Season the beef with salt, black pepper, and paprika.
Preheat the olive oil in a large pan. Once the oil is hot, add the beef then brown the meat all over.
Throw in the diced Onions, bay leaves, and chili peppers; cook until the onion is tender and translucent.
Stir in the Tomatoes and Tomato paste and leave to simmer for about 3 minutes, so that the Tomatoes can release some of its juice.
Add stock and water and let the beef cook in the juice for about 15 minutes.
Add the Potatoes and Carrots. Cover and cook for about 20 minutes or until the potatoes are fork tender.
Meanwhile, combine the cornstarch and water and mix until smooth once the potatoes are done and stir in the slurry. Let it simmer for about two more minutes until it thickens and stir in the Parsely.