1st Development Programme 1962 – 1966 10.4.1967

Greek Prosperity and Public Attitudes. In the early days of the Republic of Cyprus, the Greco-Turkish Government set their minds to dealing with the problems of a stagnant economy, unemployment of 3 per cent and considerable under-employment, and the flight of men and capital. The First Five-Year Plan (1962-1966) aimed to develop the economic potential of the island by mobilizing all unemployed resources; and secondly, to provide the necessary infra-structure and thus, eventually, to help the process of diversification of the economy with a view to removing the causes of pre-1960 economic instability.
Soon after the process of implementing the Plan began, the Greek and Turkish communities parted their ways - or, at any rate, their economies became, to a large extent, separated. By the time the Makarios Government obtained financial and technical assistance from various foreign Governments and international organizations to help lay the foundations of future prosperity---improved agriculture and mining, the setting up of small manufacturing and construction industries, the development of service industries and especially the boosting of tourism---the Turkish community were out of the Plan.

The First Five-Year Plan succeeded in getting the productive resources of the island going and restored internal and foreign confidence in her economy. This FDC and the five stamps on it issued on 10.4.1976 was to commemorate the success of the 1^st Development Programme 1962 – 1966. My friend Merja sent me this nice FDC.