Such a multilateral option is necessary as a complement to self-insurance but it cannot be a substitute; some measure of self-insurance will continue to be the first line of defence. None of the above solutions fully addresses the problems arising from a single global reserve currency.
The balance of payments surplus is due mainly to the foreign borrowings by the national government in April and May as well as improvements in the current account balance, which countered the net foreign portfolio investment outflows and lower foreign direct investments inflows.