Either use a variable of type of interval day to second or use numtodsinterval to convert:
declare
curr_time1 timestamp with time zone := systimestamp;
curr_time2 number := dbms_utility.get_time;
sec pls_integer := 5;
sec_int interval day to second;
begin
sec_int := '0 00:00:05';
loop
exit when current_timestamp >= curr_time1 + sec_int;
-- OR exit when current_timestamp >= curr_time1 + numtodsinterval(sec, 'second');
end loop;
dbms_output.put_line( 'Elapsed Time = '
|| ( dbms_utility.get_time - curr_time2 ) / 100 );
end;
/