He dismissed the alleged discrepancy, calling it baseless and unfounded propaganda.

The president made the remarks last night during a meeting with Somali business community representatives in Nairobi.

He said the alleged money has never reached them, adding that his government faces acute shortage of money prompting it to borrow money from individual Somalis.

Early this month, the World Bank issued a report alleging that large sums of money received by Somalia’s interim government have not been accounted for.

The report was first circulated at the recent talks in Turkey on how to end Somalia’s decades of anarchy.

The report, which looked at the years 2009 and 2010, also alleged the transitional government has no real accounting system nor does it publicly disclose financial statements, a charge the Somali government denied.

On matters regarding the country’s political process, the president reiterated his readiness in ending the current transitional period.

He thanked Somali business community in Nairobi for their role in saving the lives of their fellow compatriots who faced human tragedy during the recent drought and famine crisis in the country.

The president urged them to take part in rebuilding the country and creating jobs for the Somali youths as part of their strategy in stabilizing the country.

President Sharif however requested Somali business community to contribute money to run his government in the next three months, saying that they need around $3 million to bolster security and stabilise the recently captured areas.