Most of the borrowing is from the private sector, for the middle-income countries.
I want to come back to the example I gave of the Latin American countries that are setting up their own bank of the south with an initial capitalization of about $7 billion U.S. This kind of initiative I think is quite laudable because then they will be able to set their own priorities.
A little known fact is how enormous are the foreign currency reserves that are held by developing countries, particularly in Asia. They outweigh in total the foreign debt. What we have now is most of these foreign exchange reserves are in safe investments, like U.S. treasury bonds.
We're beginning to see a trend away from that, where countries are choosing to lend their foreign exchange reserves to each other. This is a model of financing that I think we need to approach with caution, but welcome it. There are some questions, then, about what political leverage might come with those loans. I think models where countries pool their reserves and through peer review ensure that they're well used are to be welcomed.