Heat the cooking oil in the pan and fry the carrots and potatoes until color turns light brown.
Remove the fried carrots and potatoes from the pan and set aside.
In the same pan where the vegetables were fried, sauté the garlic and onions.
Add the beef and simmer for 5 minutes.
Add water and let the beef boil until tender (about 30 minutes using a pressure cooker).
Add the tomato sauce and liver spread and simmer for 10 minutes.
Add green olives, carrots, bay leaves, bell pepper,crushed chili,and potatoes and simmer for 5 to 8 minutes.
Add salt and pepper to taste.
Serve Hot. Excellent with white rice.