The volume of deficit bonds issued by South Korea's Park Geun-hye administration is expected to reach 165 trillion won ($144 billion) mainly due to its aggressive welfare program without tax hikes, a lawmaker said Sunday.

The government plans to issue sovereign bonds worth 28.7 trillion won next year to cover budget shortages, according to Rep.

Kim Tae-nyeon of the main opposition Minjoo Party of Korea. He cited data from related authorities.

The planned sale of deficit bonds will push up the total under the incumbent administration to a total of 164.8 trillion won, or an average of 33 trillion won per year. Park's five-year term in office ends in early 2018.

The figure is far higher than 32.3 trillion won worth of deficit bonds issued under the Roh Moo-hyun administration and 107 trillion won under the Lee Myung-bak government.

South Korea's national debt is expected to grow to 682.7 trillion won in 2017 from 443.1 trillion won at the end of 2012.

The Park government has expanded welfare programs but maintained a policy of not raising taxes. (Yonhap)