Former British finance minister Rishi Sunak has announced his bid to lead the ruling Conservative Party and become prime minister.

Sunak confirmed his candidacy on Twitter on Sunday to succeed Prime Minister Liz Truss, who announced her resignation on Thursday. Nominations for the leadership contest close at 2 p.m. on Monday.

Candidates need the backing of at least 100 Conservative members of the House of Commons.

Local media reports say Sunak has garnered more than 120 endorsements, while former Prime Minister Boris Johnson has more than 50. House of Commons leader Penny Mordaunt has over 20.

Mordaunt has already said she is running in the race.

Sunak said on Twitter that "the United Kingdom is a great country but we face a profound economic crisis." He added, "I want to fix our economy, unite our Party and deliver for our country."

British media earlier reported that Sunak and Johnson met on Saturday, although it is not known what they discussed.

Sunak quit his post in July. Johnson later resigned as prime minister over a series of scandals.

Some media reported that the two discussed how to keep the party together, as their supporters may clash if they both run in the race.

If there is more than one candidate, Truss's successor will be decided by a vote by the party's members of parliament and an online vote by party members on Friday.