The correct option is 1 and 3 because both devaluing the domestic currency and attracting greater Foreign Direct Investment (FDI) can effectively address the current account deficit. Devaluation makes exports cheaper and imports more expensive, thus potentially increasing export revenue while reducing import expenditure. Simultaneously, policies that attract FDI can lead to increased capital inflows, enhancing foreign exchange reserves, which can offset the current account deficit. Conversely, reducing export subsidies could negatively impact competitiveness, harming exports and thereby worsening the current account balance.