ABSTRACT
This chapter analyzes the Cereal Imports Facility in the context of innovation in the International Monetary Fund (IMF)using primary and secondary sources. The IMF can be characterized as a public organization, but it also possesses some of the attributes of a private organization, particularly with respect to ownership. The Cereals Imports Facility (CIF) which was instituted in May 1981 was designed explicitly to alleviate food insecurity arising when export shortfalls and/or sharp increases in the price of cereal imports threatened food stocks in a member country, particularly a low-income member. There are also several imperfections in the structure of the CIF which reduce its utility for food security. The Cereals Import Facility was established by the International Monetary Fund at the urging of the World Food Council and the Food and Agriculture Organization to ameliorate the international food insecurity problem, especially in low-income developing countries.
