He also directed PIA's senior management to develop a comprehensive two-year plan for its restoration by January 26 so it could be presented to the Prime Minister for approval.
Ahsan Iqbal was chairing a meeting of the special committee formed by ECC to supervise reforms of PIA, said a statement issued here.
The meeting was also attended by Special Assistant to the Prime Minister Haroon Akhtar and Tariq Bajwa.
Ahsan Iqbal said a clear and shared vision, strict adherence to merit, focusing on human resource development, accountability, focus on core functions and customer service were essential elements to the make PIA a world class Airline.
It was the last chance for THE employees and management to fix and turnaround PIA because it could not be allowed to become another Steel Mills, he added.
The airline, he said, had the strongest fundamentals yet it had become a loss making machine due to bad management and politicisation in the past.
He said without a clear road map and business model no effort would succeed.
Accountability at all levels should be made compulsory, performance be measured continuously, he added.
He said tangible outcomes were required and there was need of 'Fleet to Service' Master Plan.
Ahsan Iqbal said the PIA could not be run as a government department. Loss making routes would be given attention and more aircrafts would be added. Customers should be brought back by better quality of service, punctuality and reliability.
The Secretary Civil Aviation Authority gave a presentation before the committee.