IMF chief Christine Lagarde became assured today of a second five year term at the Fund after the global financial institution announced there were no other candidates for the position. 

"One candidate, current Managing Director Christine Lagarde, has been nominated," the International Monetary Fund's executive board said in a statement. 

The new term begins in July. 

Named to head the IMF in July 2011, Lagarde officially entered her nomination for a second term on January 22. 

She has received numerous expressions of support from officials in Europe, the US and Latin America. 

Earlier this week the Russian Finance Minister also said that his country would support Ms Lagarde for a second term as IMF chief.

The nominating process closed yesterday and no other candidates for the position had emerged by then.

The board, representing the IMF's 188 member nations, said it would hold meetings with Lagarde and wants to complete the selection process "as soon as possible." 

The board is expected to formally name her the next managing director by early March. 

In 2011, Lagarde, a former French finance minister, easily won a contest with several developing country candidates to take over the IMF as Europe was sinking deep into economic crisis. 

But her victory came amid criticism that the IMF's top job should not be locked down by a European, as it has since the institution was created in 1944.