SCO Finance Chiefs Call 2026 a Landmark Year as Bloc Weighs Digital Budgets, Payment Alternatives
Updated
Updated · open.kg · May 29
SCO Finance Chiefs Call 2026 a Landmark Year as Bloc Weighs Digital Budgets, Payment Alternatives
2 articles · Updated · open.kg · May 29
Finance ministers and central bank heads of the Shanghai Cooperation Organization said 2026 will be a pivotal year for setting the bloc’s long-term financial agenda after 25 years of institutional development.
Two issues dominated the meeting: strains on the international financial system and the push to digitalize public finances to make member states’ budgets more efficient.
Akzholov said sanctions, limits on traditional reserve currencies and payment infrastructure, rising debt burdens and high interest rates are forcing developing economies to seek coordinated responses and alternative financial mechanisms.
Kyrgyzstan framed the stakes in concrete terms: SCO members account for more than 60% of its foreign trade, while regional projects in energy, transport and agriculture are already underway.
The bloc spans more than 3.5 billion people and about 30% of global output, and officials argued collective action is also needed to handle climate-finance pressures such as glacier melt and disaster risks.
As climate change melts its glaciers, can the SCO fund a green transition without trapping members in 'green debt bondage'?
Can the SCO's de-dollarization push shield it from sanctions, or is it building a parallel system on unstable ground?