BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has called for comprehensive reforms to the world’s financial system. His appeal highlights the increasing debt burdens faced by developing nations. The plea was made during the Shanghai Cooperation Organisation summit held in Bishkek on September 1. Guterres emphasized that the international financial infrastructure should be more equitable, with improved debt management and wider participation by developing countries in key financial institutions.
He also urged multilateral development banks to boost their capacity and offer better support to nations seeking development funding. Guterres stated that these institutions must grow, improve, and take bolder steps to address financing needs. Additionally, he called for reforms in the United Nations and the Bretton Woods system. These reforms, he said, should mirror current economic realities and enhance the voice and influence of developing nations.
Debt remains a significant barrier for many developing economies. Governments struggle with high borrowing costs and hefty interest payments. UN Trade and Development reported that developing-country public debt hit approximately $31 trillion in 2024. That same year, net interest payments summed to about $921 billion. The organization also estimated that 3.4 billion people live in countries where interest payments surpass spending on health or education.
Debt Challenges Amplify Calls for Reform
The debate on financial reform has primarily centered on debt relief, borrowing costs, and access to affordable development finance. António Guterres has repeatedly emphasized the need for greater involvement of developing countries in global economic decision-making. He pointed out that current financial structures still mirror the economic and power arrangements established decades ago. Today, developing nations contribute a larger share to global output and trade. South-South cooperation has also grown.
The summit of the Shanghai Cooperation Organisation brought together leaders from member states and representatives of various international and regional bodies. Kyrgyz President Sadyr Japarov led the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. The leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus session focusing on the UN’s role in establishing a fair international order.
AI Regulation Becomes Part of Broader Reform Goals
Artificial intelligence also featured in the reform agenda discussed in Bishkek. Guterres stated AI should serve all nations, not just a select few. He called for effective safeguards and more inclusive governance structures for the technology. Earlier in 2026, he proposed a $3 billion Global Fund on AI Capacity Development. Its purpose is to help developing countries improve their capabilities and reduce technological gaps.
His comments in Bishkek linked financial reform, debt relief, development finance, and AI governance within the larger multilateral strategy. The Secretary-General urged the creation of institutions that better mirror today’s economic landscape and give developing countries more influence. His financial proposals complement ongoing international efforts on development financing and debt reform. These efforts include measures related to the Sevilla Commitment, which addresses financing, debt issues, and the reform of the international financial architecture.