World NewsNewsSeptember 1, 2026
SCO Backs Greater Developing-Country Role in Global Finance
SCO member states backed reforms to global financial governance in their Bishkek declaration, seeking stronger representation for developing countries at the IMF and World Bank. The bloc also supported mutually beneficial energy cooperation. The declaration reflects members’ push for greater influence over institutions shaping finance, development funding and economic policy.
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For India and other developing economies, greater representation could provide more influence over IMF quotas, lending policies, development financing and decisions affecting the Global South. However, the declaration expresses a shared political position—it does not itself change IMF or World Bank governance.
SCO members may coordinate their positions in international financial institutions while pursuing consultations on the proposed SCO Development Bank, national-currency settlements and cross-border energy projects.
July 2026: SCO foreign ministers approve draft summit documents.
August 31–September 1: SCO leaders gather in Bishkek.
September 1: Bishkek declaration supports financial-architecture reform.
Next: Member countries pursue negotiations through relevant institutions.
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