The eight Millennium Development Goals were officially established in September 2000, when the world leaders gathered together for the United Nations Millennium Summit in order to adopt the UN Millennium Declaration. The declaration commits the nations to a new global partnership to reduce extreme poverty and sets out a series of time-bound targets, with a deadline of 2015, to which all the world’s countries and all the world’s leading development institutions have agreed to.
The MDGs recognize the contribution that developed countries can make through trade, development assistance, debt relief, and technology transfer. Progress over time is measured for each of the eight MDGs through relevant targets and indicators. A framework including a specific set of goals, targets and indicators to measure progress towards the MDGs was adopted by a consensus of experts from the United Nations Secretariat, IMF, OECD and the World Bank.