BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the need for reforms in the global financial framework as developing nations grapple with increasing debt levels and costly financing options. During the Shanghai Cooperation Organisation summit in Bishkek on September 1, he advocated for adjustments that would empower developing economies within international financial institutions. Guterres also urged for more robust measures against sovereign debt issues and broader access to affordable development funding.
Guterres highlighted that multilateral development banks should have enhanced capacity to support countries requiring long-term financial aid for growth and social progress. He called for these institutions to expand, improve, and become more courageous in addressing worldwide funding demands. Additionally, he proposed reforms in the United Nations and the Bretton Woods system. His comments centered on equitable representation, financial stability, and the necessity for institutions to better mirror today’s global economic landscape.
Debt-related challenges remain a top concern for many emerging economies. UN Trade and Development reported that public debt in developing countries reached approximately $31 trillion in 2024. During that year, net interest payments hit around $921 billion. The organization also estimated that 3.4 billion people live in nations where interest payments surpass spending on health or education. High borrowing costs continue to restrict budgets for public services, infrastructure, and development initiatives.
Debt issues intensify for developing nations
The discussion on financial reform increasingly focuses on debt management, borrowing expenses, and access to development capital. Guterres has consistently called for developing countries to have a stronger voice in global economic decisions. He noted that many international financial structures still mirror systems established decades ago. Since then, these economies have increased their share of global output, trade, and investment. Cooperation among Global South countries has also grown significantly.
The SCO summit gathered leaders from member states and representatives of international and regional organizations. Kyrgyz President Sadyr Japarov chaired the event at the Yrys-Ordo Congress Hall in Bishkek. Participants approved 28 documents, including the Bishkek Declaration and updates to the organization’s charter. The summit also hosted an SCO Plus meeting, which discussed the UN’s role in fostering a fairer international order and enhancing multilateral cooperation.
AI regulation becomes part of broader reform efforts
Artificial intelligence was also included in Guterres’s agenda in Bishkek. He stated that the advantages of AI should be accessible to all nations, not just a select few. He called for safeguards and wider participation in managing advanced technologies. Earlier in 2026, he suggested establishing a $3 billion Global Fund on AI Capacity Development. The goal is to build technical skills and improve access to AI tools for developing countries.
The Bishkek address merged themes of financial reform, debt management, development finance, and AI governance in a single multilateral forum. The United Nations continues to push for changes in the international financial system through expanded development financing efforts. These include initiatives related to the Sevilla Commitment, which tackles debt issues, funding gaps, and institutional reforms. The SCO summit offered another opportunity for governments and international entities to discuss representation, economic partnership, and resource access for development.