Why does my newborn’s naval smell bad?

Dear Doctor, My baby is only 3 days old but his umbilical cord ​smells so bad. I try to keep the cord stump dry at all times though when I gave him a bath it was hard. So now I only give him a sponge bath. But it always smells and it’s unbearable. What can I do to change that. The cord is yet to fall off.
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Dr. Rachna Pande