BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres called for major reforms to the international financial system, citing mounting debt pressure on developing economies. He made the appeal at the Shanghai Cooperation Organisation summit in Bishkek on September 1. Guterres said the global financial architecture needs greater fairness, stronger debt responses and broader participation by developing countries in major financial institutions.
He also urged multilateral development banks to expand their capacity and improve support for countries seeking development financing. Guterres said these institutions should become bigger, better and bolder in meeting financing needs. He also called for reforms across the United Nations and the Bretton Woods system. Those changes, he said, should reflect current economic realities and increase the representation and influence of developing countries.
Debt remains a major constraint across many developing economies as governments face high borrowing costs and large interest bills. UN Trade and Development reported that developing-country public debt reached about $31 trillion in 2024. Net interest payments totaled about $921 billion that year. The organization also estimated that 3.4 billion people live in countries that spend more on interest payments than on health or education.
Debt burden sharpens reform call
The financial reform debate has focused heavily on debt relief, borrowing costs and access to affordable development finance. António Guterres has repeatedly called for stronger participation by developing countries in global economic decision-making. He has also said existing financial structures still reflect economic and power arrangements created decades ago. Developing countries now account for a larger share of global output and trade, while South-South economic cooperation has expanded.
The Shanghai Cooperation Organisation summit brought together leaders from member states and representatives of several international and regional institutions. Kyrgyz President Sadyr Japarov chaired the September 1 meeting at the Yrys-Ordo Congress Hall in Bishkek. Leaders approved 28 documents, including the Bishkek Declaration and changes to the organization’s charter. The summit also included an SCO Plus meeting focused on the role of the UN in a fair international order.
AI governance joins broader reform agenda
Artificial intelligence formed another part of the reform agenda presented in Bishkek. Guterres said AI should work for all countries rather than benefit only a limited group. He called for effective safeguards and more inclusive governance mechanisms for the technology. Earlier in 2026, he also proposed a $3 billion Global Fund on AI Capacity Development to expand capabilities in developing countries and reduce gaps in access to advanced technology.
The Bishkek remarks connected financial reform, debt relief, development finance and artificial intelligence governance within the wider multilateral agenda. The Secretary-General called for institutions that better reflect current global economic conditions and give developing countries greater influence. His financial proposals also align with ongoing international work on development financing and debt reform. Those efforts include measures linked to the Sevilla Commitment, which addresses financing, debt challenges and reform of the international financial architecture.