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HEAT oil in large skillet on medium heat. Add chicken; cook and stir 5 to 6 min. or until no longer pink.
STIR in rice, water and curry powder. Bring to boil; cover. Simmer on low heat 6 min., stirring occasionally.
ADD tomatoes and VELVEETA; cook 5 min. or until heated through and VELVEETA is melted, stirring occasionally.