G20 finance ministers, central bank chiefs begin second day of talks in India

Finance ministers and central bank chiefs from the Group of 20 major economies have begun their second day of talks in India. Japanese Finance Minister Suzuki Shunichi and Bank of Japan Governor Ueda Kazuo are taking part in the meeting in Gandhinagar, in the state of Gujarat.

Tuesday's discussions are expected to focus on developing countries' debts. Debts have been ballooning due to anti-coronavirus measures, inflation and rate hikes by industrialized countries.  Participants noted the risk of a global economic downturn due to the crisis and tighter monetary policies.

They agreed that debts held by developing countries are a negative factor as well. Participants are also set to discuss tax rules for major firms that offer services internationally. The G20 finance ministers and central bank governors have been unable to release a joint statement due to differences in views over the situation in global challenges.