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 Costa Rica reached an agreement with its creditor banks 
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that is expected to cut that government's $1.8 billion in bank debt by as much as 60%.
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 The agreement was announced by Costa Rican President Oscar Arias Friday, 
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as President Bush and other leaders from the Western Hemisphere gathered in the Central American nation for a celebration of democracy.
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 Costa Rica had been negotiating with the U.S. and other banks for three years,
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 but the debt plan was rushed to completion 
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in order to be announced at the meeting.
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 The government had fallen $300 million behind in interest payments.
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 Treasury Secretary Nicholas Brady called the agreement an important step forward in the strengthened debt strategy,
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 noting 
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that it will 
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when implemented, 
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provide significant reduction in the level of debt and debt service 
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owed by Costa Rica. 
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 Under the plan, Costa Rica will buy back roughly 60% of its bank debt outstanding at a deeply discounted price,
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 according to officials 
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involved in the agreement.
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 The remainder of the debt will be exchanged for new Costa Rican bonds with a 6 1/4% interest rate.
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 The International Monetary Fund and the World Bank are expected to provide approximately $180 million 
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to help support the deal, 
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and additional funds are expected from Japan.
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 Treasury officials say 
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the Costa Rican agreement demonstrates 
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that the Brady debt plan can benefit small debtor countries as well as big debtors, such as Mexico.
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