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2. If the commitment that remains at the Fund`s expense after the imposition under Article XXIV, Section 2, Point b), and no agreement is reached within six months of the closing date, the terminating member commits to it within three years of the end or within the longer period set by the Fund. The terminating participant fulfils this obligation, for example: (a) by paying a currency freely usable to the Fund, or b) by obtaining special drawing rights in accordance with Article XXIV, Section 6, of the General Resource Account, or in agreement with a participant designated by the Fund or another holder, and by compensating for these special drawing rights. On 25 March 2013, the troika approved a 10 billion euro international bailout package for Cyprus, which allowed the Cypriots to close the country`s second largest bank. The Bank Deposits Commission on Uninsured Deposits of the Bank of Cyprus. [46] [47] Under a new internal bailout system, no insured person was affected to the tune of 100 tonnes or less. [48] [49] Criticism of the IMF, dominated by the United States and Europe, has led to what some see as a “deprivation of the rights of the world” of IMF management. Raél Prebisch, founding secretary general of the United Nations Conference on Trade and Development (UNCTAD), wrote that “one of the striking flaws of general economic theory from the periphery`s point of view is its false sense of universality.” [158] The IMF was also the doorman: countries were not allowed to become members of the International Bank for Reconstruction and Development (IBRD) – a precursor to the World Bank created by the Bretton Woods Agreement to finance the reconstruction of Europe after World War II, unless they were members of the IMF. The IMF has been criticized for its “lack of contact” with local economic conditions. , cultures and environments in countries where they need political reform. [19] The IMF`s economic advice may not always take into account the difference between what spending entails on paper and how it is felt by citizens. [137] Countries accuse them of not “owning” programmes with excessive conditions and of severing ties between the people of a recipient country, their government and the objectives pursued by the IMF.

[138] Inadequate social protection measures in the IMF programme There are a number of serious concerns about these social protection measures. First, the government`s commitment to funding them is not clear. The World Bank documents show that it intends to set aside 10 to 15 per cent of savings from social investment subsidy reductions. According to the IMF report, about 1% of tax savings will be spent on additional food subsidies, remittances to elderly and poor families, and other targeted social programs.