BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres has emphasized the need for reforming the world’s financial architecture amid increasing debt levels and soaring borrowing expenses faced by developing nations. Addressing the Shanghai Cooperation Organisation summit in Bishkek on September 1, he advocated for reforms that would amplify the influence of emerging economies within international financial institutions. Guterres also highlighted the importance of stronger measures to address sovereign debt challenges and expanding access to affordable development funding.
Guterres underscored that multilateral development banks must enhance their capacity to support countries requiring long-term financing for their economic and social progress. He called on these institutions to grow in scope, effectiveness, and ambition to meet global funding demands. Additionally, he advocated for reforms within the United Nations and the Bretton Woods system, focusing on representation, financial stability, and aligning institutions with the realities of today’s global economy.
Debt-related concerns continue to dominate discussions among 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 also estimated that 3.4 billion people reside in countries where more money is spent on interest payments than on health or education. Elevated borrowing costs restrict the fiscal space for public services, infrastructure projects, and development initiatives.
Debt burdens intensify for emerging markets
Financial reform discussions have increasingly focused on debt management, borrowing costs, and access to development capital. Guterres has consistently called for a stronger voice for developing nations in global economic decision-making. He has pointed out that many international financial structures still mirror arrangements established decades ago. Since then, developing countries have grown their shares of global output, trade, and investment, while regional cooperation within the Global South has expanded significantly.
The summit of the Shanghai Cooperation Organisation gathered leaders from member states along with representatives from international and regional organizations. The event was chaired by Kyrgyz President Sadyr Japarov at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. A SCO Plus session also took place, focusing on the role of the United Nations in fostering a fairer global order and enhancing multilateral collaboration.
Artificial intelligence governance incorporated into broader reform discussions
Artificial intelligence was also featured prominently in Guterres’s agenda in Bishkek. He emphasized that AI’s benefits should be accessible to all nations, not just a select few. The Secretary-General called for safeguards and wider participation in governing advanced technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development to boost technical capabilities and enhance access to AI tools in developing countries.
The address in Bishkek integrated issues of financial reform, debt relief, development financing, and AI governance into a unified multilateral dialogue. The United Nations remains committed to advancing changes in the international financial architecture through expanded development finance initiatives. These efforts include actions related to the Sevilla Commitment, which addresses debt issues, funding gaps, and institutional reforms. The Shanghai Cooperation Organisation summit offered another platform for governments and international organizations to discuss issues related to representation, economic partnership, and resource access for development.
}**