Endorsed by the Somali Council of Ministers on May 2,[7] the reform plan has a robust fiduciary framework according to the African Development Bank (AfDB).

The panel is part of an effort by the central authorities to build a more transparent financial system in order to attract additional foreign budget assistance.

It aims to strengthen administrative transparency in terms of asset recovery, contracts, concessions and other transactions, and to ameliorate the accuracy, comprehensiveness and timeliness of monetary reports in order to facilitate decision-making.

The SFMIS' robust IT infrastructure will be installed in all of the Ministry of Finance's offices, as well as in major governmental agencies and partner institutions.

[12] In September 2015, the Ministry of Finance contracted Smart General Services, Ltd., to collect road taxes and vehicle registration fees on behalf of the Federal Government.

The net revenue, once the company had deducted its 40 per cent share, was intended to be transferred from Salaam Somali Bank to the Treasury Single Account every 15 days.

The UN Somalia and Eritrea Monitoring Group found that, instead, only $62,648 (4.2 per cent) of the $1,481,695 generated by Smart General Services from August 2016 to May 2017 was ever transferred to the Treasury Single Account.