"As a result of the mediation provided by the aforementioned communities, President Paul-Henri Sandaogo Damiba proposed his own resignation in order to avoid confrontation with serious human and material losses," the statement published by local news outlet Lefaso.net said.
Damiba put forward a list of seven conditions for his resignation, which include a guarantee of his security and the security of his allies, respect for the previous commitments he made to the Economic Community of West African States (ECOWAS) and continued state reform.
New military leader Capt. Ibrahim Traore has reportedly accepted these terms.
On Friday night, media in Burkina Faso reported that Damiba, the leader of an interim government who himself came to power through a coup in January, was ousted by a group of military led by Traore in what is already the second military takeover in the country in eight months. Traore's group suspended the constitution and closed the borders.