Let X be a compact Riemann surface of genus g ≥ 3 and S a finite subset of X. Let ξ be fixed a holomorphic line bundle over X of degree d. Let M pc (r, d, α) (respectively, M pc (r, α, ξ) ) denote the moduli space of parabolic connections of rank r, degree d and full flag rational generic weight system α, (respectively, with the fixed determinant ξ ) singular over the parabolic points S ⊂ X. Let M ′ pc (r, d, α) (respectively, M ′ pc (r, α, ξ)) be the Zariski dense open subset of M pc (r, d, α) (respectively, M pc (r, α, ξ) )parametrizing all parabolic connections such that the underlying parabolic bundle is stable. We show that there is a natural compactification of the moduli spaces M ′ pc (r, d, α), and M ′ pc (r, α, ξ) by smooth divisors. We describe the numerically effectiveness of these divisors at infinity. We determine the Picard group of the moduli spaces M pc (r, d, α), and M pc (r, α, ξ). Let C(L) denote the space of holomorphic connections on an ample line bundle L over the moduli space M(r, d, α) of parabolic bundles. We show that C(L) does not admit any non-constant algebraic function.