Turn your Instant Pot onto the Saute setting, and heat the pan up, then add the olive oil to the pan. Saute the green onions, tomatoes, cilantro and garlic in the oil in the Instant Pot using the Saute function for 1-2 minutes.
Add the rinsed jasmine rice to the pot and stir to combine. Saute for 2-3 minutes, then turn off the heat.
Add the chicken stock, tomato paste, taco seasoning and salt to the pot and stir to combine. Use a flat edged spatula to make sure nothing is stuck to the bottom of the pot or you could get a burn notice.
Put the lid on your Instant Pot, make sure the valve is in the sealing position and set it on the High Pressure setting for 4 minutes. Allow a natural pressure release for 15 minutes, then use Quick Release to release the remaining pressure. Open the lid.
Gently fluff the Spanish Rice, then transfer it to a serving bowl topped with extra chopped cilantro, if desired.