The International Monetary Fund has elected Managing Director Christine Lagarde to a second five-year term. The global financial organization announced the widely expected move Friday.

“In taking this decision, the board praised Ms. Lagarde’s strong and wise leadership during her first term,” the IMF’s executive board dean Aleksei Mozhin said in a statement. “During turbulent times in the global economy, Ms. Lagarde strengthened the fund’s ability to support its members with policy advice, capacity building and financing.”

Lagarde, whose second term begins July 5, has helped steer the organization through some troubled waters. Since the French lawyer and former politician arrived at the helm in 2011, she has overseen the organization’s controversial handling of the European sovereign debt crisis — most notably, in Greece. During her tenure, Reuters noted, the IMF has also given greater influence to emerging markets like China and Brazil.

“Over the past five years, the IMF has adapted and strengthened its capacity to respond to its members’ needs and is well-prepared to help them meet the challenges of the future,” Lagarde said in a statement released by the IMF. “The fund remains committed to its fundamental goal of helping to ensure global economic and financial stability through international cooperation.”

Lagarde was the only candidate nominated for the position.