This joint working paper lays out a rationale and strategic framework for improving food security and managing food-price shocks in the Arab countries. The paper does not provide country specific policy and project recommendations. Such recommendations will follow from the country by country application of the framework, taking into account each country’s political and cultural preferences, resource endowments, and risk tolerance. Arab countries need to act urgently to improve food security. Projections of the region’s food balance indicate that dependence on imports will increase by almost 64 percent over the next twenty years. This paper suggests three critical strategies that, together, can serve as pillars to help offset future vulnerability to price shocks: 1. Strengthen safety nets, provide people with better access to family planning services, and promote education. 2. Enhance the food supply provided by domestic agriculture and improve rural livelihoods by addressing lagging productivity growth through increased investment in research and development. 3. Reduce exposure to market volatility by improving supply chain efficiency and by more effectively using financial instruments to hedge risk.