Turn the Instant Pot to Saute, then select More. Wait for the pot to heat up, then add the oil.
Add stew meat to the pot and season with salt and pepper. Cook for 3-4 minutes on each side or until browned.
Add garlic, paprika, Worcestershire sauce, tomato sauce, beef broth, onion, potatoes and carrots.
Stir to combine. Seal the Instant Pot and set it to Manual High Pressure for 30 minutes.
When cooking time is done allow to pressure to natural release for 10 minutes. Carefully vent the pressure valve to allow any additional pressure to release after 10 minutes.
In a small bowl combine water and cornstarch until smooth to create a slurry.
Pour mixture back into the pot, and turn the pot back to the Saute function.
Simmer for 3-5 minutes or until stew has started to thicken.
Sprinkle with parsley, then serve.