BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for significant changes to the international financial architecture amidst rising debt levels and elevated borrowing costs faced by developing nations. His remarks at the Shanghai Cooperation Organisation summit in Bishkek on September 1 focused on empowering emerging economies within global financial institutions. Guterres also advocated for more robust responses to sovereign debt issues and broader access to affordable development funding.
He stressed that multilateral development banks should enhance their capacity to support countries requiring long-term financing for social and economic growth. Guterres urged these institutions to expand their size, improve their effectiveness, and take bolder actions in addressing global financial demands. Additionally, he called for reforms within the United Nations and the Bretton Woods institutions to better align with today’s economic landscape. His speech centered on increasing representation, maintaining financial stability, and ensuring that international organizations mirror the structure of the modern global economy.
Debt concerns remain a critical issue for many developing nations. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024, with net interest payments totaling around $921 billion in the same year. The organization also estimated that 3.4 billion people reside in countries where more is spent on interest payments than on health or education. Persistently high borrowing costs continue to restrict fiscal space, hindering investments in public services, infrastructure, and development initiatives.
Growing Debt Burdens Challenge Developing Countries
Discussions on financial reform increasingly focus on debt management, borrowing costs, and access to development funds. Guterres has repeatedly called for developing nations to have a stronger voice in global economic decision-making. He has also highlighted that many international financial structures still reflect arrangements made decades ago. Since then, emerging economies have grown their share of global output, trade, and investment, along with increased regional cooperation within the Global South.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states alongside representatives of international and regional organizations. Kyrgyz President Sadyr Japarov presided over the meeting at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also included an SCO Plus meeting that discussed the role of the United Nations in fostering a fairer global order and enhancing multilateral collaboration.
Artificial Intelligence Governance Included in Broader Reform Discussions
Artificial intelligence was another key topic addressed by Guterres during his speech in Bishkek. He emphasized that the advantages of AI should be accessible to all countries, rather than being confined to a select few. He called for safeguards and increased participation in the governance of advanced technologies. Earlier in 2026, Guterres proposed a $3 billion Global Fund on AI Capacity Development, aiming to boost technical capabilities and expand access to artificial intelligence tools in developing nations.
By bringing together discussions on financial reform, debt management, development finance, and AI governance, the Bishkek summit showcased the United Nations’ ongoing efforts to reform the international financial system. These initiatives support broader development financing efforts, including measures associated with the Sevilla Commitment, which addresses debt, financing gaps, and institutional reform. The summit of the Shanghai Cooperation Organisation served as another platform for governments and international organizations to debate issues of representation, economic cooperation, and access to development resources.