Another part of these reallocations (USD 37 billion at this stage) is about to become reality, by IMF Annual Meetings in October if everything goes according to plan, thanks to the newly created Resilience and Sustainability Trust (RST). I am sure I agree with the Managing Director in wishing the RST to be higher in its amounts, quicker in its disbursements, and not too conditional in its provisions. Indeed if we want to fulfil our commitments, we have to care not only about the lending capacity of the RST, but also about demand for RST facilities. France will be true to its word and reallocate 4 billion SDRs, representing 20% of SDRs received. The IMF must play a greater role in crisis prevention for vulnerable countries. Despite recent initiatives, there is still considerable room for improvement to make the GFSN more effective for these countries, notably for prevention. This is even more pressing in a context of unstable geopolitics, looming food crisis, commodities price volatility and more frequent natural disasters linked to climate change. I therefore welcome the recent proposal of a new Food Shock Window. However, our efforts should not stop there. * ** As Sophocles wrote, “trust dies but mistrust blossoms”. Let me conclude by stressing that trust as a shared treasure also has a key human foundation, which  Page 10 sur 10 we have patiently built over time.
In this regard, we had introduced the Pricing Reform Framework as well as the Payment Card Reform Framework. Correcting price distortions In May 2013, BNM had introduced the Pricing Reform Framework to correct the price distortions between paper-based payments and e-payments. By differentiating the prices of payment services according to their relative costs, the public are thus incentivised to use the more efficient and cost-effective e-payment services. In this respect, we need to explore new incentives that can accelerate the migration to epayments. Strengthening competition and lowering cost To curb the rising cost of payment card acceptance that had impeded the expansion of payment card terminals among merchants, BNM had implemented the Payment Card Reform Framework in July 2015. The Reform Framework had removed market distortions and imbued competition and transparency in the payment card market. This has resulted in the offer of higher quality and lower cost solutions, especially to the lower tier merchants. Driving infrastructure building and network expansion To facilitate infrastructure building and enhancements to payment services, BNM had also established market incentive structures such as the e-Payment Incentive Fund (ePIF) Framework. Under the ePIF Framework, banks are incentivised through a set of prerequisites to invest in e-payment services, and to channel the cheque fee collected as incentives to encourage their customers to migrate to e-payments. The industry players had also established a Market Development Fund (MDF), which would channel approximately RM455 million to expand the network of payment card terminals from 240,000 in 2014 to 800,000 by 2020.