Kuala lumpur: Prime Minister Datuk Seri Anwar Ibrahim has underscored the need to eliminate the practice of using support letters, political connections, and cronyism in the approval process for entrepreneur financing.

According to BERNAMA News Agency, Anwar, who also serves as the Finance Minister, highlighted that such practices are detrimental to government agencies and lead to numerous business failures. He criticized the reliance on support letters as a way to obscure agency operations, noting that loans are often distributed based on personal connections or favoritism represented by "yellow, green, blue letters." Anwar emphasized that these practices have been inherited for decades and are causing significant harm.

The Prime Minister made these remarks during the opening of the SPaRK 2026 event, organized by Perbadanan Ushawan Nasional Bhd (PUNB). He pointed out that while the government cannot prevent business failures due to market factors, it will not condone the misuse of public funds. Anwar cited instances where recipients of financial aid misused the funds to enhance their personal lifestyle, such as relocating to lavish offices or purchasing vehicles, leading to eventual business failure.

Anwar stressed the importance of transparency and dedication in business operations, asserting that government support should be reserved for entrepreneurs who demonstrate genuine commitment and capability. He acknowledged that while some businesses may fail due to external economic conditions, the key is maintaining honesty and seriousness in business endeavors.