A new report shows that South Korea’s national debt is nearing one-point-three quadrillion Korean won, or around one-point-12 trillion U.S. dollars.

According to an auditing report on the 2015 government budget approved by the Cabinet on Tuesday, the national debt rose by 72-point-one trillion won from a year ago to one-point-285 quadrillion won as of the end of last year.

The rise comes after the government expanded its expenditures with the supplementary budget last year in a bid to boost domestic consumption cut by the spread of Middle East Respiratory Syndrome(MERS). The report also showed that the increase in the number of beneficiaries of public pensions also contributed to the jump.

The administration will report to the National Assembly about its indebtedness by the end of next month after the Board of Audit and Inspection of Korea reviews the account. 

The debt tallies included those from the government’s implicit debt, a figure that encompasses expected future state liabilities in payments on military pensions, social security and pensions for retired government workers.