Heat your pan over medium-high heat, then add a thin coating of oil. Spread the potatoes and carrots in the pan, then sear until they develop a light golden crust, about 5 minutes. Remove and set aside.
Lower the heat to medium and add more oil if necessary. Sauté the onion and garlic until softened and caramelized, about 5 minutes.
Turn up the heat to medium-high, then add the ground meat. Break it apart and let it brown while its fat renders out for about 5 minutes. Season with salt and pepper to taste.
Add the tomato paste, stirring for about 3 minutes to develop its flavor. It should darken in color as it caramelizes.
Add the raisins, bay leaf, 2½ cups water, chicken bouillon, fish sauce, and sugar. Mix well to dissolve the bouillon and let it come to a boil.
Bring back the potatoes and carrots, then reduce the heat to medium. Cover and simmer for 5 minutes.
Stir in the peas and olives, then cook for about 2 minutes. Add more water, if necessary. Taste and adjust the seasoning as needed, then turn off the heat.