In a Dutch oven over medium heat, cook and stir the beef until it is no longer pink, breaking it into crumbles. Drain any excess fat.
Stir in the water, tomato sauce, diced tomatoes, chopped green peppers, brown sugar, salt, beef bouillon granules, and pepper. Bring the mixture to a boil.
Reduce the heat and simmer uncovered until the peppers are tender, about 30 minutes.
Add the cooked rice and simmer uncovered for an additional 10 minutes. If desired, sprinkle with chopped fresh parsley before serving.
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