The Megs aim to spur development by improving social and economic conditions in the oral’s poorest countries. They derive from earlier international development targets, and were officially established at the Millennium Summit in 2000, where all world leaders present adopted the United Nations Millennium Declaration, from which the eight goals were promoted. The Megs: The eight Megs break down into 21 quantifiable targets that are measured by 60 indicators.
It synthesize, In a single package, many of the most important commitments made separately at the International conferences and summits of the 1 sass; recognize explicitly the interdependence between growth, poverty reduction ND sustainable development; acknowledge that development rests on the foundations of democratic governance, the rule of law, respect for human rights and peace and security; are based on time-bound and measurable targets accompanied by indicators for monitoring progress; and bring together, in the eighth Goal, the responsibilities of developing countries with those of developed countries, founded on a global partnership endorsed at the International Conference on Financing for Development in Monterrey, Mexico in March 2002, and again at the Johannesburg World Summit on Sustainable Development in August 2002. Implementation of the MEGS In 2001, In response to the world leaders’ request, UN Secretary General presented the Road Map towards the Implementation of the United Nations Millennium Declaration, an Integrated and comprehensive overview of the situation, outlining potential strategies for action designed to meet the goals and commitments of the Millennium Declaration. The road map has been followed up since then with annual reports.
In 2002, the annual report focused on progress made in the prevention of armed conflict and the treatment and prevention of diseases, including HIVE/AIDS and Malaria. In 2003, emphasis was placed on strategies for development and strategies for sustainable development. In 2004, it was on bridging the digital divide and curbing transnational crime. In 2005, the Secretary-General prepared the first comprehensive five-yearly report on progress toward achieving the Megs The report reviews the implementation of decisions taken at the international conferences and special sessions on the least developed countries, progress on WIDTHS and financing for development and sustainable development. Progress Progress towards reaching the goals has been uneven.
Some countries have achieved that have been achieving their goals include China (whose poverty population has reduced from 452 million to 278 million) and India due to clear internal and external factors of population and economic development. However, areas needing the most reduction, such as the Sub-Sahara Africa regions have yet to make any drastic changes in improving their quality of life. In the same time as China, the Sub-Sahara Africa reduced their poverty about one percent, and are at a major risk of not meeting the Meds by 2015. Fundamental issues will determine whether or not the Megs are achieved, namely gender, the divide between the humanitarian and development agendas and economic growth, according to the Overseas Development Institute.
To accelerate progress towards the Megs, the 6-8 Finance Ministers met in London in June 2005 (in preparation for the G-8 Glassless Summit in July) and reached an agreement to provide enough funds to the World Bank, the MIFF, and the African Development Bank (ADS) to cancel an additional $40-55 billion debt owed by members of the HIP. This would allow impoverished countries to re-channel the resources saved from the forgiven debt to social programs for improving health and education and for alleviating poverty. Backed by 6-8 funding, the World Bank, the MIFF, and the DAB each endorsed the Gleaners plan and implemented the Multilateral Debt Relief Initiative (“MIDI”) to effectuate the debt cancellations. The MIDI supplements HIP by providing each country that reaches the HIP completion point 100% forgiveness of its multilateral debt.
Countries that previously reached the decision point became eligible for full debt forgiveness once their lending agency confirmed that the countries had continued to maintain the reforms implemented during HIP status. Other countries that subsequently reach the completion point automatically receive full forgiveness of their multilateral debt under MIDI. While the World Bank and DAB limit MIDI to countries that complete the HIP program, the Miff’s MIDI eligibility criteria are slightly more expansive so as to comply with the Miff’s unique “uniform treatment” requirement. Instead of limiting eligibility to HIP countries, any country with annual per capita income of $380 or less qualifies for MIDI debt cancellation.
