Consider this: With a functional fleet of only 25 planes, PIA has nearly 600 pilots. Other sections are similarly overstaffed.
On the whole, a good article Fatman.
However, this point re pilot staffing levels is off the mark. Airlines typically have 20-25 pilots per aircraft. PIA pilot numbers aren't too far from the norm.
If I was the PIA MD, I would close down PIA engineering and contract out engineering services to other centres (HAECO, Lufthansa Technik, AF/KLM who cares).
PIA flight training school would be closed and assets sold off.
Secondly, I would implement the previously suggested code share arrangement with Turkish Airlines for destinations in the EU and North America.
Following the code share arrangement I would pull and cancel PIA services to Paris, Amsterdam, Frankfurt, Leeds Bradford, Copenhagen, Oslo, Barcelona, Rome, Moscow, Beijing, Hong Kong, Kuala Lumpur, Tokyo and New York. If the numbers aren't favourable, I would cancel Toronto too.
The UK-Pak services from Manchester, Birmingham and London would have their frequency increased to at least daily and would be operated to Islamabad only (Lahore, Karachi-UK cancelled).
On the domestic and Mid-East route network, I would withdraw International flights from secondary airports (Peshawar, Faisalabad, Quetta. Sialkot, Multan etc). Anyone traveling to the Mid East from these cities would have to take a feeder flight to Lahore, Karachi or Islamabad.
The only region I would expand the PIA network would be into India and Bangladesh where PIA could compete by targeting Indian and Bengali expats in the Mid-east and UK.
The fleet would consist of the following:
ATR42/72
Boeing 737 or Airbus A32x - preferably the A320 family due to the larger A321 with a view of operating the 737max or A320neo.
B777 - to be replaced by B787-9/10 or the A350-900/1000 depending on availability.
If the situation improves down the line with regards to economy and security, the airline could look at the Bombardier C series for thinner routes in the Mid-East and Asia as well as the reopening of nonstop daily flights to North America.