Current demand for the IMF’s new short-term liquidity line could reach $50 billion from several countries, IMF officials said Today, saying the facility could help countries address liquidity needs before they morphed into bigger problems.

The International Monetary Fund is in talks with several unnamed countries about using the facility, the official said, but declined to name them.

The new instrument was approved by the IMF’s executive board last week to help some of its members deal with widespread liquidity issues caused by the rapidly spreading COVID-19 pandemic caused by the novel coronavirus, which has triggered a deep global recession.