The uneven post-pandemic recovery brings great challenges for global financial stability and sustainable growth. To meet the challenges ahead, we propose to reset the Global Financial Safety Net designated to provide financial assistance for countries in need in the following aspects: (1) boost the use of the IMF Special Drawing Rights, (2) update the IMF’s financing arrangements; (3) broaden the coverage and enhance the role of Regional Financial Arrangements; (4) coordinate national policies to mitigate negative effects of spillovers; and (5) align GFSN with the Sustainable Development Goals and the Paris Climate Agreement.