The war of words between China and Western-led multilateral institutions about developing country debt is escalating. China’s party-owned tabloid Global Times has reacted to a recent CBS 60 Minutes interview with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, in which she said: “China has to change its policies because low income countries cannot pay.”

This is only the latest such comment from high-level officials at International Financing Institutions (IFIs). Two weeks ago, World Bank President David Malpass accused Chinese actors of making unfair demands and stringing out Zambia’s debt renegotiation process.