BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has urged for fundamental changes to the global financial architecture amid escalating debt levels and costly financing in developing nations. His appeal came during the Shanghai Cooperation Organisation summit held in Bishkek on September 1, where he emphasized the importance of giving emerging economies a stronger voice in international financial institutions. Guterres also advocated for enhanced strategies to address sovereign debt challenges and to broaden access to affordable development financing.
He highlighted that multilateral development banks should have expanded capacity to support countries needing long-term funding for economic and social progress. Guterres called for these institutions to grow in size, improve in efficiency, and take bolder actions to meet global funding demands. Additionally, he suggested reforms within both the United Nations and the Bretton Woods system. His comments centered on representation, financial stability, and the necessity for institutions to better mirror the structure of the current global economy.
Debt-related issues remain at the forefront 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 roughly $921 billion. The organization also estimated that 3.4 billion people live in countries where interest payments surpass expenditures on health or education. Persistently high borrowing costs restrict fiscal space, hampering investments in public services, infrastructure, and development initiatives.
Growing debt burdens challenge developing economies
The discussion surrounding financial reform increasingly concentrates on debt resolution, borrowing costs, and access to development capital. Guterres has consistently emphasized the need for developing nations to have a stronger influence in global economic decision-making. He also pointed out that many international financial structures continue to reflect arrangements established decades ago. Meanwhile, developing economies have expanded their share of global output, trade, and investment, with regional cooperation among the Global South gaining momentum.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from international and regional bodies. Kyrgyz President Sadyr Japarov presided over the meeting at the Yrys-Ordo Congress Hall in Bishkek. The leaders endorsed 28 documents, including the Bishkek Declaration and revisions to the organization’s charter. The summit also hosted an SCO Plus session addressing the United Nations’ role in fostering a fairer international order and enhancing multilateral collaboration.
AI governance joins the broader reform discussion
Artificial intelligence was also a key topic on the agenda presented by Guterres in Bishkek. He emphasized that the advantages of AI should benefit all nations, rather than being confined to a select few. Guterres called for safeguards and wider participation in the regulation of advanced technology. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to bolster technical skills and improve access to AI tools for developing countries.
Bringing together issues of financial reform, debt, development finance, and AI governance, Guterres’ address underscored the UN’s ongoing efforts to reform the international financial system through expanded development financing initiatives. These efforts are linked to the Sevilla Commitment, which focuses on debt issues, funding gaps, and institutional reforms. The Shanghai Cooperation Organisation summit provided another platform for governments and global organizations to deliberate on representation, economic cooperation, and access to development resources.