Pakistan has formally approached the International Monetary Fund for a potential rescue package to ease the South Asian country's economic woes.

IMF Managing Director Christine Lagarde said she met with Pakistani Finance Minister Asad Umar, State Bank of Pakistan Governor Tariq Bajwa and members of their economic team on the sidelines of the IMF's and World Bank's annual conference in Bali, Indonesia.

"During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges," Lagarde said. "An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic program."

Pakistan has received 12 bailouts from the IMF since the late 1980s and completed its last loan program in 2016.