The hard-fought agreement between Brazil and its creditor banks, announced yesterday, includes some significant victories for the banks. But it still may face opposition from some banks that will be asked to make new loans, experts said yesterday.

Under the plan, a consortium of international banks will lend Brazil $1 billion and Brazil will contribute $500 million for a $1.5 billion fourth-quarter interest payment in December. Brazil suspended payments on its $67 billion in commercial debt last February.

The agreement also calls for an additional contribution of $2 billion from the banks and $1 billion from Brazil to cover interest that has built up. It would be disbursed after the two parties agree on a longer-range new-loan and rescheduling package, which negotiators hope will occur by June.

On the face of it, it might appear that the banks are lending money to Brazil that Brazil will use to pay the back interest it owes to the banks. But bankers said other elements of the package mark significant concessions from a country that strongly resisted negotiations to resume payments.

"I believe this is the first step back on the road to creditworthiness for Brazil," said William R. Rhodes of Citicorp, which leads the bankers' committee that negotiated the agreement. The next step is to ... {complete final details on} this short-term arrangement and then sell it to the banks, then negotiate a medium-term arrangement with the Brazilians. This is a long process."

U.S. goverment officials from the Treasury Department and the Federal Reserve were heavily involved in hammering out the agreement, which some bankers fear may increase the difficulty of persuading foreign banks to make the new loans. The package was arranged under pressure from U.S. regulators, who were threatening to order American banks to downgrade some of their Brazilian debt unless payments were resumed.

Sources said it is now considered likely that regulators will not require the downgrading.

"Considering the circumstances, it's not a bad deal for both sides," said Pedro Pablo Kuczynski, cochairman of the investment firm First Boston International. "Eighty banks have to go along with the new money package, but I would rate {the chances for approval} pretty high."

A Treasury Department spokesman said the administration welcomed the agreement, particularly because it requires a resumption of interest payments, makes arrangements to eliminate interest arrears and enables negotiations over a longer-term loan package to go forward.

Among Brazil's principal concessions:

President Jose Sarney will have to submit his economic policies to the scrutiny of the International Monetary Fund.

However, the agreement did not specify whether Brazil would permit the IMF to impose austerity programs to reduce its large budget deficit and high rate of inflation, or merely allow IMF observation. Leaders of the ruling Democratic Union Movement Party have said they will not accept a formal IMF agreement.

The interest rate on the new loans is seven-eighths of a point above the benchmark London interbank offered rate (Libor). Brazil had first said it insisted on paying no more than the Libor rate, which would have meant no profit to the banks. Instead, negotiators accepted a slightly higher rate than the 13/16 of a point above Libor that has been included in such other recent debt agreements as the one with the Philippines.

Brazil apparently was forced to abandon the idea of Finance Minister Luiz Carlos Bresser Pereira to deposit the interest payment into an escrow account with an international organization, rather than turn the money over to the banks. U.S. government officials also had favored the idea, but banks insisted on having the money.