BISHKEK, KYRGYZSTAN / RankWire.AI / – United Nations Secretary-General António Guterres called for reforms to the international financial system as developing countries face rising debt burdens and high financing costs. Speaking at the Shanghai Cooperation Organisation summit in Bishkek on September 1, he urged changes that would give developing economies greater influence in global financial institutions. Guterres also called for stronger responses to sovereign debt pressures and wider access to affordable development finance.
Guterres said multilateral development banks need greater capacity to support countries that require long-term financing for economic and social development. He urged those institutions to become bigger, better and bolder in responding to global funding needs. He also called for reforms within the United Nations and the Bretton Woods system. His remarks focused on representation, financial stability and the need for institutions to reflect the structure of the modern global economy.
Debt pressures remain a central concern for many developing economies. UN Trade and Development said developing-country public debt reached about $31 trillion in 2024. Net interest payments totaled about $921 billion during the same year. The organization also estimated that 3.4 billion people live in countries spending more on interest payments than on health or education. High borrowing costs continue to limit the fiscal space available for public services, infrastructure and development programs.
Developing economies face mounting debt pressure
The debate over financial reform has increasingly centered on debt treatment, borrowing costs and access to development capital. Guterres has repeatedly called for developing countries to gain a stronger voice in international economic decision-making. He has also said many global financial structures still reflect arrangements created decades ago. Since then, developing economies have expanded their share of global output, trade and investment, while economic cooperation among countries in the Global South has also increased.
The Shanghai Cooperation Organisation summit brought together leaders from member states and representatives of international and regional bodies. Kyrgyz President Sadyr Japarov chaired the meeting at the Yrys-Ordo Congress Hall in Bishkek. Leaders approved 28 documents, including the Bishkek Declaration and amendments to the organization’s charter. The summit also featured an SCO Plus meeting that addressed the role of the United Nations in supporting a fairer international order and stronger multilateral cooperation.
AI governance added to wider reform agenda
Artificial intelligence also formed part of the agenda outlined by Guterres in Bishkek. He said the benefits of AI should extend to all countries rather than remain concentrated among a limited group. He called for safeguards and broader participation in the governance of advanced technology. Earlier in 2026, he proposed a $3 billion Global Fund on AI Capacity Development. The proposal aims to expand technical capabilities and improve access to artificial intelligence tools in developing countries.
The Bishkek address brought financial reform, debt, development finance and artificial intelligence governance into the same multilateral discussion. The United Nations continues to promote changes to the international financial architecture through wider development financing efforts. Those efforts include measures connected to the Sevilla Commitment, which addresses debt challenges, financing gaps and institutional reform. The Shanghai Cooperation Organisation summit provided another forum for governments and international bodies to discuss representation, economic cooperation and access to development resources.