BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres emphasized the importance of overhauling the international financial framework amid mounting debt challenges and soaring borrowing costs faced by developing nations. Addressing the Shanghai Cooperation Organisation summit in Bishkek on September 1, he called for reforms to amplify the influence of emerging economies within global financial institutions. Guterres also urged enhanced measures to address sovereign debt issues and to expand access to affordable development finance.
He stressed that multilateral development banks must increase their capacity to support nations requiring long-term funding for social and economic growth. Guterres advocated for these institutions to grow in size, effectiveness, and boldness in meeting global financial demands. Additionally, he pushed for reform initiatives within the United Nations and the Bretton Woods institutions, emphasizing the need for representation, financial stability, and reforms aligned with the realities of today’s global economy.
Debt remains a key obstacle for many developing economies. UN Trade and Development reported that public debt in developing countries hit approximately $31 trillion in 2024, with net interest payments reaching around $921 billion that year. The organization also estimated that 3.4 billion people live in nations where interest payments surpass expenditures on health or education. Persistently high borrowing costs restrict fiscal space, impacting investments in public services, infrastructure, and development initiatives.
Growing debt burdens challenge developing nations
Discussions on financial reform increasingly focus on debt management, borrowing expenses, and access to development capital. Guterres has repeatedly emphasized the need for developing countries to have a stronger voice in international economic decisions. He also pointed out that many global financial structures still reflect arrangements from decades ago, despite the expanding role of developing economies in global output, trade, investment, and regional cooperation among the Global South.
The SCO summit gathered leaders from member states along with representatives from international and regional organizations. Kyrgyz President Sadyr Japarov presided over the event at the Yrys-Ordo Congress Hall in Bishkek. A total of 28 documents were approved, including the Bishkek Declaration and amendments to the SCO’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 partnerships.
AI regulation becomes part of broader reform discussions
Artificial intelligence was also on the agenda outlined by Guterres at Bishkek. He underscored that AI benefits should be accessible to all nations rather than confined to a select few. Guterres called for safeguards and broader participation in the governance of advanced technologies. Earlier in 2026, he proposed establishing a $3 billion Global Fund on AI Capacity Development, aimed at boosting technical capabilities and improving access to AI tools for developing countries.
The Bishkek address integrated discussions on financial reform, debt issues, development finance, and AI governance within a single multilateral platform. The UN continues to push for changes to the global financial architecture through expanded development financing efforts, including initiatives linked to the Sevilla Commitment, which addresses debt, funding gaps, and institutional reform. The SCO summit served as another forum for governments and international organizations to debate representation, economic cooperation, and access to development resources.