The nation's liabilities set a fresh record of two quadrillion-326 trillion won in 2022.

The government's statement of accounts for the fiscal year 2022, approved by the Cabinet on Tuesday, showed that all liabilities comprising a total of bond sales, financial borrowing and unconfirmed liabilities from future pension payments were six percent higher than the previous record set in 2021.

Fixed liabilities jumped ten-point-nine percent on-year to 907-point-four trillion won, due largely to the issuance of 84 trillion won in state bonds to make up for the overall deficit in state finances.

Unconfirmed liabilities from future pension payments rose three percent on-year to one-point-42 quadrillion won.

Sovereign debt held by the central and provincial governments expanded by 97 trillion won on-year to one quadrillion-68 trillion won, with the debt-to-GDP ratio standing at 49-point-six percent, up from 46-point-nine percent in 2021.

The ratio is equivalent to everyone in the country holding 20-point-six million won in debt last year, the first time the amount exceeded the 20-million-won mark.

Following a review by the state audit agency, the settlement report is set to be submitted to the National Assembly by late May.