Bring water to a boil and cook the pasta according to the package instructions until Al Dente. Drain the pasta and keep ½ cup of the cooking pasta water.
Heat the oil in a large pan over low-medium heat. Add garlic and cook for a few seconds or until fragrant. Add onions and peppers, and cook for one minute.
Add sazón, salt, black pepper, tomato sauce, tomato paste and sugar. Cook for 30 seconds.
Add evaporated milk, butter, chicken stock cube and cooking pasta water; cook for 1-2 minutes, then stir in the cooked spaghetti and olives.