Heat oil in a pot over medium heat. Once hot, add onion and cook for 5 minutes, until tender.
Add carrots, garlic, tomato paste, and sazon to the pot. Mix well and cook for 1 minute. Next, add the water and rice. Mix well.
Increase heat to high and bring everything to a boil. Once at a boil, lower temperature to low. Cover pot with a lid. Simmer and cook for 40 minutes. Add beans and stir everything together.
Cook for an additional 5 minutes. Add a pinch of salt and sugar (optional) to taste. Serve.