Guterres emphasized that AI should serve all nations rather than benefit only a select few. He advocated for effective safeguards and more inclusive governance structures for the technology. Earlier in 2026, he proposed a $3 billion Global Fund dedicated to AI Capacity Development, aiming to enhance capabilities in developing countries and bridge gaps in access to advanced technologies.
The remarks made in Bishkek linked financial reform, debt relief, development finance, and AI governance within a larger multilateral framework. The Secretary-General called for institutions that better reflect current global economic conditions and afford greater influence to developing nations. His proposals on financial reform complement ongoing international initiatives addressing development financing, debt management, and reforms of the international financial architecture, including efforts tied to the Sevilla Commitment, which targets financing, debt issues, and systemic reform.