Has the national airline come to the end of its tether? Amid swirling reports of the “temporarily” grounding of at least five planes with the Damoclean sword hanging over another four, there remains no doubt about the worsening fortunes – to the point of no return – of a once bluechip company. With nearly half of the fleet suspended, the cash-strapped airline faces a major financial crunch, thanks to a severe cash flow crisis, compounded significantly by a mounting debt problem. Its liabilities are said to have exceeded its total assets by at least five times and PIA must pay at least $100 million on an immediate basis to continue operating. Although the Ministry of Aviation and Airline Management calls for an immediate shot in the arm to ensure it remains a viable asset, even if being considered for restructuring, the caretaker prime minister appears to have taken a keen interest in its privatisation. After seemingly neverending rounds of revival plans to turn around the losses, an interim setup has the courage and sagaciousness to call a spade a spade and not go down the same roundabout for the millionth time presents a glimmer of hope. Gone are the days when the carrier and its catchphrase, “Great People to Fly With,” used to enthuse a sense of pride in its customers. The declining reputation of the last few decades has resulted in just three per cent of the Pakistanis prepared to opt for its below-average service, unannounced delays and unprofessional crew. Punctuated by political appointments, the airline has always been run like a non-business entity, completely non-challant towards its obligations towards revenue generation. Ferocious competition and serious safety concerns mean a shrinkage in international destinations and dull prospects on domestic routes. In the past, every plan to privatise the white elephant whose demands for burnable cash keep increasing has been met with vehement opposition. Sandwiched between protest calls by employee pressure groups and the vested interest of those who sat in the corridors of power, the state has never shown the guts to proclaim it is in no shape to throw lifelines at the bankrupt airline. Considering the losses (in millions) PIA forces us to pay every year against the taxes from private airlines, any government would do well to remember whose interests remain supreme: some 10,000 employees of 220 million Pakistanis? *